Proton was built to make DeFi and TradFi work together closer than ever before. Our vision is a world where cryptocurrency and fiat money flow effortlessly around and with each other, hosted and accepted by the same institutions.
To make this a reality, we have to verify the identity of Proton wallets. Recent guidelines from the Financial Crimes Enforcement Network (FinCEN) signal that this could quickly become mandatory for all cryptocurrency wallets throughout the United States. We have been anticipating this for a few years, which is why we built this into the Proton blockchain from the beginning.
At the same time, we know there are very real reasons people have for not wanting their identity stored on a publicly searchable blockchain. Journalists in authoritarian countries, domestic violence survivors, and anyone who values their privacy have good reasons for wanting to be able to send and receive funds without their identity being known by the public at large.
To facilitate this and find the right balance, we’ve added a new update to the Proton Wallet: optional public names. Once you verify your identity with Proton Wallet at the time of your account creation, you have a simple choice: making your name public.
Making your name public gives you a verified checkmark, allowing other Proton Wallet users to know that they’re interacting with the real you. This extra layer of legitimacy can help reduce scams, mistakes, and all sorts of ways that funds get sent to the wrong user.
Anyone wanting to keep their name private will not receive a verified checkmark. This means that the only parties who know the identity of your account is Proton Wallet itself and you. While this means that other people can’t verify they’re actually transacting with you, this is a helpful step for anyone who needs that extra layer of privacy.
Important to note: once you verify your identity on our blockchain, it cannot be undone. Even if we take your name off of your account, a record of your name will always be on our immutable and unalterable blockchain. For the vast majority of people, this isn’t a concern.
Verifying your identity on your Proton Wallet gives you easy access to the Proton Ecosystem. Here, you can swap cryptocurrencies instantly and for zero fees – which is simply unheard of in our industry. Stake your XPR in a short staking contract to enjoy a flexible APR and quick payouts, or enter it into a long staking contract to track the performance of BTC. Send it to friends, move it around, or put it to work for you – it’s all up to you what happens next.
It’s also worth noting that you can make more than one @name on Proton! Some people like to have different names for different purposes; perhaps one is an @name you’re comfortable giving out to strangers, while the other one is for friends and families only. Regardless of your reason, Proton has you covered.
Ready to get started? Download Proton Wallet today and enter the exciting world of the Proton Ecosystem.