Identity Operating System (idOS) has launched on NEAR protocol to provide DeFi developers with a robust framework. The web3 project made the announcement today through an official blog post. In the post, NEAR protocol described idOS as an efficient tool that brings web3 closer to users. The protocol registers confidence in the efficiency of the newly launched project to drive the mainstream adoption of web3.
More so, NEAR explained that idOS has the capability to help developers seamlessly integrate real-world applications with the decentralized solution. As revealed, the newly launched solution will help developers design solutions that are in line with regulatory demands. Furthermore, the blog post established that idOS on NEAR will help project teams design decentralized solutions that are user-friendly.
Basic Features of idOS on NEAR
One of the foremost attributes of idOS is its composability and permissionless integration. According to the blog post, idOS on NEAR permits developers to combine different protocols that require identity verification. As indicated, the solution offers this high level of composability because it leverages the “money legos” concept. This feature of the new solution ensures that DeFi applications can scale and evolve with the ecosystem.
Likewise, idOS is designed to enhance users’ experience and identity verification. As stated in the announcement, the tool is structured to streamline the KYC verification process for users. The web3 firm in the blog post disclosed that once users have verified their identity, they can reuse the approved profile across the entire NEAR ecosystem. This implies that users won’t have to go through KYC verification process all the time.
Additionally, idOS on NEAR helps users to carry out smooth crypto-fiat payments. The blog post highlighted that the integration of the newly launched project can help developers shift between DeFi and the traditional finance worlds. Also, NEAR revealed that the newly launched initiative is effective in helping DAO prove the human status of its members. This feature for idOS helps ensure one person, one vote to limit the influence of whales and bots.
Side Notes on NEAR Protocol
Recently, NEAR protocol has emerged as one of the foremost crusaders of web3. The firm has collaborated with a host of companies to push the advancement and adoption of the decentralized web. In July 2023, Binbits reported that NEAR protocol partnered with Hibiki Run to ensure the growth of web3. As reported, the partners focused on research that will establish a direct connection between web3 content creators and end users.
Aside from the collaboration with Hibiki, since the turn of the year, NEAR has collaborated with a host of firms, focusing on web3 advancement. The protocol has partnered with the likes of Nansen, Cosmose AI, MARBLEX, and Seracle.