Cardano has announced the launch of Veridian, a next-generation platform designed to manage decentralized digital identity using the power of its blockchain network..
Cardano has Presentado Veridian, an innovative open-source digital identity platform that promises to revolutionize the way individuals and businesses manage their personal information. Launched on April 3, Veridian gives users complete control over their data, making it easy to securely manage their digital identities.
The Veridian platform was created in response to the inherent vulnerabilities of centralized identity systems, which are often targets of attacks and data breaches. To counter these risks, Veridian enables users to protect their digital identities using open-source protocols, such as decentralized identifiers. KERI and credentials ACDC, eliminating the need to rely on third-party services.
Additionally, Veridian can operate autonomously thanks to its optional trust layers, security protocols built on the Cardano blockchain. These layers ensure secure, authentic, and verifiable online interactions without the intervention of intermediaries.
BUY CARDANOVeridian Wallet, your new digital passport
Along with the platform, it is presented Veridian Wallet, a mobile app designed to securely store users' digital credentials. This wallet enables easy credential management and validation across a variety of industries, fostering a more trustworthy digital ecosystem.
Veridian Wallet stands out by offering comprehensive control over digital identity, post-quantum security to protect against future threats, verifiable authenticity through personalized credentials, global interoperability to facilitate data exchange between different systems, complete transparency thanks to its public infrastructure, and cost-effective scalability through secure encoding and encryption processes.
As an easy-to-use mobile app, Veridian Wallet is accessible to both individuals and white-label partners looking for a comprehensive, cutting-edge solution tailored to the needs of their industry or business. The initial release supports the following features, with additional enhancements planned for the coming months:
- End-to-end control: Decentralized identifiers enable digital identity sovereignty, eliminating third-party dependencies.
- Post-Quantum Security: Combined key management and cryptography secure systems against evolving threats.
- Verifiable Authenticity: Custom credentials enable delegated authority, privacy preservation, and permission management.
- Global interoperability: Enables the delivery of verifiable data across all industries, frameworks, and environments without rebuilding production systems.
- Complete transparency: Public, permissionless infrastructure and open-source protocols provide verifiable and auditable trust.
- Cost-effective scalability: Secure enterprise-grade encryption and encoding processes provide a scalable and cost-effective infrastructure.
Cardano seeks to integrate Bitcoin into the DeFi world
In addition to the launch of Veridian, Cardano founder Charles Hoskinson has announced plans to integrate Bitcoin into Cardano's decentralized finance (DeFi) ecosystem.
The goal is to connect both blockchains using the Hydra scaling solution and the Aiken programming language, which allows for the creation of smart contracts on both Bitcoin and Cardano. Hoskinson predicts that, within the next three years, institutional adoption of Bitcoin-based DeFi solutions will become a reality thanks to Cardano's infrastructure.
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Cardano faces market volatility
On the market front, Cardano has recently experienced notable volatility. The price of its native cryptocurrency, ADA, has fallen 13% in the last week, hovering around $0,65.
Analyst Jonathan Carter has warned that ADA could experience a further decline to a support level around $0,59, although he also sees potential for a recovery that could take the price to $XNUMX.
Despite this volatility, Cardano's future looks promising. Its continued expansion into areas like DeFi and digital identity could attract renewed investor interest, which in turn would drive ADA's price upward.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
