We are thrilled to reveal that Fractal ID was implemented on Binance Smart Chain, the world’s leading smart-contract blockchain in terms of transaction volume and daily active users. By integrating DIDs into the BNB ecosystem, Fractal ID is supporting Binance and making it easy for users to switch between dApps.
Leveraging the Potential of Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain network developed by Binance, which is one of the largest and most popular cryptocurrency exchanges in the world. BSC is a high-performance blockchain that is fully compatible with the Ethereum Virtual Machine (EVM). This makes it easy for developers to create and deploy decentralized applications (dApps) and smart contracts.
The Binance Smart Chain is created to deliver fast, low-cost transactions and is also interoperable, which means that it has the ability to connect with other blockchain networks. These interoperability features offer significant opportunities for developers and end users to take advantage of, and Fractal ID’s DID can make it even easier to seize these opportunities.
Fractal DID for Binance ecosystem: A Game Changer for dApps
Previous implementations of Fractal ID were limited to specific platforms. However, by implementing DIDs across the entire Binance ecosystem, it enables access to unique features for dApps on the Binance Smart Chain that are not available in other crypto spaces.
Uncovering the Tech: No-touch Open DID Registry
The DID registry is a privacy-preserving identity verification commons that enables direct on-chain identity verification. Considered a smart contract, the DID Registry contains a list of wallet addresses that belong to unique people who have passed certain common KYC requirements or client-specific KYC requirements (client-specific lists).
As soon as the user connects their wallet, the dApp will be able to toggle the registry and discover the user’s identity credentials. That’s it. That’s how easy onboarding even for full identification requirements or proof-of-personhood use cases can be, maintaining the user’s privacy while providing a safe Web3 environment for building. (See Figure 1.)
Streamlining User’s Experience: One login, access to all Binance dApps
Leveraging Fractal DID provides users with the ability to use different dApps on the Binance ecosystem. Once a user verifies their identity for a dApp, they are instantly ready to use any other dApp without needing to go through a new KYC journey again. Moreover, the DID registry is open not just for Fractal ID’s credentials. That means whether you have Fractal ID or starting your KYC journey from scratch, you can still connect to the DID registry to access Binance’s networks. (See Figure 2.)
Benefits of Fractal ID deployment on Binance
Fractal ID’s deployment on Binance Smart Chain aims to create a safe and privacy-preserving ecosystem for builders and users alike.
This implementation brings significant benefits to Binance ecosystem users, including:
- Enabling Binance to seamlessly tap one of the broadest Web3 communities with access to 150k+ pre-verified Fractal ID users who can be seamlessly onboarded with a click of a button.
- Ensuring a regulatory-compliant ecosystem that protects users’ privacy as well as the network’s reputation.
- Bringing back data ownership to users by providing them with reusable verifiable credentials.