Sekuritance is launching Identity-based ntNFTs
Sekuritance releases its final announcement as part of its 7-day 7-announcement program and this time it is focused on the next big development in the Sekur.Suite; Identity-based ntNFTs, which are geared to launch later this year.
Given Sekuritance’s basis as a compliance platform, and working very closely within the blockchain industry, it comes naturally that the organisation is implementing an identity-based ntNFT (Non-transferable non-fungible token) to be utilised not only within the Sekuritance platform but also its partner ecosystem, for a faster, smoother and more efficient onboarding and trust-based process.
Following on with this announcement, the team will be putting together an AMA session on their Telegram channel later this week, or the following week to follow up on what is coming with the following announcement, along with the upcoming roadmap, and what these products mean for Sekuritance.
What is an NFT?
A non-fungible token is a counterpoint to the fungible token. Both are designed to run on blockchain rails, and the NFT spec was designed in 2018 — that’s millennia in the crypto world. Fungible tokens are interchangeable with each other like a currency, whereas non-fungible tokens are unique and distinguished from each other like a deed or verified receipt. This means that NFTs have an additional level of unique identity associated with them compared to interchangeable tokens.
By adding a layer of non-transferability and expiration to it, is where Sekuritance found an opportunity.
Keeping your Data safe, and making your Life Easier
Merging the aspects of web with web3, Sekuritance is developing a user digital identifier in a non-transferable fashion to link a user’s non-custodial wallet with their identity, while also confirming via KYC, AML and Onchain Analysis that the user is of good standing — case in point, Sekuritance’s plan is to provide minting of ntNFTs for their users, to be placed in their web3.0 wallet for smoother onboarding. For example, if one of our partners is a launchpad, and the user wishes to register on this launchpad, before starting to utilise the launchpad’s fiat rails, and/or pledge on an IDO within the specified launchpad the user must verify themselves first, which in some cases might take some time, and is a hassle to some. If this launchpad is part of the Sekuritance partner ecosystem, then the specified user would only connect their web3 wallet and speed up the whole verification process entirely (given that the user has already performed all the necessary checks). As an added bonus, within the Sekuritance portal, the user will also be able to oversee which platforms within the ecosystem are currently processing their data, and if they ever want to remove said access to their data, all one needs to do is revoke access through our portal.
Two types of NFTs will be available for minting:
- Global Identity NFTs with parameters the user chooses to make visible including the design of his/her own avatar.
- ntNFTs which will be deposited into the associated verified wallet.
I know what you’re thinking — What about privacy? Will anyone know that this web3 wallet is mine just by looking at it on an explorer and readying the ntNFT? No. The ntNFT will have an identifier code which will be linked to your identity within the Sekuritance platform — and if you’re worried about Sekuritance not being safe enough, earlier last week the company got awarded a PCI DSS Level 1 Certification given its security and compliance-based system in keeping users’ data safe.
We can’t wait to tell you more about what is to come.
About Sekuritance
The Sekuritance RegTech provides a single platform for every compliance need within a business, including end-to-end KYC, KYB, AML, vendor management, beneficiary onboarding, investor check, card processing MFA checks, blockchain wallet checks, cyber-risk assessments, and other RegTech and Business Process Management requirements.
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