miNFT (Identity)
Reinventing Identity Verification
Last updated
Reinventing Identity Verification
Last updated
Welcome to the world of miNFT, MELD's innovative solution for identity verification in a decentralized digital environment. With a strong commitment to user-centric design, security, and privacy, miNFTs are a game-changer in the blockchain space, embodying our mission to bring accessible, secure, and fair financial services to everyone.
Before diving into the details of miNFT, it's important to understand some core concepts:
Non-Custodial Wallets: In the blockchain world, non-custodial wallets allow individuals to have full control over their private keys and therefore their digital assets.
Identity Verification vs Identification: While identification involves stating or proving who someone is, identity verification goes a step further to prove that the stated identity is indeed correct and belongs to the person claiming it.
Only Necessary Information: In the spirit of data minimalization, miNFT only verifies the necessary information required for each specific verification class.
miNFT adopts an ontological model, which is a non-hierarchical system allowing for a more flexible, scalable, and user-centric design. This model allows miNFT to categorize information in a way that is most useful to the user, without compromising security or privacy:
miNFT operates through a tiered system of verification classes, ranging from Class 1 to Class 14. Each class represents a different level of identity verification, depending on the needs of the user. Here's a brief overview:
1
Human
Validation that this is an actual person
Solving a captcha
6m
2
Personal information
Date of birth, Full Name, ID No. / Passport No, Nationality
Provide and verify passport / ID or similar document which would have all of this information
1y
3
Age
To verify the user age which can be used in several ways and the most obvious is are they above 18 years old.
Automatically upgraded to “2+” if the age is above 18, can only achieve this if the person has class 2.
5y
4
Phone
Verify the phone of the person
SMS verification.
1y
5
Address
Verify the address of the person
Provide and verify Proof of address.
1y
6
Verify the Email of the person
Email verification
6m
7
Is a business
Business name, incorporation date, legal form, and country of registration
Provide and verify proof of incorporation document
6m
8
Business Structure
Understanding of the business, what they do, and information about important people in that business.
Provide and verify Article of Association, extract from register with director & shareholder information and UBOs
1y
9
UBO/Significant shareholder status
List what business the person is a UBO in or understand if the person is a shareholder.
Provide company registries and/or trustee documents for verifications. Provide and verify extracts of companies where the person holds shares.
1y
10
Tax residency
Where taxes are being paid
Provide and verify (f.e. Document from tax authority)
1y
11
Advanced Identity information
PEP / Police / other
The person himself provides information if he had in the past X years had any issues with police and if the person is a PEP. Verified with PEP + adverse media screening platform.
3y
12
Accredited investor
Accredited investor status
Provide and verify a source of wealth of over 1,000,000 USD or income of over 200,000 USD for the past 2 years.
1y
13
Sophisticated investor
Professional / licensed investor type
Provide and verify the investor license.
1y
14
Financial license for a business.
This is for a VASP, Bank License, Fund license etc.
Provide government docs and license IDs that can be verified.
1y
The verification process for each class varies, with a recheck time to ensure that the information remains current.
miNFT has versatile applications across a range of sectors, demonstrating the enormous potential of this technology:
Traditional Finance: miNFT can be used for KYC/AML processes, ensuring regulatory compliance.
Voting: By confirming voter identities, miNFT can help facilitate secure and fraud-free voting.
Gaming: Online games can use miNFT to verify player age, location, or other information.
Tokenized Assets: miNFT can verify the ownership of tokenized assets.
Healthcare: Doctors and hospitals can confirm patient identity and medical history.
Online Marketplaces: Online buyers and sellers can be verified, reducing fraud.
Social Media: Users can be verified, reducing the chance of fake accounts.
Education and Employment: Educational qualifications or employment histories can be verified.
Purchase an miNFT. (INSERT LINK HERE)
Go through the initial verification process based on the chosen class.
Regularly update your miNFT according to the recheck time for your class.
Q: How does miNFT protect my privacy?
miNFT is designed with privacy as its primary focus. When you create a miNFT, the verification process confirms your identity without storing any of your personal information on the blockchain. Only the validation result is transformed into a unique, non-fungible token (NFT) that represents your verification status. Your personal data is never publicly exposed, ensuring that your privacy is always protected.
Q: Can I upgrade or downgrade my verification class?
Absolutely. miNFT is built to be flexible and responsive to your needs. If your status or requirements change, you can upgrade or downgrade your verification class. Remember that any changes will require a new verification process to ensure that the information represented in your miNFT remains accurate and trustworthy.
Q: What happens if my verification fails or expires?
If your verification fails, you will be given instructions on how to correct the issues and successfully complete the verification process. If your verification expires, you will need to re-verify to maintain the accuracy of your miNFT. We've made the re-verification process simple and straightforward to minimize any inconvenience.
Q: How is miNFT different from other NFTs?
miNFT is an innovative concept that utilizes the potential of NFT technology for digital identity verification. Unlike typical NFTs, which represent ownership of a unique digital or physical asset, miNFT represents verified identity information without revealing the details of that information. It introduces an unprecedented level of privacy and security into the world of NFTs, making it an essential tool for secure digital interactions.
