According to CryptoPotato, web3 infrastructure and data protection firm COTI has entered into a partnership with digital identity management platform Civic to provide users with confidentiality and self-sovereignty over their digital identities. The collaboration will enable Civic to utilize COTI V2's Ethereum-based confidentiality layer, which offers a Dynamic decentralized identity (DID).
COTI V2's confidentiality layer allows users to manage their digital identities, preventing data breaches, non-consensual monetization, and hacks by offering verification, computation, and encryption services. Both COTI and Civic aim to provide users with complete data privacy as they interact with decentralized applications (dApps) and explore Web3 use cases. These dApps will engage with Civic's digital identities and insights without accessing sensitive information.
COTI's Dynamic DID leverages the network's garbled circuits, providing on-chain privacy with a computation speed up to 1,000 times faster than other encryption systems. The Dynamic DIDs will utilize Civic Pass, while Civic will serve as a design partner, integrated with COTI V2 throughout all stages of the blockchain's development. Civic Pass is a verified credential and private, non-transferable token in a user's wallet, used to meet anti-money laundering (AML) and know your customer (KYC) requirements.
COTI and Civic view their partnership as a significant step towards granting users self-sovereignty over their virtual identities, particularly as more individuals enter the web3 space. Customers will be able to fulfill regulatory requirements without disclosing their data. COTI CEO Shahaf Bar-Geffen expressed excitement about integrating COTI V2's confidentiality layer into Civic's platform and working with Civic's professional team to bring Dynamic DID into full production.
This announcement follows Civic's recent unveiling of a physical identity card as part of its ID system, aimed at combating fake artificial intelligence-generated identities and fraudulent identity schemes like face farming.