Intro
A DID developed for Payment
Last updated
A DID developed for Payment
Last updated
PID is a decentralized ID that is linked to encrypted user privacy-protected KYC/KYB information. It associates users with verifiable credentials across multiple platforms. It can achieve the following:
Compliance Access: PID can include validation information from different platforms, which can be conveniently shared using QR codes. This structured identification and transaction management method simplifies the verification process for partners while remaining compatible with the DeFi ecosystem. Importantly, it bridges the information silos previously built by centralized institutions, connecting an open decentralized identity system through PID, empowering the entire traditional finance/DeFi ecosystem.
Privacy Protection: PID utilizes various technologies, including zero-knowledge proofs, to fulfill anti-money laundering (AML) and counter-terrorism financing (CTF) obligations without compromising user privacy. This is a prerequisite for user participation in the traditional finance/DeFi ecosystem.
Data Sovereignty: PID is derived from splitting transaction information flows. On one hand, it provides feedback to regulators about fund movements, meeting compliance requirements. On the other hand, it returns behavioral data on the blockchain to individual users. Users can contribute PID-tagged data for AI analysis in exchange for rewards and token incentives. This differs from the past practice of centralized institutions profiting from stealing such data. Additionally, PID plays a crucial role in building on-chain credit systems.
PID is a DID (Decentralized Identifier) that grants the user verifiable identity information with payment attributes.
Users can obtain their Verifiable Credentials (VCs) from Polyflow's partner organizations or Polyflow's official plugin across different platforms.
These VCs can be bound to the user’s PID.
Third-party DApps can access these VCs through the PID to verify or trust the PID’s address.
PID is a soul-bound token, meaning once a PID is minted and assigned, it cannot be transferred.
Soul-binding ensures the uniqueness of the identity behind the PID.
Since PID has a soul-binding attribute, we introduce the Voucher System to assign transactional properties to traditional DID projects before the user confirms the minting of a PID.
A Voucher is another form of PID; once minted, the PID can no longer be minted.
Vouchers can be transferred and traded.
Vouchers can be redeemed into a PID and permanently bound to a specific address.
PID is now deployed across multiple chains, allowing for multi-chain minting.
Users can interact with DApps using different PIDs on different chains.
DApps can also verify the authenticity of the user and access basic KYC information bound to the PID.
Polyflow introduces an account-based system for the user’s PID, allowing users to bind their PIDs to an invisible account.
Quick Login:
Users can log into their Polyflow account with any wallet associated with their PID.
Easy Management:
Users can manage and view their multi-chain PIDs from a unified personal center in the account-based system.
KYC Aggregation:
KYC information obtained from different institutions or the ZeroKYC plugin will be aggregated under the user's account for use with PIDs across different chains.
Configurable KYC:
Users can configure their different KYC information (different contents, levels, institutions, etc.) for each PID across different chains to meet the security requirements of DApp interactions on each chain.
