[PRESS RELEASE – Amsterdam, Netherlands, November 16th, 2023]
Today, Australian company Blue Biometrics Pty Ltd (Blue) and Dutch Layer-1 Blockchain Network, LTO Network (LTO) announced their collaboration to deliver a cross-chain proof-of-humanity solution. Together, they aim to weed out bad bots and meet the growing need for identity and fraud prevention for crypto assets. Customers will soon seamlessly use identiblue by Blue for biometric recognition of people and Proofi by LTO for recognizing wallets to prove that a wallet is being operated by a unique real person, sometimes called ‘proof-of-humanity.’
Scalper bots can ruin an NFT drop or DeFi participation by making one-per-person rules ineffective and distorting the process. The EU’s MiCA (Markets in Crypto Assets) legislation requires effective KYC measures provided by crypto companies and also imposes fraud prevention responsibilities.
LTO COO Shawn Naderi said, “Proofi leverages Chainlink to deliver the cross-chain identity solution that DeFi has been crying out for. Adding identiblue provides the link from a wallet to the real person.”
Blue CEO Kenneth King said, “Cybersecurity takes a network, and the combination of Proofi and Identiblue will give blockchain businesses, DAOs, and crypto companies a suite of options to stop bad bots ruining the experience for good humans. It will make compliance easier while protecting privacy and security.”
While identiblue and Proofi are standalone identity solutions, combining both provides much greater flexibility for the blockchain world to improve the user experience and security. LTO and Blue said a beta would commence soon, and they are considering applications to join the beta. They emphasized that while no solution was the definitive answer to bots and fraud, both companies were keen to support blockchain communities so they could thrive.
About LTO Network
LTO Network is a Layer 1 blockchain with a Public and Private layer to bring real-world assets on-chain and offer solutions for digital ownership, decentralized identities, and privacy.
About Blue Biometrics Pty Ltd
Blue Biometrics (Blue) is one of the global leaders in software that enables smartphones to be contactless fingerprint scanners. Blue will soon launch a multimodal digital identity service called ‘identiblue,’ which uses a combination of contactless biometrics and cyber security technology for privacy, ultrasecurity, and convenient use: https://www.identi.blue/