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- Cardano launches Veridian, a decentralized digital identity platform empowering users and businesses with control.
- Veridian offers a secure, blockchain-based solution for managing identities, reducing reliance on third-party services.
- The Veridian Wallet enables secure credential management, enhancing both personal and business interactions.
Cardano just launched an open-source solution, called Veridian, that aims to empower users and companies with a decentralized digital identity. Launched on Apr. 3, Veridian allows its users to take control of their digital identities as an alternative to the centralized approach of most current identity platforms, which are vulnerable to data breaches and risks.
Veridian addresses the privacy and control issues of centralized data and management by using the KERI decentralized identifiers and open-source ACDC credentials. The platform has been designed especially to make sure the users can securely store and protect their data without having to rely on third-party services. This decentralized approach thereby reduces the influence of the middlemen.
Decentralized Trust Layers
Veridian has an option of running a distributed and decentralized network with the possibility of having additional layers of trust. These trust layers are based on the Cardano blockchain, and their purpose is to keep online communications secure, identification real, and transferred information credible.
Veridian ensures that the users’ digital identities are safe since they are stored in the blockchain database. Yet, they can be accessed independently when required without being exposed to other unauthorized users.
Cardano has launched the Veridian Wallet as a mobile application. It allows for every credential to be easily validated and shared across industries and these compartments, making it efficient and trustworthy. This feature will also improve both personal and business relationships as an individual has control over their digital representation in a credible manner.
Cardano’s Blockchain Collaboration
Charles Hoskinson, the founder of Cardano, in an interview on Apr. 31, was able to express the intention of the network to incorporate Bitcoin into its decentralized finance. Hoskinson also underlined this opportunity, especially with referring to the Hydra scaling solution, which increases transaction velocity and Aiken. This programming language enables to development of smart contracts with the help of Cardano and Bitcoin.
Bitcoin is now aiming to be a part of Cardano’s DeFi system. According to Hoskinson, within the next three years, organizations will consider adopting Bitcoin-based DeFi solutions through Cardano’s infrastructure.
Cardano has experienced a certain level of fluctuations in the last 24 hours. ADA’s value went down by 13% in the week and now trades at around $0.66. The market analyst, Jonathan Carter, on X stated that the price of ADA might initially drop to a support level of $0.59. He, however, argued that a reversal could happen and the price could actually rise further up to $1.
