With the web3 ecosystem growing steadily, why is building a secure web3 identity infrastructure the need of the hour? How is Fractal ID changing the game?
In this interview with Blockstories, Fractal ID Founder and CEO, Julian Leitloff, sheds light on how decentralized identities enhance user control, its use cases beyond DeFi and why Fractal ID, as the leading DID solution provider, is poised to accelerate massive web3 adoption.
In the fast-paced world of web3, decentralized identity is more critical than ever. As we shift towards a more decentralized and trustless system, traditional centralized identity models no longer suffice. Decentralized identity offers a solution to this problem, providing a secure, flexible, and user-centric identity system that’s accessible to anyone, anywhere. By leveraging the power of blockchain technology, decentralized identity empowers users to control their data, protect their privacy, and seamlessly navigate the web3 space. This dynamic and user-driven identity system enables the creation of new, innovative applications that were previously impossible in the centralized identity landscape.
Leveraging Fractal ID technology, users and businesses alike are empowered to exchange and create value in the emerging web3 ecosystem through secure identity management. How? Read all the interview excerpts below!
Blockstories: What are you building with Fractal ID?
Julian: Fractal ID makes decentralized identity available to everyone everywhere. Specifically, it means that we go out wherever the users and customers are. For example, we build the attestation engine for Polygon ID and do the identification. Or we build the entire identity solution for a top 10 ecosystem — which one I’m not allowed to say yet. We are now close to 1 million users, with Fractal ID, of which just under half have identified themselves.
Blockstories: KYC/AML: What does KYC/AML mean and why is it needed in the blockchain world?
Julian: KYC is just a small part of identity. Just as Paypal once started as a payment solution for eBay power sellers, we see KYC as a starting point but not the growth driver. Identification is important to establish accountability. But what is identity on the Internet? Probably the advertising-relevant data that is stored in the data silos of Internet monopolists. This, along with other sensitive data, needs to be put back into the hands of users.
Blockstories: Who are Fractal ID’s customers and how do they use you?
Julian: Currently still providers such as Polymath who bring real-world assets to the blockchain. Here it is clear: I have to legally identify the investors. And so that you don’t have to do that all over again, Polymath has built an on-chain solution together with us. I also find Common Ground exciting: The web3 community tool with a German founding team uses Fractal ID for onboarding. I can read everything there, but if I want to post, vote or interact, I have to prove that I am a human being and that it is my only account. You can do that without anyone at Common Ground knowing who you are.
Blockstories: Fractal ID wallet allows users to manage their digital identity. What does that mean exactly and what top 3 use cases do you see for it in the future?
Julian: The Wallet is just one of many possibilities. Ideally, the interfaces are light clients, so they only manage the decentralized storage — and access to it — where the user data resides. Otherwise, the data is only available on one device and offline when the user is offline. But that doesn’t make sense if you want to use Identity for e.g. portable profiles for social media or messaging. We also believe that identity will be important for account abstraction. Because actually we want to delegate access to a human and not necessarily to an address.
5. Blockstories: What are Fractal ID’s plans for 2023? What are you currently working on?
Julian: We want to make onboarding even easier and offer even more interfaces. In other words, make identity available to everyone everywhere. In concrete terms, this means free and simple identity provision. But also more integration, like recently in BNB and Gnosis. Our big mission is to further decentralize Fractal ID. Our goal is to be the first identification provider that no longer stores the identity data of its users itself.
Since its inception in 2017, Fractal ID has been pushing the boundaries of what’s possible in the digital identity space by building a decentralized identity stack that’s accessible to anyone, anywhere. To enable a secure, trustworthy, and fair web3 experience for all, Fractal ID possesses the technology to verify identity credentials and human liveliness. We are working to turn our vision into reality by partnering with leading web3 projects and simplifying their identity management needs to enhance user processes. Our dedication to delivering tailored and adaptable identity solutions aligns with the need for robust identity management systems in web3 and supports projects to enhance their user experience. A big thank you to Blockstories for inviting us on their platform to share our vision with like-minded individuals!