An an award-winning HYBRID BLOCKCHAIN, LTO Network have just recently announced that Proofi (by LTO Network) will be available its data identity to DeFi ecosystem through a multi-chain, Chainlink. one of the leading blockchain oracle solution.
What is Chainlink?
Chainlink is said to be a decentralized oracle networks that is providing a tamper-proof that is supporting an advanced smart contacts, through inputs, outputs and computations. With its integral process, it will help to identify attestations on the LTO Network, thus be available to a much wider blockchain ecosystem. It enable impeccable identity to KYC/AML veridication for deFI users. With Proofi, it aims to be more easy to aim protocols to private companies to join as new clients.
The Chainlink Network offers oracle infrastructure, with features such as:
Credential Management — nodes can securely manage API keys and account logins, leading to seamless integration, with Chainlink nodes able to purchase Proofi API subscriptions in the same manner that traditional users do today.
Blockchain Agnostic — being blockchain agnostic, means data can be made available on any current or future blockchain environment.
Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, offering us access to a vast addressable market of potential data consumers.
Provably Secure — the platform is thoroughly audited open-source software designed according to leading academic research, and has a proven history of helping secure tens of billions of dollars in value live in production.
Ultimately, this will allow DeFi projects to comply with government regulations without having to store user data on a central server.
LTO has selected to bring its data on-chain through the Chainlink Network because its secure, future-proof, and is the standard for connecting data providers with smart contract developers. LTO has chosen to bring data on-chain over the Chainlink network because it is secure, future-proof, and the standard for connecting data providers and smart contract developers.
Through Chainlink, requirements for privacy and KYC verification will be significant cost and burden for starters and corporations. majority of 500 companies worldwide have spent over $7 billion just to comply according with GDPR and often see around 35% drop rate when requiring user to comply KYC/AML to users. To be honest, these compliance is frustrating to most users, and can significantly vary to users experience, thus depend to the country of origin, moreover, many of these regulation only requires when a companies are storing its own users data.
The Importance of Proofi
With proofi, and effective Defi protocols to outsource its expense and burdensome just to capture KYC/AML info. checking its user’s information instead directly, attestation to Proofi enable them to be verify and see whether a user is legal permission is detected to partake in to the project.
For example, Proofi allows projects to see a user’s age and country of residence without having to collect, view, or store data. Attestations are stored on the LTO network, but integration with Chainlink will make these attestations available throughout the blockchain ecosystem.
“Becoming a data provider on the Chainlink Network is critical for Proofi as it helps make our identity solution accessible to the wider DeFi ecosystem in a highly secure, decentralized, and efficient manner.”-arnold Daniels, Chief Archetect of LTO Network and Co-founder of PROOFI
At the same time, Polygon is not oblivious to the broader implications of technological progress for the planet. The core team will therefore eliminate all of the network’s carbon debts retroactively and become carbon negative by 2022. Polygon has joined forces with KlimaDAO to purchase $400,000 in carbon credits and also committed $20 million to community initiatives and technology projects to combat climate change.
“We’re excited to launch USDt on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”