We are thrilled to announce that Yieldly has entered into a partnership with Self-Sovereign ID (SSI) provider Nuggets in order to allow for private and secure verification on its upcoming yLaunch launchpad platform. This means users will be able to get all of the benefits from a full-feature project accelerator without having to sacrifice their personal information. Furthermore, yLaunch will have confidence that project leaders come with verified access and credentials, eliminating the risk of supporting low quality or nefarious projects.
It’s no secret that both privacy and anonymity are values held by Web3 trailblazers. That being true, there’s no avoiding the reality that to survive amid tightening regulations, platforms will need to acquiesce to Know-Your-Customer (KYC) verification. This has and will continue to lead to exchanges blocking services for any users who refuse.
Commonly, KYC will entail users providing third parties with personally-identifying information such as passports, government-issued IDs, and even biometric data. This not only represents an infringement of privacy, but depending on how the data is secured, can also pose a serious data risk.
Fortunately, this is the exact problem that Nuggets is designed to address. The Nuggets platform offers decentralized SSI’s that are still verified with user information, but they also secure this data using Zero-Knowledge (ZK) technology. Through the Nuggets service entities can still be verified using their own personal data, all while ZK cryptography makes it impossible for outside entities to access that information. These IDs would act as unfalsifiable confirmation of an individual’s rights or credentials, but would do so without revealing any actual names, addresses, financial information, etc.
Alastair Johnson, CEO of Nuggets, said, “Nuggets is built on the philosophy that users and companies shouldn’t have to choose between safety and privacy. We couldn’t be happier to be partnered with yLaunch so that their own projects can prosper without undermining their values.”
This partnership will be a major benefit for yLaunch, which is the world’s first vertically integrated staking, NFT minting, and listing platform for all Algorand Standard Assets (ASAs). New projects can become trusted partners without the need to reveal all of their information, meaning users can trust the products they create and distribute. This retains the pure philosophy of decentralized services while protecting against the fraud and misrepresentation that has previously plagued the space.
“We’re working hard to expand the Algorand ecosystem, and yLaunch is the latest pillar in that mission. We know a successful platform will solve the dual needs of privacy and safety for the yLaunch users. Nuggets’ world-class ID infrastructure layer will allow yLaunch to do just that,” said Yieldly CEO Sebastian Quinn.
Nuggets is an multi-award-winning identity super wallet, verified self-sovereign decentralised identity and payment platform that serves as the reusable, interoperable ID with a merit based reputation that travels with you, for Web 2.0, 3 and the Metaverse.
Alongside offering proof for users of who they are, and what they can access, Nuggets also serves as a non-custodial cache for digital assets. The solution is available globally and trusted by major organizations. For more information, please visit: https://nuggets.life/