CRD Will Launch a Chainlink Node to Bring Compliance Data to DeFi Applications
We are excited to announce that the CRD Network will launch a Chainlink node to bring our compliance data to DeFi applications across leading blockchains. The end goal is for the CRD Network to be a one-stop solution where users can fill out their KYC information and then have unlimited access to decentralised protocols integrated within our KYC service platform without having to undergo multiple registrations.
Chainlink is the industry-leading secure blockchain middleware, enabling existing APIs to become easily compatible across blockchain networks. Through the CRD Chainlink node, we can supply our compliance API data directly on-chain as well as cryptographically sign the data to prove that it originated from the CRD Network.
The CRD Chainlink node will give smart contract based applications and DAO’s a plug-n-play solution for meeting regulatory compliance around Know Your Customer (KYC) laws. For example, a DeFi application could easily whitelist public addresses before an ICO to verify accreditation. Similarly, DeFi applications could use KYC data to launch enterprise implementations around common use cases such as KYC compliant lending markets. Ultimately, the launch of the CRD Chainlink node will help increase the adoption of enterprises and institutions across DeFi, which need KYC services in place in order to participate.
The CRD Network is a blockchain ecosystem running on Hyperledger Besu, an enterprise blockchain on Ethereum, which links digital assets and the DeFi ecosystem with traditional finance by acting as an API hub. The network offers a suite of microservices, from banking functionality that services both on-chain and off-chain currencies to a KYC-as-a-service platform for leading blockchains. Our KYC services aim to simplify the KYC experience by users by creating an interoperable credential, while also making it easy to integrate essential functionalities such as KYC and Cefi services for DeFi applications on public or private blockchain networks.
As part of helping DeFi support regulatory-compliant services, we saw an opportunity to bridge our KYC data to leading blockchains. Doing so will allow DeFi applications to access CRD Network’s API in order to verify users’ digital addresses for different metrics like age, geographic location, and past transaction history.
However, since blockchain networks cannot natively call external APIs — a limitation commonly known as the blockchain oracle problem — we required an oracle solution to make our API accessible by smart contracts. The oracle acts as a bridge between our APIs and blockchains, helping format, fetch, compute upon, and/or deliver the data between the two environments.
After considering multiple oracle solutions, we selected Chainlink because it’s the most time tested and widely used oracle solution in the blockchain industry, both for smart contract developers and data providers. Some of the key features of launching a Chainlink node include:
- Data Integrity — Our Chainlink node will cryptographically sign all data we supply on-chain to verify its origin, preventing man-in-the-middle attacks and increasing the reliability of our data.
- Blockchain Agnostic — Chainlink nodes can be made compatible with any blockchain environment, serving as a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely adopted oracle network in the blockchain industry, providing access to a vast existing and growing addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already helps secure tens of billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
“The CRD Chainlink node is key to seamlessly connecting our existing KYC data solution to leading blockchains, creating avenues for decentralized applications to more easily operate within regulatory compliance,” commented Amine Larhrib, Founder of CRD Network. “We’re excited to bring an easy plug-and-play KYC solution to a broader set of users and developers through Chainlink, ultimately help DeFi protocols onboard larger institutional users.”
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or read the documentation at docs.chain.link. To discuss an integration, reach out to an expert.
Why pass your KYC with CRD Network.
If you want to operate within the DeFi ecosystem legitimately and anonymously, you need CRD Network.
When you pass your KYC with CRD Network:
- We’ll add a KYC hash into your crypto wallet address.
- And we’ll write into the Ethereum mainnet that you are a trustworthy account.
In short, we’ll make your crypto compliant. And trustworthy.
And you’ll stay anonymous! DeFi apps will be able to check your KYC, but not your personal info. Which is how you want it.
So how do you pass your KYC with CRD Network?
Just join our KYC Telegram group.
When you join the group, you’ll get exclusive access to our KYC Bot. This clever little thing will guide you through your KYC process when we launch our KYC project shortly.
But there’s more.
If you join our group now, you’ll reserve access to a generous Airdrop when we launch our KYC project.
This Airdrop is available only to the first 2k participants, so don’t miss out.
Click the link below to join our group and to reserve your Airdrop.