Violet

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Frequently asked questions

What does Violet do?

Violet is a compliance and identity management tool provided by DeFi Labs. Its purpose is to issue compliance credentials and map smart-contract access controls on the Ethereum mainnet and EVM-compatible chains. Violet enables users to fulfill traditional legal compliance requirements such as Know Your Customer (KYC), Know Your Business Customer (KYBC), sanctions checks, and anti-money laundering (AML) rules in an on-chain verifiable way while preserving privacy. It facilitates verifying identity and authenticating transactions without disclosing personal information, except for the wallet address. Violet provides identity management services, including enrollment, authentication, and procedures for managing identity credentials on- and off-chain.

How does Violet ensure account security?

Violet ensures account security by facilitating identity verification and transaction authentication without disclosing personal information, except for the wallet address, when required by a third party. This is done through the Know Your Customer (KYC), Know Your Business (KYB), and other compliance screens. After completing the enrollment process, Violet may provide a credential called VioletID, which can be used to access services provided by certain third parties. Violet also offers identity management procedures for managing identity credentials on- and off-chain, allowing for verification of a user's real-world identity.

What is privacy protective, on-chain compliance?

Violet is a compliance and identity management tool provided by DeFi Labs. It offers a standardized method to issue compliance credentials and map smart-contract access controls on the Ethereum mainnet and EVM-compatible chains. Violet aims to fulfill traditional legal compliance requirements such as Know Your Customer (KYC), Know Your Business Customer (KYBC), sanctions checks, and anti-money laundering (AML) rules in an on-chain verifiable way while preserving users' privacy. It allows for privacy protective, on-chain compliance by storing all data in encrypted storage and only sharing a binary compliance signal on-chain. Users cannot bypass the on-chain compliance measures implemented by Violet.

How does Violet handle off-chain PII?

Violet handles off-chain Personally Identifiable Information (PII) by saving all data in encrypted storage and never on-chain. This means that users' personal information is protected and not accessible to anyone on the blockchain. Instead, Violet's on-chain compliance system only shares a binary compliance signal, ensuring that users' privacy is preserved while still maintaining on-chain compliance.

What are the benefits of using Violet ID for compliance?

The benefits of using Violet ID for compliance include:

1. Standardized Method: Violet provides a standardized method for issuing compliance credentials and mapping smart-contract access controls on the Ethereum mainnet and EVM-compatible chains. This ensures consistency and compatibility across different platforms.

2. Legal Compliance: Violet fulfills traditional legal compliance requirements such as Know Your Customer (KYC), Know Your Business Customer (KYBC), sanctions checks, and anti-money laundering (AML) rules. It performs these compliance checks in an on-chain verifiable way while preserving users' privacy.

3. Privacy Protection: Violet facilitates verifying your identity and authenticating your transactions without disclosing your personal information other than your wallet address. It uses privacy-preserving techniques to protect your off-chain personally identifiable information (PII) and only shares a binary compliance signal on-chain.

4. On-Chain Compliance: Violet's compliance checks are performed on-chain, meaning users cannot bypass them. This increases the confidence in identity continuity and ensures that users are complying with the necessary regulations.

5. Reusability: Violet's compliance credentials are reusable, allowing users to access services provided by certain third parties without having to go through the compliance process repeatedly.

Overall, Violet ID provides a secure and privacy-preserving solution for compliance in the web3 ecosystem, ensuring legal compliance while protecting users' personal information.

Can users bypass on-chain compliance with Violet?

No, users cannot bypass on-chain compliance with Violet. Violet is designed to provide on-chain compliance and identity management services, ensuring that users' compliance credentials are verified and mapped to smart-contract access controls on the Ethereum mainnet and EVM-compatible chains. This includes fulfilling traditional legal compliance requirements such as KYC, KYBC, sanctions checks, and AML rules in an on-chain verifiable way while preserving users' privacy. Users must go through the enrollment process and obtain a Violet credential (VioletID) to access services provided by certain third parties, and this process includes identity verification and compliance checks.

Is Violet suitable for decentralized exchanges?

Violet is a compliance and identity management tool that provides a standardized method for issuing compliance credentials and mapping smart-contract access controls on the Ethereum mainnet and EVM-compatible chains. It fulfills traditional legal compliance requirements such as KYC, KYBC, sanctions checks, and AML rules in an on-chain verifiable way while preserving users' privacy. Therefore, Violet is suitable for decentralized exchanges as it facilitates verifying identities and authenticating transactions without disclosing personal information.