First-ever ERC20 & non ERC20 Multichain NFT Checkout Launches | Rarimo tackles Self-Sovereign Identities | New Developer Docs Focus on The Decentralized Social Layer
In this newsletter, we explore Rarimo’s May highlights. With Rarimo pioneering new possibilities for the decentralized social layer, we also introduce some of the core concepts underlying this nascent facet of web3.
Rarimo’s May Highlights
- NFTrade integrates with Rarimo’s NFT Checkout Solution and becomes the first marketplace to enable users to make cross-chain NFT purchases with any ERC20 token
- Rarimo develops a new use case for self-sovereign identities (SSI) and ZK proofs
- Rarimo releases new Developer Documentation with a focus on applying its multichain solutions to digital identities and the decentralized social layer
Definition: The Decentralized Social Layer
The decentralized social layer is the web3 alternative to centralized social platforms such as Meta (Facebook) or YouTube. Through the use of blockchain technology, it grants users ownership over their data, content, and communities. With identity at its core, the decentralized social layer centers on a host of identity-related technologies including Soulbound Tokens (SBTs), social graphs, and off-chain Self-Sovereign Identities (SSI).
Rarimo x NFTrade Integration: multichain NFT Checkouts
NFTrade users are now able to make single-click, single-fee cross-chain purchases with Ethereum, Polygon, BNB Chain, and Avalanche.
Rarimo makes this possible by swapping users’ tokens to an external DEX and sending the new tokens to the marketplace smart contract to purchase the NFT. The feature also integrated Circle’s Cross-Chain Transfer Protocol (CCTP), allowing users who pay with USDC to burn their tokens on one chain and have re-minted on another.
Rarimo’s multi-chain payments solution has many use-cases beyond NFT purchases. For instance, The Rarify Labs team is developing use-cases that integrate multi-chain reputations to expand the possibilities of decentralized finance.
You can read more about the Rarimo x NFTrade integration in CoinTelegraph’s coverage.
Rarimo develops a new use case for Self-Sovereign Identity (SSI) and ZK proofs
Definition: Self-Sovereign Identity (SSI)
SSI is a digital identity model which gives individuals control over their personal information. Issuers such as governments or universities generate credentials such as university degrees which users store in privately-held wallets. When an app or institution needs to verify certain identity traits such as age, users are able to use their credentials to generate proofs that confirm they meet the necessary requirements.
Self-Sovereign Identity (SSI) is the most promising model for granting users control of their KYC information, and it is vital that the friction points between SSI and web3 are resolved. Accordingly, Rarimo has developed solutions for web3’s two most pressing SSI challenges:
- Privacy issues: on-chain data is publicly available
- Credentials issued on one chain cannot be used on any other. This significantly limits their utility
Solving SSI Privacy Issues with a ZK-identity Protocol
Rarimo has built a ZK-identity protocol that allows users to represent their credentials through cryptographic proofs comprised of two main components:
- An on-chain state that is used to verify proofs
- An off-chain claim that is owned by the user
By keeping these components separate, users are able to provide dApps with proofs for specific identity statements, without disclosing additional information. For instance, they could confirm that they are a resident of the United States, without revealing their exact address.
Making Credentials Multichain
Rarimo allows identity providers to publish on-chain states directly on the Rarimo blockchain. It can then transfer these states across chains, enabling smart contracts on non-native ecosystems to verify credentials without additional logic or bridging.
You can find out more about this use case here on Notion.
Rarimo Updates its Developer Docs
As revolutionary as they are, ZK-Proofs for SSI credentials are merely one of many of Rarimo’s Decentralized Social Layer solutions.
Over May, Rarimo updated its Developer Docs, highlighting how its unique infrastructure can be used to make decentralized identities multi-chain.
The docs address cross-chain proofs for NFTs and Soulbound Tokens (SBTs), cross-chain credential minting, and token-agnostic payments which can be implemented across DAO voting, social media dApps and more.
As well as being a practical how-to guide, these docs mark a fundamental aspect of Rarimo’s broader strategy to educate the web3 community on the Decentralized Social Layer and the boundless opportunities it presents.
You can access the docs here.