Spruce Has Developed an Ethereum-based Decentralized Identity System
Spruce has developed an Ethereum-based decentralized identity verification system for secure login, and has received support from the Ethereum Foundation (EF) and the Ethereum Name Service (ENS).
In July, EF and ENS approached software developers with an open request to develop a login package using the open standard for delegating access, Oauth. On a competitive basis, the Spruce system was selected for further cooperation.
According to Spruce, the company intended to offer an alternative solution to an already existing data transfer method offered by tech giants like Google, Apple and Facebook. Therefore, software was created that allows users to manage their own personal data on the Internet.
According to the firm, the Ethereum ecosystem was best suited for the task, since it already has the necessary tools. Every month, tens of millions of wallets of active users are registered in the system, who sign their keys for financial transactions. The security of these wallets has been tested and proven by successfully storing billions of dollars in digital assets in the real world. And these wallets can be used to log into Web2 services as well.
The Spruce team intends to work with ENS and the Ethereum Foundation to ensure software compatibility with existing standards used on the Ethereum network. Also, the development team has already begun to conduct best practice reviews, user studies, draft specifications and reference implementation.
In June, Arcx has announced the launch of a new version of “DeFi Passport” Sapphire v3, which allows cryptocurrency users to create and verify their online reputation under a pseudonym.