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KEY3.id recently announced the support of multi-chain transactions, including major public chains such as Ethereum, BSC, TRON, Polygon, BNB Chain, Solana and more. As the only DID on Ethereum chain to support multi-chain transactions, KEY3.id gained the support and access from wallets such as KuCoin Wallet, CoinHub Wallet, Wallet3 and exchanges such as Yibi to jointly launch the 2023 Lucky Transaction Campaign. The campaign generated mass buzz on Twitter, reaching over 30,000 participants for the draw to transfer 0.2023 USDT to the appointed DIDs of the wallet partners (2023kuwallet.did, coinhub.did, dagen.did) using the partnership wallets. Users now can directly access dApps from different chains using KEY3.id’s .did domain name and Blue-Chip NFT bound DID to make transactions, send and receive tokens as well as NFTs.
DID (Decentralised Identity) is a popular concept in Web3. Traditional identity management systems have long relied on a centralized medium that publishes, holds and controls identifiers and proof of identity. This means that users have no control over personally identifiable information and no way to determine who has access and how much access they have. To address these issues, DID has emerged where it provides solutions for users to create highly readable and easily remembered identities without relying on a centralized organization. According to statistics, the global decentralized identity market is valued at US$181.8 million in 2021 and is expected to reach US$46,457.5 million by 2030, growing at a CAGR of 89.1% during the forecast period.
Kory Pak, CEO of KEY3.id said: “DID is like a business card in the Web3 world, representing the identity of individuals, organizations and brands. KEY3.id wants to lower the entry threshold of DID and meet the needs of users for accessing all chain applications. Supporting multiple chains with the same domain name resolution means higher utility and users can use it in more Web3 application scenarios.”
According to the official announcement, KEY3.id launched .did domain name in the first phase with intention to provide a permanently free DID for every user who wishes to enter web3, and to empower users to get a Free to Own DID Web3 experience. Users don’t have to pay anything upfront to claim a DID, while being neutral and inclusive enough to solve the problem of fractionalization in the current mainstream DID projects. Moreover, KEY3.id also launched the industry’s first Asset Bound Token – Blue-Chip NFT Bound DIDs to lead Web3 users to have “Asset as your DID”. Currently, there are over 20 Blue-Chip NFT communities working together with KEY3.id including BAYC, Azuki, Clone X, Doodles, Mfers, Mimic Shhans and Moonbirds.
KEY3.id is also planning to set up an ecosystem to support more public chains, deploy more chains using KEY3.id’s DID and integrate with various types of ç, expand the user base of the domain, and commit to providing users with more web3 application scenarios.
KEY3.id is a distributed, open, and extensible naming system based on the Ethereum blockchain. .did is the 1st DID launched by KEY3.id, aimed to provide users with decentralized identity in Web3 with the features of Free to claim, Free to renew, Free forever. KEY3.id also supports the DIDs of 20 other Blue-Chip NFT bound domain names, including .bayc, .mfer, .mimic, .doodle, .moonbird etc.