In an increasingly digital world, identity is an essential asset. It is used to access services, carry out transactions and prove qualifications. However, traditional digital identity is centralized and susceptible to fraud.
To solve this problem, LTO Network, a Hybrid blockchain platform, developed Proofi, a decentralized and secure identity ecosystem. Proofi uses blockchain technology to create a secure and trusted digital identity that can be used anywhere.
Proofi is based on a set of open standards, which makes it interoperable with other digital identity solutions. It is also scalable, making it suitable for large-scale use.
Proofi is an LTO Network project that was developed by LTO Network's partnership with Chainlink, an oracle network that feeds real-world data to the blockchain. The partnership with Chainlink allows Proofi to access real-world data in real time, or makes it even more secure and reliable. Chainlink is an integral part of this process as it will help make identity attestations on the LTO network available to the broader blockchain ecosystem.
Proofi has the Potential to Revolutionize the Way We Deal with Digital Identity. It can make identity more secure, accessible, and trustworthy, which can benefit individuals, businesses, and governments.
How Proofi works?
Proofi works using a set of open standards called DID (Decentralized Identifier). DIDs are unique identifiers that can be used to represent anything, including people, organizations or objects.
Proofi uses DIDs to create a secure and reliable digital identity. To do this, the user first needs to create a DID. The DID can be created using any method, such as a mobile app or a website.
Once the DID is created, the user can add information about themselves such as name, address, date of birth and qualifications. This information is stored in a decentralized ledger.
It is decentralized and secured by cryptography, making it safe from unauthorized access. Additionally, the registry is auditable, meaning anyone can check the information stored in it.
Advantages of Proofi
Proofi offers a number of advantages over traditional digital identity, including:
1) Security: Proofi uses blockchain technology to create a secure and reliable digital identity.
2) Interoperability: Proofi is based on a set of open standards, which makes it interoperable with other digital identity solutions.
3) Scalability: Proofi is scalable, which makes it suitable for large-scale use.
Proofi is a promising project that has the potential to revolutionize the way we deal with digital identity. It can make identity more secure, accessible, and trustworthy, which can benefit individuals, businesses, and governments.
