We’re glad to announce that we are launching our Testnet v0.1 “Proteus” with an Identity Demo. Previously, we launched the Tokenization Demo, that tokenizes Singapore dollars into SGDR (a tokenized version).

This Identity Demo shows how a user can create a decentralised and verified identity on the blockchain, and how a verifier can review and verify a claim.

How does Rate3 come into the picture?

Given the importance of a decentralized identity, we are building a Rate3 Cross-chain Identity Protocol to build a single decentralized identity profile, that allows for increased attestation and third party verification in the Rate3 ecosystem.

You can read more in detail the Rate3 Identity Protocol, as written by our co-CTO, Davis:

The Identity Process

First, lets define the two main entities:

The User wants to verify his identity through submitting a claim

The Verifier is usually a trusted institution, who will verify the user’s claims and sign off

Let’s detail the steps: