ENS Labs, the company behind the open-source blockchain naming protocol, Ethereum Name Service, is collaborating with Dentity, a leading digital identity provider, to integrate verifiable credentials on-chain.
The new integration allows ENS users to link their on-chain identity with their real-world identity, giving them the power to decide the scope of the information they share, the companies said in a statement on Wednesday.
The development could have far-reaching implications for the future of online identity. ENS users can maintain control over publicly accessible personally identifiable information while ensuring that no such information is stored on-chain.
Khori Whittaker, Executive Director of ENS Labs, noted how the two companies are attempting to bridge the gap between off-chain and on-chain identities by enabling users to have one true digital identity.
“Together with Dentity, ENS is broadening the capabilities of Web3 naming, making on-chain identities real and usable across various applications,” Whittaker said. “By linking real-world identities with on-chain personas, Web3 users can own a verified identity to access real-world services without compromising on decentralization.”
Similarly, Dentity users can now connect their identity credentials to their ENS domain using the newly developed integration pathway.
Jeffrey Schwartz, the Founder and CEO of Dentity, remarked that “the next billion blockchain users won’t be crypto natives, and they likely won’t even know they’re on-chain.”
He elaborated that these users will utilize services that require real-world identity verification, such as accessing educational credentials, professional licenses, and healthcare records.
“Sophisticated DeFi or traditional financial services will need real-world identity verification, as they exceed what anonymous or pseudonymous blockchain transactions can offer,” Schwartz said per the statement.
By linking digital and physical identities, this integration could help facilitate the adoption of Web3 technologies across various sectors.
Roughly 14,997 .eth names were registered in July, marking a 25.5% decrease from the 20,131 registrations recorded in June, on-chain data shows.
The registration count also represents a 48% decline from the May peak of 28,949 registrations.
The dip in registrations underscores the importance of initiatives like the ENS-Dentity partnership by attempting to boost the appeal of ENS domains to a wider user base.
On Monday, Ethereum co-founder Vitalik Buterin registered a new Ethereum Name Service domain named “dacc.eth” for 0.187 ETH, worth approximately $500.
The move precedes Buterin’s upcoming discussion on “defensive accelerationism” at an X Spaces discovery event slated for August 22.
Edited by Sebastian Sinclair
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https://decrypt.co/245677/ens-labs-partners-with-dentity-to-advance-real-world-credentials-for-web3
2024-08-21 13:01:03
