Decentralized identity for crypto finance

Verite is a collection of standardized protocols for decentralized identity that can help make it safer, easier and more efficient to do business across the transformative world of DeFi and Web3 commerce.

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Start building today Developer Guides Github repo

Verite is free and open for anyone to use and build upon

Verite is an open-source framework for proving identity claims in Web3 without exposing sensitive personal information. Web apps, mobile apps and smart contracts get the benefit of identity-verified participants from the simple check of a Verite credential.

Portable identity control

Verite credentials are stored securely in a crypto wallet, just like digital assets. Individuals and entities gain direct control over how, when and where their identity attributes are shared. No personally identifiable data is sent or stored on-chain.

Composable and interoperable

Developers can build on Verite with composable tooling for credential issuance, custody and verification. Create portable, privacy-preserving solutions for KYC, credit scoring, accreditation and more to empower institutions to confidently access DeFi.

Trusted and decentralized

The Centre Consortium developed Verite in collaboration with Circle and alongside trusted industry leaders like Coinbase and Block. As a set of open-source protocols, Verite is decentralized with no single entity having authority over usage or development.

How Verite works

Request submitted Credential Issued Credential Verified
verite decentralized identity

Users (individuals or entities) can request identity credentials from Issuers.
Verite Issuers

Issuers provide identity credentials back to Users, which are easily stored in a User’s crypto wallet, just like digital assets.
Verite Verifier

Users can present their identity credentials to Verifiers (web apps, mobile apps, smart contracts) to obtain access to their services.

Unlocking a new world of DeFi possibilities

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Access to permissioned pools or securities trading based on accredited investor status, or any specified attribute.
Opportunity for individuals
Opportunity for individuals and entities who lack traditional forms of identification to participate in DeFi, helping to create a more globally inclusive financial system.
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Potential for improved capital efficiency with credit score credentials that may enable more precise matching of a borrower's reputation, which may result in lower collateral requirements.

Come build with Circle

Today, Circle is building on Verite to become an issuer and verifier of KYC credentials, enabling institutions to participate in DeFi with counterparties they can trust. With growing support for Verite from borrowing and lending platforms like Compound, to crypto wallet providers like Ledger, MetaMask Institutional and Phantom, a new era of DeFi is fast approaching.
 

Talk to our team and let’s build together.

FAQ

Yes, you can start building immediately with Centre’s developer guides and GitHub repo. You can also contact Circle (via the form above) to discuss your project idea and collaborate with our team.

Centre, Circle and Block will collaborate on Verite to promote broader adoption of crypto payments and decentralized finance. Early feedback on Verite, and commitments to collaborate on shared decentralized identity standards going forward, includes major ecosystem leaders Algorand, Coinbase, Compound Labs, ConsenSys, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce and Stellar Development Foundation.

Decentralized identifiers (DIDs) are one of the standards for decentralized identity incorporated in Verite’s protocols. Verite also incorporates standards such as the verifiable credentials data model, presentation exchange, and credential manifest.

Verite does not seek to re-write the standards for decentralized identity, but rather leverage existing standards within a composable, open-source framework designed for mainstream adoption. Verite incorporates standards such as the verifiable credentials data model, decentralized identifiers (DIDs), presentation exchange, and credential manifest.

No, Verite credentials are akin to “cryptographic badges”, which cannot be traded or exchanged on a secondary market. 

You can contact your credential issuer to revoke the Verite credentials from your crypto wallet. It’s worth noting that Verite credentials do not contain personally identifiable information (PII).

Anyone can begin contributing to the GitHub repo today.

The Centre Consortium developed Verite in collaboration with Circle. Circle intends to build on Verite to become an issuer and verifier of KYC credentials, which will enable institutions to participate in DeFi with counterparties they can trust.

We’ll have more details to share later this year.

We’re exploring this capability for 2023.