At the beginning of 2022, we promised you that we are working to increase the compatibility of our technology with the web3 market and continue to empower businesses and individuals to privately and transparently share their data.
In this article, we want to share with you the progress we have made in Q2 and explore with you our plan for the rest of 2022 including new product features and launching the FCL bridge.
What we’ve done so far
We are proud to say that we’ve had an exciting year so far. We have partnered with some of the biggest ecosystems like Avalanche, as well as key players like CrowdSwap, ReBaked, and Beamswap, adding an identity layer to NFT platforms, DAOs, and launchpads to foster safe and private environments for users.
We have also announced our updated FCL incentive model that will incentivize people around the world to join our Fractal ID community, inspire developers to build on top of technology, encourage community members to actively share the word about what we’re building, and reward stakers of FCL for believing in our long term vision.
As for what we are strongly committed to, which is establishing grounds for global use of decentralized identity, we have had great success in developing our ID product to satisfy market needs.
So far, we have provided our clients and users with:
Seamless auto approvals of KYC
If you are a Fractal ID Basic user, you’ve probably noticed that you can now get your KYC approval almost instantly. This is because our operators no longer have to review and approve your documents as we are leveraging OCR to read your documents, validate the data, and get you your KYC approval as soon as you need it to jump to new opportunities.
Note that this feature is only available for Fractal ID Basic level because they have already provided standardized documentations that are readable and approvable without human intervention.
Updated Credentials API
A feature we are proud of, our updated credentials API.
Fractal ID’s credential API is an identity verification method that maintains user’s data privacy while enabling businesses to verify user’s eligibility to participate in their events.
In traditional Web2 applications, if you want to sign up for a course on Coursera, you can log in with your gmail account. In this case, coursera will have access to all your available data attached to your gmail (e.g. email address, name, age, country of residency, etc.)
Leveraging Fractal ID Credentials API, users can keep their credentials private but still access the services they want.
For example, you want to participate in a DAO that restricts users from Germany from participation. As a Fractal ID user, this DAO will send you a request asking you to provide your credentials to prove that you are not a resident of Germany. Instead of providing your credentials, you can delegate this task to Fractal ID.
Fractal ID will review your provided credentials (e.g. proof of residency) and reply to the DAO with a simple Yes or No to clarify whether you are eligible to participate.
This way, you will be admitted to the DAO if you are eligible without having the DAO access to your personal data.
Provided better UX with app.fractal.id
Our new Fractal ID verification app is live at app.fractal.id. We are working to create a better experience for users to seamlessly complete their KYC journey and be ready to jump to opportunities as soon as they appear.
Exciting things in store
In our journey to develop the critical infrastructure for decentralized identity in web3, we are working to provide businesses and users with a solution that balances data privacy, safety, and compliance. We’ve already started deploying our DID registry for Avalanche and we’re planning on providing frictionless onboarding to many ecosystems soon.
We have exciting things in store such as:
Introducing our slick Credentials API demo
With the success that Fractal ID Credentials API had so far, we decided to launch a comprehensive demo that better explains how our API works, and how you can use it as an individual user or a business, and explores interesting features that you may have missed.
Launching the “expired document” notification system
With the significant growth of web3 and its applications, it is important for you to be able to jump to opportunities as soon as they present themselves. This is why it is important for you to have your credentials up to date.
We are working on launching a new notification system to help.
Once the notification feature is implemented, users will be receiving notifications to let them know if their documents are about to expire to renew them as soon as possible.
This ensures that users don’t miss out on any opportunities, and also ensures that businesses are always presented with accurate and up to date documents in order to stay compliant to regulations.
Bringing back ongoing AML checks
Much like the expired documents feature, we are enabling an ongoing AML check feature that ensures users have their AML statuses updated at all times.
This will be running in the background, no requirements on your end. This helps us be ready to let the platforms you want to join know that you are ready to be onboarded.
Launching an improved onboarding UX
In our mission to provide the best user experience, we’re launching an improved comprehensive onboarding UX that helps you better understand our process and be prepared for your KYC journey beforehand.
Releasing the FCL Bridge on Gnosis Chain
To provide you with the opportunity to move around your FCL in a secure, cheap, and fast way, we will launch the FCL Bridge soon.
The bridge can specifically allow you to convert your FCL:
- From Ethereum ERC-20 FCL
- To and from Substrate native FCL
- To and from Gnosis ERC-20 FCL
Read more about the FCL Bridge on Gnosis Chain here.