The IOTA Foundation has announced the launching of the alpha version of its identity protocol. The firm made the revelation on Tuesday via a blog post.
In the statement, the organization described the IOTA Identity as a decentralized identity framework that provides verifiable credentials, and digital interactions. Now in the Alpha stage, the project migrated from its previous Stardust VM to a more efficient MoveVM that improves the on-chain programmability of the new project.
In addition, the new development stage enhances privacy through off-chain verifiable credentials. The IOTA Foundation further confirms that the upcoming digital identity conforms with the standard of the World Wide Web Consortium (W3C).
Thanks to this standard, the decentralized system ensures that users have full control over their data. The Foundation said the IOTA protocol is a future-proof identity tool that aligns with regulatory frameworks and industry standards.
Meanwhile, according to the IOTA Foundation, the release of IOTA Identity on Testnet is a crucial step in securing virtual interaction using verifiable and immutable identities. With the combination of W3C standards and the IOTA MoveVM offers a structure for authentic, veritable, and secured exchange of data.
Similarly, the new project according to the foundation ensures data integrity by depending on an immutable ledger. On the flip side, the project keeps verifiable credentials off-chain for enhanced privacy and user experience.
Side Note on IOTA Identity protocol
While discussing the relevance of the digital identity project narrated how innovation is useful in key sectors like finance, healthcare, government, and business enterprises. The Foundation established that the platform can help with KYC compliance, and virtual signatures and can also function as a universal layer of trust for the internet.
Furthermore, the IOTA Foundation added that the yet-to-release tool ensures full privacy and autonomy for users, allowing users to manage their virtual identity without depending on third parties. To control their personal information, the Foundation said the IOTA Identity supports individuals in the web3 space to determine who accesses their data.
It is worth mentioning that since its establishment in 2018, the IOTA Foundation has remained committed to the advancement of digital identity. In the past, the organization has contributed to Europe Blockchain Service Infrastructure (EBSI) while supporting the European Blockchain Regulatory Sandbox.
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