mohd-mehraj / new-kycontract

Project Description

KYContract is a platform that seeks to provide better UX for Web3 project users by allowing developers of dApps to KYC their contracts using Polygon ID which is then bridged to the Filecoin network to provide proof that the team is legitimate. The platform seeks to make it easy for users to verify that the smart contracts that they interact with are safe to avoid loss, especially for new web3 users.

The application is written in Angular, Solidity smart contracts which are deployed on both Polygon Mumbai testnet and Filecoin Ethereum Virtual Machine (FeVM), the project also makes use of Axelar for crosschain communication between Polygon (for Polygon ID) and the Filecoin network and uses Polybase as a database.

Technical Overview

The KYContract platform uses a number of different technologies to achieve its goals. These include:

Polygon ID: Polygon ID is a decentralized identity protocol that allows users to create and manage their own digital identities. KYContract uses Polygon ID to verify the identity of dApp developers. Filecoin: Filecoin is a decentralized storage network that provides a secure and reliable way to store data. KYContract uses Filecoin to store the KYC data of dApp developers. Axelar: Axelar is a cross-chain communication protocol that allows users to transfer assets and data between different blockchains. KYContract uses Axelar to bridge the Polygon and Filecoin networks. Polybase: Polybase is a database that can be used to store data from multiple different sources. KYContract uses Polybase to store the KYC data of dApp developers and the audit reports of KYC auditors.

Benefits

KYContract provides a number of benefits for both dApp developers and users. For dApp developers, KYContract can help to:

Increase trust with users: By KYCing their contracts, dApp developers can show users that they are legitimate and that their contracts are safe to interact with. Attract more users: By providing a safe and secure environment for users, KYContract can help dApps to attract more users. Reduce the risk of fraud: By KYCing their contracts, dApp developers can reduce the risk of fraud and scams. For users, KYContract can help to:

Avoid loss: By verifying the safety of smart contracts before interacting with them, users can avoid loss. Make informed decisions: By having access to KYC data, users can make more informed decisions about which dApps to use. Protect their privacy: KYContract does not store any personal information about users. Problem Solved

The problem that KYContract solves is the lack of trust in the Web3 ecosystem. With the rise of scams and rug pulls, it can be difficult for users to know which dApps are safe to interact with. KYContract provides a way for users to verify the safety of smart contracts before interacting with them. This helps to build trust in the Web3 ecosystem and make it safer for users to participate.

Future Roadmap

The future roadmap for KYContract includes the following:

Integration with more blockchains: KYContract will be integrated with more blockchains, such as Ethereum, Avalanche, and Solana. This will allow dApp developers from a wider range of blockchains to use KYContract to KYC their contracts. Expansion of KYC services: KYContract will expand its KYC services to include more types of businesses, such as DeFi protocols, NFT marketplaces, and gaming guilds. This will make it easier for a wider range of businesses to comply with KYC regulations. Development of new features: KYContract will develop new features, such as a user-friendly interface and a reporting system. These features will make it easier for users to use KYContract and for dApp developers to comply with KYC regulations. Conclusion

KYContract is a promising new platform that has the potential to make the Web3 ecosystem safer for users. By providing a way for users to verify the safety of smart contracts before interacting with them, KYContract can help to build trust in the Web3 ecosystem and make it safer for users to participate.