The main problem we are solving is related to on-chain asset security and ownership. We want to bring more transparency to the blockchain by associating encrypted private data with the on-chain addresses. This data will be shared on-chain as only certain beneficiaries will be able to decrypt it.
We strongly believe that it will be a widely used product in case of further regulation of the space. Users will need to provide proof-of-ownership or proof-of-funds for on-chain assets.With Clorophilla users will be able to publicly display their address metadata as proof of identity. For example, by signing the package and leaving it unencrypted or by publicly showing the decryption key. KYC Process:The Know Your Customer (KYC) process is one of the main use cases Clorophilla aims to offer.
With the proposed solution, users will be able to encrypt personal information, store it on-chain and share it with other users with just one signature. With the help of Clorophilla, centralized exchanges or banks will be able to perform the KYC process at a much lower cost and decentralized exchanges will be able to include KYC in their protocol. Private Key Sharing:Currently there are no decentralized ways for users to share their private keys. Although users will not likely share their private keys regularly, it will be useful in case of emergency or when the private key is being shared with another trusted party. Another use case is for private key management as they can be stored encrypted on-chain and shared between several addresses. This way, in case a key is lost, it can be retrieved using another one.
Proof of Ownership:
Through sharing information related to their identify, a user will be able to prove the ownership of certain addresses as well as assets. This is important when a dispute of ownership arises or when a user is required to provide proof of ownership to a regulatory body. Centralized exchanges or banks will be able to generate a random code and the user can follow the workflow and re-share it with them. Encrypted Wallet Messaging:Although wallet messaging is still in its infancy in terms of adoption, as more and more users interact with the blockchain it will become an important feature to privately share information in any file format.
Proof of Identity:
There are several clones of valuable NFTs. By using this service, the buyers are assured that they transact the real NFT and not a clone as the address of the issuer is verified.
