Web3 technology uses trust-minimization to execute financial transactions backed by cryptographic truth. In its current form, web3 is limited to use cases that do not require user data beyond on-chain addresses. To unlock new use cases that enable interactions based on non-financial variables such as social capital and reputation, web3 needs an on-chain identity layer that uses decentralized oracle networks to verify identity data while maintaining a certain degree of privacy.
Everest is a full-stack stablecoin provider and licensed custodian featuring a biometrics-based platform that allows users to digitally verify their identity. This week, Everest announced that it is now delivering its unique identity data to web3 developers as a data provider on the Chainlink Network.
Read the full article in Chainlink Today.