💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Ethereum Foundation Supports Spruce’s View of Decentralized Identity Verification

Published 09/14/2021, 05:58 AM
Updated 09/14/2021, 06:00 AM
© Reuters.  Ethereum Foundation Supports Spruce’s View of Decentralized Identity Verification
GOOGL
-
AAPL
-
META
-
GOOG
-
ETH/USD
-

  • Ethereum Foundation and ENS support Spruce’s plan of providing a decentralized identity verification system using Ethereum.
  • EF and ENS sent a proposal request in July which resulted in Spruce’s selection.
  • Spruce want to give enable users to manage their own identity data online.

Ethereum Foundation (EF) and Ethereum Name Service (ENS) are happily supporting Spruce’s mission of providing a decentralized user identity verification system using Ethereum.

To clarify, Spruce is a decentralized identity software company. It hopes to improve its user experience with Ethereum to provide a secure sign-in system. Back to the news, EF and ENS sent a proposal request in July which resulted in Spruce’s selection.

Upon sending the request, the companies also urged developers and software vendors to come with a full login package using Oauth.

Moreover, based on a report, Spruce aims to give full control to users to manage their own identities online. This would serve as a smooth alternative that will help everyone to pass his or her personal data to Google (NASDAQ:GOOGL), Apple (NASDAQ:AAPL), and Facebook (NASDAQ:FB).

Also, Spruce stressed that the Ethereum ecosystem has more than “‘tens of millions” active wallet users every month. In line with this, Spruce again emphasized that all these users usually log into their wallets using cryptographic keys for transactions and community governance.

The security of these wallets has been proven across billions of dollars of digital assets at stake — not theoretical security, but real tests in production. These secure wallets can also be used to sign in to Web2 services.

Furthermore, Spruce would specifically work with Ethereum Foundation and Ethereum Name Service as days go. This is to make sure that the Spruce solution moves with the Ethereum ecosystem standards. As per the company, “the final result will be friendly to implementers while remaining vendor-neutral.”

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.