We’re thrilled to announce that Verified Identities are now available on Proton mainnet! This means that users who opt into providing KYC information can receive a Proton Verified checkmark, minimizing opportunities for mistakes and unlocking new features. Verified Identities is a milestone achievement for Proton and marks a turning point in our quest to revolutionize how finance is done.
You can verify your identity on the latest iOS and Android versions. Download the Proton Wallet here.
Verified Identities = More Confidence
You’ve probably heard countless stories of people mistakenly sending cryptocurrency to the wrong address, or to an address that is broken or doesn’t exist. Because of the nature of crypto, there’s no recovering from this – those funds are simply lost forever. With a Verified Identity on Proton, this risk is completely eliminated. Here’s how it works:
You are preparing to send a payment to your roommate to cover your share of rent. If you want to pay them in crypto, you traditionally have to type in a ridiculously long address, usually something like 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2. Impossible to memorize, and nerve-wracking to use.
But, you and your friend use Proton, so this just got much easier. Instead of using that jumble of letters and numbers above, you’ll instead just type in your friend’s human-friendly @name, such as @fredkrueger. When you type this in, Proton will automatically confirm that this is a Verified Identity by displaying a checkmark beside it; if there’s no checkmark, chances are you spelled something wrong.
With that checkmark clearly visible, you can make your payment with confidence and know that your funds will be received.
As you can see, Verified Identities were built to make Proton even more user-friendly than before. We believe cryptocurrency should be useful and usable; that means no messy addresses, no fees for sending crypto, and no chances for simple mistakes to result in lost money.
New Games and New Features Available
By getting a Verified Identity for Proton Wallet, users can unlock access to apps running on Proton that require identity verification. Additionally, a Verified Identity will soon grant you access to new games that are coming to Proton, which will be free-to-play and will give you a chance to earn Bitcoin! That’s right, we’re rolling out fun and engaging games that reward you with Bitcoin just for playing – our little way of ensuring our users know just how valued they really are.
The Benefits of KYC
One of the terms you’ll hear thrown around cryptocurrency these days is “KYC” – or “Know Your Customer.” Essentially, KYC is an effort by financial companies to comply with financial regulations; these requirements apply to both cryptocurrency companies and traditional finance companies.
A company that refuses to comply with KYC regulations is setting itself up for failure; they’re unable to offer direct fiat on-ramps to cryptocurrency, and it is almost impossible for them to expand in all 50 states, cooperate with banks, and more. By complying with KYC regulations, Metal and Proton are positioned to become one of the first cryptocurrency companies to attain a national banking charter.
We understand that not everyone is comfortable giving their personal information to a financial company, especially as it relates to cryptocurrency. That’s why we’re keeping KYC as an optional feature; if you don’t want to verify your identity, you won’t have to – the core functions of Proton will still work for you. However, for the users that do verify their identities, they can enjoy a variety of new features, new games, and new updates that show the full capabilities of the Proton blockchain.
Ready to verify your identity? Head on over to the how-to section of our website to get step-by-step instructions! If you have any questions, feel free to reach out to our support team by tapping on your profile picture in the Proton Wallet, tap on ‘Support & feedback’ next, or check out our blog to learn more about Proton.