Ink Finance: Identity Verification features released on Testnet

Ink Finance
3 min readApr 6, 2023
Ink Finance: Identity Verification features released on Testnet

Ink Finance has unveiled a comprehensive identity verification suite on its Testnet, encompassing Social, Biometric, and Legal Verification methods. This cutting-edge feature aims to bolster trust and credibility within DAOs, while concurrently adhering to regulatory requirements for seamless DAO operations. Ink Finance drives sustainable growth within the rapidly evolving Web3 financial ecosystem by minimizing compliance risks in global business transactions.

Multi-Channel Social Verification Support: Twitter, Discord, Slack, Telegram, etc.

Ink Finance’s Social Verification feature enables integration with multiple communication channels, including Twitter, Discord, Slack, and Telegram, to bolster trust and security within its infrastructure. All individuals seeking DAO management roles must undergo Social Verification before appointment or nomination for enhanced credibility. A Social Identity is then associated with a wallet address and displayed on the user’s profile. To prevent fraudulent activity, each wallet address on the blockchain can only be linked to a single social media account. Ink Finance currently offers Twitter verification, with plans to expand support to additional social media platforms. This ongoing expansion aims to cater to various DAO management structures’ diverse and flexible needs.

Legal Verification: Collaborating with Top Third-Party Providers for Identity Compliance

Ink Finance leverages the next-generation compliance identity verification platform, Astra Protocol, to provide robust identity compliance verification for DAO managers and investors. This collaboration enables DAOs, primarily in financial sectors, to expand their global presence while adhering to compliance conditions and safeguarding the ecosystem against contamination, ultimately protecting the entire community.

Astra Protocol delivers financial regulatory standards from over 150 countries and incorporates more than 300 sanctions and watchlists into the cryptocurrency domain without compromising anonymity. By partnering with Astra, Ink Finance empowers DAOs to ease the compliance and regulatory burden associated with financial growth, streamlining the process for traditional institutions to venture into the blockchain arena. Through establishing a comprehensive operational framework, DAOs can mitigate risks, such as illegal financing or Ponzi schemes, and ensure a safer business environment within the blockchain field. By mandating user identity verification and adherence to corresponding requirements for participation in DAO-initiated financial activities, global compliance standards are met, fostering sustainable growth and development.

Ink Finance has integrated Astra’s verification process template into its product page with the management architecture. Once the Mainnet is launched, DAO users can conveniently access the verification page and complete verification directly.

Biometric Verification: Partnering with Humanode for Enhanced DAO Security and Governance Integrity

Ink Finance collaborates with Humanode to implement biometric identity verification, ensuring that DAO members are free of duplicate identities, bots, or multiple accounts susceptible to exploitation. Using Humanode’s technology, the platform eliminates the possibility of witch attacks and allows each DAO member to concentrate on their tasks and objectives. This feature is currently in the integration phase and will be released soon.

As a blockchain-based financial management infrastructure, Ink Finance works closely with top-tier third-party providers to incorporate flexible and diverse identity verification methods within the foundational operational framework. This collaborative approach bolsters the security and integrity of DAO self-governance and equips the platform to address the inevitable challenges of forthcoming financial regulation.

About Ink Finance

Ink Finance is an on-demand financial management SaaS, enabling on-chain organizations to build effective operation structure and perform best-practice financial management. Motto: Finance is built on credit, and credit comes from competence.

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Ink Finance

Ink Finance is the DeFi engine for Protocols, DAOs, and RWA Originators. Build On-Chain Competence & Financial Credit | https://www.inkfinance.xyz/