Nexera ID Brings Self-Sovereign Identity & Verifiable Credentials To Any Crypto Wallet

Some of the biggest problems in crypto today have to do with security, identity and privacy, and these are precisely the issues that AllianceBlock says it can tackle with the launch of Nexera ID. It’s a new self-sovereign identity solution that allows crypto users to prove they are who they say they are, without giving up their privacy, while safeguarding their digital assets against hacks and lost seed phrases. 

Nexera ID is officially described as a “self-custodial identity solution” that’s able to create programmable smart wallets leveraging multi-factor authentication. It’s based on a Nexera’s “MetaNFT” token technology that enables users to prove their identity with zero-knowledge proofs. The great thing about Nexera ID is that it’s incredibly versatile, having the ability to integrate with all manner of custodial and non-custodial wallets, including hardware wallets. 

It’s a novel product that promises to solve a lot of headaches for crypto users. The privacy aspect is just one advantage. Using Nexera ID, AllianceBlock says individuals will be able to undergo a traditional KYC or KYB process just once, in order to verify themselves. After that, they’ll be able to validate their identities and access all manner of DeFi services while masking their private information. It does this by allowing the user to prove their identity without giving up any personal details about themselves, thanks to its trustless identity verification technology. Best of all, Nexera ID can integrate with multiple KYC and KYB providers. 

Privacy is not the only thing Nexera ID is good for. Another problem it solves is the need to secure digital assets using a private seed-phrase that’s necessary to recover a crypto wallet. This is a big problem in the crypto industry because there have been multiple incidents of people losing their private keys, and with that, losing access to a small fortune in crypto assets. With Nexera ID, users can create customized recovery mechanisms for individual crypto wallets, and even the specific assets within those wallets. In this way, Nexera ID promises to not only safeguard against the risk of losing a seed phrase, but also prevent users from falling victim to hackers. 

A third benefit of Nexera ID is that it massively simplifies the login process for Web3 decentralized applications, with users able to aggregate multiple methods for verifying themselves, including social media, email, facial recognition and more. 

In a nutshell, Nexera ID allows users to better protect their privacy and secure their crypto assets, safe in the knowledge that they’ll never lose access to them. 

This kind of reassurance is likely going to be necessary for the crypto industry to recover from what has been one of the bleakest years on record. The long and painful crypto winter that began this year has been exacerbated by a string of high profile collapses of crypto platforms, including the FTX exchange and protocols like Celsius and BlockFi. In the wake of those events, the need for secure, self-custody of crypto assets has never been more apparent.

“Nexera ID solves some of the biggest challenges in the space today around self-sovereignty, self-custody and privacy,” said AllianceBlock CEO & Founder Rachid Ajaja. “With Nexera ID, we are ushering in the next era of self-sovereignty, self-custody, security of digital assets and protecting users’ privacy.” 

The launch of Nexera ID will help propel AllianceBlock further towards its goal of pushing DeFi into the mainstream. The company has built up an entire ecosystem of DeFi tools with the aim of acting as a bridge from the world of traditional finance.