Centre Blog

Welcome to Verite: A Message from Centre CEO David Puth

CENTRE Consortium
CENTRE Consortium
Follow

Feb 17, 2022 10:01:16 AM

 

Verite Finance 1

The Centre Consortium is very pleased to announce the launch of Verite, a set of open source identity protocols, built to enable trust, transparency and interoperability within the crypto ecosystem. This milestone is the culmination of years of development by our team and our partners, but marks only the beginning of what we expect Verite will deliver in the years ahead. 

Verite’s unique, flexible architecture interacts with the increasingly open and interoperable world in which we live. Users will be able to custody their own credentials and maintain their privacy by sharing only the information necessary to verify a particular claim, preventing the accumulation of centralized pools of Personal Identifying Information (PII) that historically have been vulnerable to large scale identity theft. 

 

 

The applications for this technology are limitless, but within the crypto ecosystem the impact will be immediate. Verite will enable the privacy-preserving issuance and validation of Know Your Customer (KYC) credentials, allowing users and organizations to validate their identity across the crypto ecosystem. Centre Consortium founding member Circle and launch partner Block, and a number of other leading crypto focused companies have already announced their intention to develop products using Verite standard credentials. 

Other potential use cases include verification of accredited investor status to unlock access to lending protocols, or as verifiable proof of work history or skill sets - a way to selectively disclose personal or professional information in an increasingly digital world.  The objective is to disclose all necessary information but only necessary information. Key elements that make Verite different from existing decentralized identity solutions will be its portability and flexibility while enabling true personal ownership of credentials.  

We are also excited to announce that a number of industry-leading organizations have joined as Verite launch partners, with commitments to collaborate on future projects. These partners include: Centre co-founder Coinbase, Algorand, Compound Labs, Consensys, Espresso Systems, Hedera Hashgraph, Ledger, MetaMask Institutional, Phantom Technologies, Solana Foundation, Spruce, and Stellar Development Foundation. We greatly look forward to the innovation that they and future Verite partners will produce.

Centre’s website now features a Verite page, which provides more information about the protocol and some of the opportunities for experiential improvement it can enable. There is also a link to the developer documentation portal, which contains everything an individual or team would need to build their own Verite application. 

Verite is also a significant project for Centre because its release marks our first non-stablecoin standard. While a departure from the stablecoin ecosystem where Centre has built its reputation as a trusted independent organization, Verite is very much in keeping with the values that underpin our mission.  Verite is part of a firm commitment to open, permissionless, and interoperable networks. By working with partners representing all aspects of the industry, we continue our commitment to open-source, collaborative approaches that enable the ecosystem to grow. In the future, Verite will help promote financial inclusion by allowing individuals to take true ownership of their identity and facilitating access to economic tools that remain out of reach to many within the traditional banking system.

As it does with USDC, Centre will administer the Verite open standard, ensuring that all partners and projects that build on top of the protocol adhere to the same set of shared requirements, allowing users to trust that projects will be consistent and compliant not just with existing regulations but with those put in place to improve the experience of crypto for all.