As Polkadot’s vision for the decentralized Web develops, the integration of the KILT protocol with the Fintech platform Current is adding a new utility layer to the entire blockchain ecosystem, helping to remove existing barriers between Web 2.0 and 3.0.
Value-driven integration solves traditional digital barriers
As people are getting more and more excited about the upcoming launch of Polkadot, more and more players are joining the ecosystem with novel solutions to solve the problem of how Web 3.0 adds incremental value to users in a way that allows them to sit in place. .
Obviously, as the Substrate framework attracts various forms of different projects, the company’s vision of a decentralized Internet is rapidly being realized. These include the KILT agreement, which has launched its Social KYC decentralized identity verification service.
Unlike the current situation, most Internet users currently access free services through e-mail and other private information, and the latter share credentials with partners, service providers and other third parties, bypassing the users themselves, and SocialKYC has overturned Existing paradigm. The service is designed to help users re-establish control over digital identities.
Social KYC achieves this feat by helping users present their credentials when making a decision. The service does not store or share personal data. Once the system verifies the user’s control over the account before issuing verifiable credentials, the service will immediately forget the user and accompanying credentials.
By restoring ownership of the credentials, users can decide when and to whom to share their verifiable credentials. The service will initially provide a decentralized KYC infrastructure for Polkadex, a substrate-based cryptocurrency exchange product. However, SocialKYC is exploring many other open source applications of its services, including in the advertising market, social media and gaming.
Acala’s Defi bridge brings Hyfi deliverables one step closer
As decentralized finance (defi) increasingly accepts Polkadot’s infrastructure, whether it is on Substrate or launching parachains on the parallel Kusama Canary Wire Network, Acala has become a driving force for overall development. A powerful promoter of Acala has positioned itself as Polkadot’s all-in-one defi service center, which can provide a high degree of cross-chain compatibility with Ethereum-based smart contracts. As evidenced by Current’s protocol integration, the value proposition is getting stronger.
Current is a US-based fintech operator that is committed to expanding the number of open source Defi platforms by integrating its Acala into the Current Core banking platform, thereby overcoming obstacles that hinder the scope of fiat currencies.
As part of this integration, Current will become an active validator on the Polkadot network when running its infrastructure. For the current 3 million users of the platform, Acala integration and presence on Polkadot provide Current customers with a valuable entry point to participate in Defi activities such as loan issuance, liquidity provision, mortgage and agriculture.
Since the platform combines the advantages of centralized finance and decentralized finance to deliver its hybrid finance (Hyfi) model, it will also benefit from Polkadot’s architecture. The multi-chain shared security model ensures better scalability and lower transaction costs, and helps build Current’s value-added functions.
With the advent of parachains, the demand for Polkadot-based services continues to rise. These valuable integrations that support decentralized Web 3.0 services challenge the status quo of the blockchain in a meaningful way, and will ultimately give the ecosystem the most important Stakeholders: users.
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