Chainlink will reportedly help make identity attestations on the LTO Network available to the wider blockchain ecosystem. By enabling identity KYC/AML verification for DeFi users, Proofi aims to make it easier for protocols and private companies to onboard new clients, the media outlet Crypto New Media details.
LTO has selected to bring its data on-chain through the Chainlink Network as it is the standard for connecting data providers with smart contract developers. In Chainlink, Proofi is leveraging the available oracle network, enabling Proofi to reach a wide range of developers in the smart contract ecosystem.
Proofi enables DeFi protocols to outsource the cost and burden of capturing KYC/AML information. Instead of having to check a user’s information directly, they will be able to verify an attestation on Proofi to see whether a person is legally permitted to participate in the project.
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