The crypto, blockchain and NFT sector is booming despite the ongoing bear market, but this does not mean that this space is free of undesirable actors and fraudulent entities. In fact, this year alone, investors have lost over $3 billion worth of crypto to hackers in 125 attacks. Clearly there is a desperate need for stronger security measures and proper regulation because otherwise this industry cannot survive in the long term. Of course, a viable project would also need to maintain the high quality of its services and features in order to consistently attract investment.

This is where UBIRCH comes into play. It is a well-known German cybersecurity company that has already established a great reputation in Europe. UBIRCH has developed a solution to prove NFT ownership called Know Your Customer Token (‘KYCT’). It is quite similar to a soulbound token.

What is KYCT?

KYCT, or Know Your Customer Token, can be used to recognize and confirm ownership of cryptocurrency wallet holders, as well as the origin of assets minted with specific wallets. Therefore, the solution will address key industry issues such as proof of identity of asset creators and the origin of assets by establishing a link between an author’s civic ID and a Web3 ID. Furthermore, the solution is EVM-based, multi-chain and fully compatible with all major digital IDs. In addition, clients receive services directly through API.

KYCT aims to be more than just another numbers initiative, as it is a vital component of UBIRCH’s cybersecurity solution, which is based on the UBIRCH Trusted Platform and has been successfully implemented and continues to support multiple strategic industries both in Germany and abroad. in United States. EU markets including but not limited to energy, healthcare, insurance and industrial IoT since 2014.

Know the potential of your client’s token

KYCT is a non-transferable NFT, incorporated as an ERC721 token. As a result, KYCT is a ‘verifiable identification token’. As a trusted source to identify our users, we have a partnership with major identity providers like IDnow. The KYC-Token also retains the idea of ​​’Soul-Bound Token’, as mentioned above.

Furthermore, KYCT is chain-agnostic, which means it works on any Ethereum Virtual Machine-based solution and wallet, allowing a single proof of identity to be used across multiple chains. On top of that, this verifiable proof of identity is verified on the UBIRCH multi-chain backend, which also serves German state projects and various other business players for similar purposes.

KYCT also has a strong foundation and identity storage. In fact, it is the only solution on the market that includes proof of identity and a reliable mechanism to reveal a real identity in the event of a dispute. This addresses the problem that platforms often face when trying to ensure secure transactions while also protecting the identities of their users.

Why does the industry need it?

Even today, the industry is poorly regulated and events like this year’s Terra (LUNA) disaster and the Binance and FTX fiasco have only made things worse. Also, there is no single method to prove ownership of digital assets. There have been a number of cases where assets were stolen from their owners and sold on behalf of fake profiles.

With NFT implementation lagging far behind the artistic component of the burgeoning industry, and a token now a testament to many types of asset ownership in the Web3 space, the question of regulation, or at least a single standard, looms large. looming

Therefore, each platform is trying to solve the problem in the best possible way. For example, markets are trying to implement their own solutions, such as manually verifying asset ownership or involving AI.

However, because they are not cross-platform, they are not truly Web3. They are also quite complicated, expensive, and therefore only cover a small number of users. Also, the number of NFTs minted is decreasing, but the period of ownership is increasing, indicating a more serious approach to what a user buys.

KYCT improves Web3 accessibility

Through the solution, UBIRCH will significantly increase the level of trust by combining crypto identity and civic identity verification into a single token that is stored directly in the crypto wallet. This includes well-established processes like identity verification via IDNow, which are effectively combined with the cryptographic security and decentralization of Web3.

Future KYCT plans include wallet insurance and value-added services, tokenized ticketing, and password-free single sign-on/login processes. There is also the integration of markets and the contribution to the elimination of deepfakes.

https://www.youtube.com/watch?v=fYCNHP_WzB8

Creating KYCT is also a simple and straightforward process, and the company’s Medium page has provided an easy-to-follow guide on this as well.

Overall, this is just the beginning for UBIRCH and the sky may well be the limit of what KYCT can achieve in the long term not only for individual users, but also for the broader NFT and blockchain sector as a whole, by At the same time, it contributes to the arrival of a true Web3 era.