DeFi evolution

Sometimes several things become so ordinary for us that we can’t imagine our life without them. These things surround us every day, but we forget how they were created. DeFi is constantly growing, more and more new directions and products appear on its basis. Let's take a look back at DeFi’s milestones and look at what we're interacting with now.

1. Bitcoin and Ethereum laid the foundation and provided the necessary architecture for DeFi applications.
2. When the architecture was ready, it allowed value-based transactions. When these transactions were made using a smart-contract, we saw the emergence of various DeFi models.
3. Together with all this, the very concept of DeFi appeared as an independent and transparent financial ecosystem that is not influenced by regulators and the human factor.
4. Creation of one of the first DeFi projects on Ethereum — Maker DAO. Maker is a protocol that allows you to create decentralized stablecoins - DAI.
5. The emergence of the first stablecoins.
6. DeFi applications then began to tap into key areas of traditional financial markets such as loans, savings, trading, insurance, and payments.
7. The birth of the first NFTs.
8. EtherDelta was one of the first decentralized exchanges built on Ethereum that allowed unauthorized exchanges of ERC-20 tokens.
9. ICO. New projects, instead of raising money through traditional methods, began to offer their own tokens ‌for ETH.
10. In the early stages, there were lending and borrowing platforms, like Aave and Compound.
11. A significant change in DeFi that has fueled its growth has been decentralized exchanges based on automated market makers, or AMMs. DEXs such as Uniswap and Sushiswap.
12. The Compound credit market has begun distributing its COMP token to users of the protocol. This laid the foundation for farming and staking.
13. Creation of an NFT ID

Between all these milestones were many other discoveries, projects and innovations, but today we will deeply look at Hashbon Pass which brings the DeFi world to a new Web3 NFT ID horizont. 

Hashbon Pass: born to commemorate the new era of the NFT ID

Hashbon Pass, or NFT Passport by Hashbon FiRe, is an NFT token and a decentralized protocol for reusable identity verification on blockchains such as Ethereum, BNB Chain, Polygon and other EVM-compatible networks. Our main mission is to facilitate a privacy-oriented KYC procedure. We're helping run KYC procedures in a safe manner, the way it's supposed to be, not completely eradicate it, since users still have to pass KYC after creating their NFT Passport.

What KYC problem does Hashbon Pass solve?

In 2022 annual growth of the DeFi sector is reported to be approximately 200%, according to DeFi Pulse and DeFi Llama. This brought attention to the fact that DeFi services do not restrict usage of their services by criminals in any way in order to conform to governmental regulation and state institutional rules. The problem is that AML & KYC procedures do not have a solid form, which provokes personal data leakages and insecure data storage.

Hashbon Pass is the first ever Anonymous KYC protocol and Tokenized All Web3 Pass (TAWP), through which DeFi services, including DEXes, IDOs, & lending platforms, understand that they have a verified user active on their platform, determine their age, citizenship and also their presence on blacklists, all without having access to their personal data. User data is stored only by verifiers who issue NFT passports. Such verifiers have licenses that comply with GDPR, which gives them the authority to work with clients’ personal data.

How it works?

It works like a passport or ID card in real life, which gives you access to vital services like banking, exchanges, crypto products, medicine and 18+ content. After all, there will no longer be the need to go through KYC procedure over and over again for different services or sites as Hashbon Pass represents a unified admission. 

Hashbon Pass protocol is the first ever Anonymous KYC, through which DeFi services, including DEXes, IDOs, & lending platforms, understand that they have a verified user active on their platform, determine their age, citizenship and also their presence on blacklists, all without needing access to their personal data. 

The process of obtaining an NFT Passport consists of the following steps:

1. The user registers, fills up their nickname and sends their biometric data to the verifier of their choice.
2. The user pays a one-time verification fee and gets an NFT Passport through licensed verifiers.
3. The user’s personal data is stored only by verifiers who issue NFT passports. Such verifiers have licenses that comply with GDPR, which gives them the authority to work with clients’ personal data.
4. The user’s basic information is recorded on the blockchain – nickname, citizenship and date of birth. Scanned documents and personal data are stored by verifiers and are not accessible by third parties without the user's prior authorization.

Hashbon Pass protocol involves the participation of three parties: Verifiers, Users, & DeFi protocols that require user identification.

We strive to achieve two main goals: simplify the user's interaction with the constantly-evolving DeFi space, and preserve the core values of the industry in the face of looming government interference and regulation. You can read the detailed whitepaper to learn more about Hashbon Pass.

Versatile opportunities of Hashbon Pass

Hashbon Pass meets the demands of the three different groups of clients, paving the road for new DeFi and Web3 blockchain standards.  

Users:

• Limitless access to different services using an NFT Passport;
• Convenience provided by Hashbon Pass. Users can pass 18+ verification as well as CAPTCHA through Hashbon Pass;
• Hashbon Pass provides additional options to secure your accounts through 2FA;
• Social Rating for user interaction on Web 3.0;
• Loan security.

Services:

• Secure and seamless user identification;
• SSI system, personal data can now be transferred to services, but strictly with the user's permission;
• Embeddability of marketplaces;
• Hashbon Pass protocol is easily integrated into all popular DeFi protocols as it is released on popular blockchains such as Ethereum, BNB Chain, Polygon, and other EVM-compatible blockchains.

Verifiers:

• Become Hashbon partners and join the initiative to bring a new standard to Web2 & Web3 ID procedures.

On June 30, we’ll be launching  Hashbon Pass. Services that are ready to enter the new era of the NFT ID industry can book a demo here and integrate Hashbon Pass before official launch.