Neo is joining the KaratDAO ecosystem by becoming a data validator. KaratDAO is a decentralized identity and data network that aims to bridge Web2 and Web3 by leveraging multi-party computation and zero-knowledge proof technology.
The KaratDAO team seeks to establish a new Web3 standard called W3Auth, which emulates OAuth. OAuth is an open Web2 standard that provides seamless access to websites or applications via simple identity verification and account authentication. For example, when signing into a new web application, an individual can use their Google account to onboard quickly.
Instead of storing user information on a central server, W3Auth utilizes decentralized identity standards and smart contracts to ensure user data is owned and controlled by the user.
Users who choose to provide their data to the Karat Network earn rewards for participation through its verify-to-earn mechanism. The V2E mechanism aims to help communities reward their users, by using the KaratDAO dashboard to help them learn more about their users’ Web2 and Web3 identities and preferences.
To deploy this mechanism, KaratDAO will utilize a dual-NFT model, one for the Validator role and one for the Claimer role.
The Validator role is designed for those seeking to onboard many users into the Karat Network. The more users that tie their Karat ID to a Validator, the larger the rewards it will receive.
The Claimer role was designed for all users and can be acquired by connecting Web2 credentials (i.e., Twitter handle, email address) to a Web3 credential (i.e., wallet address). After providing the information, the user can acquire a Claimer Pass NFT. This NFT will make the token holder eligible for $KAT token airdrops and other ecosystem benefits.
In the first phase of the Karat Network rollout, there will be 30 Genesis Validator NFTs (1 ETH each) and 300 Original Validator NFTs (0.2 ETH each). There is an unlimited supply of Claimer NFTs, which are provided at no cost when a user selects a Validator and provides social media information.
Neo will join the Karat ecosystem as a Space Odyssey Genesis validator. Space Odyssey is an activation campaign for the new Karat Network launch designed to onboard new users. The Genesis Validator role became operational on Wednesday, May 10. Users that register with Karat Network and select a Validator node will begin to earn rewards and become eligible for future airdrops.
The full announcement can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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