TIDV (Trustless IDentity Verification) is a blockchain-based decentralized identity verification tool that enables trustless identification of users when interacting with decentralized applications (dApps). TIDV employs zero-knowledge proofs (ZKPs) to allow wallet holders to verify their identity requirements without revealing sensitive information, thereby ensuring privacy and security.
By integrating TIDV into their dApps, startups and developers can offer optionally-compliant solutions to their users. With TIDV, users only need to go through the KYC process once and can then use that information across different integrated dApps. Additionally, users have the ability to revoke permissions when necessary, providing them with more control over their personal data.
TIDV also benefits funders seeking to invest in projects through dApps. With TIDV, funders can prove their digital identity without compromising their privacy. This allows seekers to confidently review potential participants and their data, which helps avoid regulatory pitfalls. TIDV reduces the friction for funders to interact with seekers by requiring the KYC process only once, instead of once per project. At the same time, each project can approve requests using a different set of criteria, providing more flexibility. Finally, funders can be confident that their private information is secure and will only reside with them and the projects to which they are requesting access. No third party, including GBG and AllianceBlock, maintains a record of their data.
In summary, TIDV is a revolutionary tool that enables trustless identification and verification for users and funders in the realm of decentralized finance (DeFi) and dApps. It provides privacy, security, and control over personal data, making it a valuable addition to any decentralized application.