Palmare Security and SafeProof have partnered to tackle the issue of identity verification. Through this partnership, SafeProof brings to the table its capability of verifying the project owner’s identity and auditing smart contracts in the world of cryptocurrency.
Blockchain technology has come a long way, but it remains vulnerable to fraudulent activities or the entry of hostile elements into the network. The Know Your Customer offering of SafeProof, keeps investors and financial institutions safe from potential frauds in cryptocurrency.
Crimes in financial institutions have to be dealt with to ensure that the financial interests of all the parties – investors and financial institutions – are secured.
SafeProof has been chosen for partnership because it specializes in verifying the project owner’s identity and conducting an unbiased audit of crypto smart contracts. The ultimate aim is to provide a sense of security to the owners.
A single fraud case can cause huge personal losses, demotivating inventors to stay active. Proper verification and audit check all the boxes in the solutions kit that look to safeguard the interest of investors.
KYC is the need of the hour, especially in blockchain technology.
Palmare takes inspiration from the Move to Earn model that has changed the image of the fitness industry forever. Palmare has an inbuilt SocialFi and SportFi element, and it is a community-driven Web3 Sports application based on extensive research and optimization of the earning system.
All the profiles that are created on the profile act as a token. Users can mint ID’s profile NFT to control the profile and become the controller of the profile.
Three types of earnings are made available to crypto and non-crypto fans. The first is Train To Earn, where users earn by burning calories. All they have to do is participate in their favorite sport like riding a bike or kicking a football.
Another way is Engage To Earn, which requires users to contribute content and earn from social media engagements, including like, share, and follow. The content contributed is shared with the sports community and like-minded members, which ensures the content reaches only the relevant audience.
Check In To Earn is the third and final type of earning provided by Palmare. Users can check in to many places, and they will be assigned a quest that must be completed to earn tokens.
The partnership between Palmare and SafeProof shows that the security interest of investors and financial institutions will be the top priority. Blockchain technology is yet to evolve to the extent where there is zero vulnerability.
Until then, a similar partnership remains a rock-solid option for many to consider to keep their financial interests safe.
According to the roadmap laid out by Palmare, it is all set to launch an NFT market in the third quarter of 2022, along with an in-app trade system.