Abacus, a permissionless protocol for services that facilitate the issuance, administration, and settlement of tokenized financial instruments on the blockchain announced today that after receiving a considerable amount of interest from projects to use its blockchain-based identity verification components, it is officially introducing Abacus Identity, a standalone identity verification provider.
Abacus Identity enables applications to verify the identities associated with certain Ethereum addresses and interact with these results on-chain. These verifications can be reused with other applications or smart contracts, and users can selectively share their identity information with other parties via OAuth.
Many permissioned blockchain systems today take a set based approach: they add addresses to a set associated with a particular token contract. Instead of making these catchall attestations, Abacus takes a constraint-based approach and make separate attestations for various qualifiers like investor accreditation and AML status.
With multiple values on-chain, smart contracts can programmatically generate authorizations, enabling more expressive functionality within permissioned tokens like the ones built within Abacus Equities. New constraints are easily defined, e.g. whether or not an investor resides in a certain set of countries.
The Abacus team said, “We’re also open to adding additional verification types and making attestations on standards and protocols beyond ERC 725 and the Abacus Protocol, so feel free to reach out with requests if there is something specific to your application.”