Compass is a digital identity certificate required in the Web 3.0 ecosystem.
Introducing Compass, the next-generation digital identity certificate that you can trust in the Web 3.0 era.
Compass leverages NFTs and the uniqueness of data achieved via NFTs to issue a digital identity certificate that could be used in the Web 3.0 ecosystem (DeFi, NFT marketplace, Metaverse, etc.).
Compass NFTs managed by the Protocol can be used in the Metaverse and DeFi applications as an identity certificate to authenticate the owner of a wallet, enabling Know-Your-Customer (KYC) and Anti-Money Laundering (AML) practices in the digital space, in response to the KYC/AML regulations and guidelines of governments and intergovernmental organizations around the world.
To continue to operate in the decentralized financial ecosystem in the ever-evolving regulatory environment, KYC and user authentication of wallets are becoming essential. Countries are enacting laws that disallow deposits and remittances to/from unverified wallets (case in point: South Korean cryptocurrency exchanges are blocking remittances to unregistered external wallets).
In response to these regulations, Compass performs KYC and encrypts user information. Users can then register their wallets with the Protocol, and Compass performs AML checks on the registered wallets to verify any association with known malicious wallets and abnormal activities.
Compass users' wallets that have undergone AML verification are issued Compass NFTs, which can be used as identity certificates within the overall Web 3.0 ecosystem.
Overview of Compass NFT issuance process
In the rapidly changing digital world, as Web 3.0 evolves to become a bigger part of our daily lives, we anticipate that Compass Protocol's identity certificate will become a necessity, not an option.
Explore the Web 3.0 ecosystem with confidence with Compass.