Cardano Foundation Launches Veridian for Decentralized Digital Identity
Cardano Foundation has launched Veridian, a decentralized digital identity platform aimed at reshaping how personal and organizational data is managed and secured. Designed as an open-source service, Veridian establishes users as data owners, thereby attempting to alter the global trend of centralized verification.
The Launch
The launch includes the introduction of the Veridian Wallet on both iOS and Android platforms. It enables people and companies to control their verifiable credentials and other sensitive information through a user-controlled system.
Addressing Privacy Concerns
The decision follows increased concerns about privacy and personal data breaches that have continued to emerge in the modern world. In order to address these challenges, Veridian employs decentralized identity-proving systems.
User Control and Security Features
Users control their personal data, and any third-party service or identity provider does not provide credentials. Additional features like Key Event Receipt Infrastructure (KERI) and Authentic Chained Data Container (ACDC) credentials are incorporated to enhance security and decentralization features as well.
Cardano Blockchain Integration Adds Trust Layer
Unlike its competitors, Veridian can operate independently, but it is opt-in with the Cardano blockchain. This feature increases the level of trust, immutable authenticity, and legitimacy of the platform processes. The Veridian Wallet is also responsible for holding private keys, decentralized identifiers, and credentials.
Alignment with Decentralization Framework
With Veridian, Cardano’s approach is in line with its overall framework with regard to decentralization. Eliminating third-party data intermediaries not only enhances user privacy but also minimizes the number of data breaches that could potentially affect users of the platform.
Development of New Applications
The infrastructure sustains the development of new applications for identity-based on Cardano, which has its native technologies. Such applications can be implemented in various fields, including finance, health, and transportation, where ID security remains a concern.
Open-Source Nature as a Software Asset
The open-source nature of Veridian also serves as an immense software asset to those who develop software.
Bitcoin-DeFi Integration Gains Momentum
This comes after Cardano’s founder, Charles Hoskinson, revealed plans to integrate Bitcoin into the DeFi ecosystem. Hoskinson noted that Cardano’s Hydra and the partnership with Maestro will play a crucial role in Bitcoin-proving smart contracts.
Future of Institutional Adoption
He predicts that institutional adoption of Bitcoin-based DeFi will overtake arenas created on Ethereum and Solana. Central to this plan is Aiken, Cardano’s programming language to design scripts that can operate within both the Bitcoin and Cardano blockchains. Hoskinson said that Leios will enable Cardano “scale to have Solana speed with true decentralization.”
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