Nuggets pilots its Verified Self-Sovereign Digital ID Solution

GAIN’s mission is to create a verifiable, interoperable, and reusable global identity standard that satisfies global regulatory compliance for financial services while ensuring user-centric privacy. GAIN is an international group, made up of global financial institutions, developing a cross-border approach to verified digital identity that it plans to launch in late 2022.

Nuggets’ addresses this with a Verified Self-Sovereign Digital ID which enables transactions to be verified and shared securely, prioritising user-centric privacy. Its ID solution requires both the originator and recipient of each transaction to be verified before the transfer of funds or digital assets can be completed.

Nuggets achieves this via a combination of open standards including W3C verifiable credentials, decentralised identifiers (DIDs), zero-knowledge proofs, and the encrypted communication standards of DIDComm.

When a user makes a transaction on one of GAIN’s member platforms, their identity is established through the creation of a unique Peer Decentralised Identifier, or PeerDID.

This ensures that transactions cannot occur if this verification process does not happen. Additionally, with DIDs emerging as a standard for digital identities, Nuggets’ solution becomes interoperable with other solutions and can be used to address other challenges facing Web 3.0, especially combatting ID fraud risks in the metaverse.

Using Nuggets, individuals and businesses can create reusable, verifiable digital identities and store personal information and value via an encrypted and non-custodial vault.