Web3 technology uses trust-minimization to execute financial transactions backed by cryptographic truth. In its current form, web3 is limited to use cases that do not require user data beyond on-chain addresses. To unlock new use cases that enable interactions based on non-financial variables such as social capital and reputation, web3 needs an on-chain identity layer that uses decentralized oracle networks to verify identity data while maintaining a certain degree of privacy.
Everest is a full-stack stablecoin provider and licensed custodian featuring a biometrics-based platform that allows users to digitally verify their identity. This week, Everest announced that it is now delivering its unique identity data to web3 developers as a data provider on the Chainlink Network.
Everest’s identity data can be used to verify that the owner of an address is known, unique, and deduplicated, supporting a wide range of identity-based web3 use cases that involve compliance, voting, resource distribution, and access control.
“Oracle networks dramatically benefit from network effects, and the most established oracle services platform by far is Chainlink,” said Everest’s team in an official announcement. “Everest is excited to enable next-generation services with Chainlink which help mitigate types of account abuse, such as shadow accounts, sock puppets, trolls and troll farms, which all require the ability to generate accounts at will.”
Everest’s CEO, Bob Reid, echoed the significance of making Everest’s identity data available to web3 developers through Chainlink’s industry-leading oracle network, saying, “Chainlink provides the most widely adopted decentralized oracle network for a wide variety of real-world data and off-chain computation. Everest is excited to supply identity data through Chainlink for projects and services in the growing smart contract economy.”