micapass - AML gatekeeper for DeFi

Executive Summary

micapass is a pioneering AML (Anti-Money Laundering) compliance solution designed specifically for DeFi preventing bad actors getting access to.

As DeFi faces imminent regulatory changes and AML requirements in 2024, micapass offers an innovative, user-centric platform that facilitates ongoing AML wallet screening, KYC onboarding, continuous KYC/AML monitoring, and digital identity verification.

Our solution operates on-chain, supporting seamless protocol-to-protocol interactions, and is designed to integrate effortlessly with any DeFi protocol. micapass is built to ensure compliance without compromising on the core principles of privacy and decentralization that define Web3 and DeFi.

Problem Statement

The DeFi ecosystem is at a pivotal moment, poised to undergo significant regulatory changes that introduce stringent AML requirements. Traditional AML solutions are not designed for the unique challenges and operational frameworks of DeFi platforms, leading to a critical gap in compliance infrastructure. As regulatory scrutiny intensifies, there's an urgent need for a solution that bridges this gap without eroding user privacy or the decentralized ethos of DeFi.

Solution: micapass – AML Gatekeeper for Web3

micapass addresses this need by providing:

Ongoing AML Wallet Screening: Ensuring wallets interacting with DeFi platforms meet global compliance standards.
KYC Onboarding & Screening: Offering KYC processes that respect user privacy while ensuring regulatory compliance.
Continuous KYC/AML Monitoring: Leveraging over 30 registries for comprehensive monitoring.
Seamless Integration: Easy integration with any DeFi protocol, with support for multiple EVM-based chains.

Unique Selling Points

User-Centric Cost Model: Compliance costs are covered by users, ensuring DeFi platforms can affordably achieve compliance.
On-Chain Operation: Integrates at the smart contract level, with no sensitive data stored on the client side.
Customizable Solutions: Tailored risk thresholds and proof management to meet diverse compliance needs.

Work in progress

We already launched our MVP. You can try and take out your micapass here https://app.micapass.com/ or watch a demo – https://youtu.be/S7HpvM1wXkw. At the moment it works on Polygon and Arbitrum.

More about us: https://www.micapass.com/

Why are we a good fit for you?

Our current solution operates on EVM-compatible chains such as Polygon and Arbitrum. Integrating with SecretPath on the Secret Network allows us to showcase the chain-agnostic nature of our product. Additionally, it enables us to harness secret keymap searches, enhancing the efficiency of AML proofs within our micapass operations.

Furthermore, micapass's future roadmap includes the incorporation of AI for enhanced AML monitoring, aligning with the grant's interest in AI applications.

Team and Experience

Our core team consists of seasoned professionals with deep expertise in regulations, blockchain technology, and digital identity solutions.

Gintarė Košubienė, (https://www.linkedin.com/in/gintar%C4%97-ko%C5%A1ubien%C4%97-42b55172/) CEO, Co-Founder, PMP Certified Product Manager, Identity & KYC Solutions Professional, Ex. PMO @ Sahara Protocol, Ex. PMO @ HyFi.exchange, linkedin.com/in/gintarė-košubienė-42b55172

Tatiana Afonina, CTO, Certified Blockchain, Architect with 15+ years Experience in Software Engineering, Ex. Tech Lead @ Swiss Stablecoin, https://www.linkedin.com/in/tatamanilo/

Justas Rozenas, (https://www.linkedin.com/in/justas-rozenas-aa9780b5/), CMO, Co-Founder, WEB3 Marketing Professional, Creative Director with 10+ years of Experience, Ex. Savvy P2P lendinglinkedin.com/in/justas-rožėnas-aa9780b5

Dmitrij Kovaliov Web3 Backend Engineer, 7+ years of experience, Rust including. Projects: StreamPay, Buid1, Axiology.

Alina Didiačkina Web3 Smart Contract Engineer, 3+ years of experience. Projects: SuperHow.art, HyFi Vault, WOW.

Backed by

Plug&Play, Chainalysis, Ondato, Build Up Labs, SUPER HOW?, Firstpick.

Funding Request and Utilisation

We are seeking up to 41K to accelerate the development & growth.

Leverage Secret Network's Technologies: To optimize AML proofs within our micapass operations through secret keymap searches, enhancing overall efficiency of our product.
Facilitate Novel dApp Development: By providing an AML compliance layer, micapass will enable the creation of new dApps on Secret Network. Focus areas include peer-to-peer onramps/offramps, decentralized identity verification, and secure financial services, all requiring compliance and privacy.
Drive Network Growth: The integration of micapass is expected to boost network adoption, attracting more developers and users to engage with privacy-compliant dApps. This effort will contribute to the overall growth and value of Secret Network.

Roadmap

Milestone	Effort	Cost
Rewrite EVM based SC contracts and deploy micapass on Secret Network	21 d.	12 K
Add keymap search functionality for AML proofs	3 d.	1.7 K
Test interoperability with current infrastructure and architect, implement needed changes	10 d.	5.7 K
Add new chain support for micapass dApp	3 d.	1.7 K
Launch early adopter program on new chain with incentives and KOL’s (optional)		5 - 20 K
TOTAL	40 d.	26 - 41 K

scrtlabs / Grants