Identity Registry

The Identity Registry is responsible for managing and verifying the identities of participants in the ecosystem. It ensures that only compliant and verified participants can hold and transfer tokens, thereby enforcing regulatory requirements and enhancing the security of the platform.

Key Features of the Identity Registry

1. Identity Verification:

   • The Identity Registry maintains a registry of verified identities. Each identity is linked to an ONCHAINID, which contains the necessary claims and credentials to verify the identity of the participant.

   • By verifying identities, the registry ensures that all token holders and participants in the ecosystem meet the required compliance standards, such as KYC (Know Your Customer), AML (Anti-Money Laundering) and other required criterias.

2. Compliance Enforcement:

   • The Identity Registry interacts with the Compliance contract to enforce transfer rules and restrictions. This interaction ensures that only eligible investors can participate in token transactions, maintaining the integrity of the security token market.

3. Claims Management:

   • The registry manages claims associated with each identity. Claims are issued by trusted entities known as Claim Issuers and are essential for verifying various aspects of an identity, such as its KYC status.

   • The system supports both self-attested claims and third-party verified claims, providing flexibility and robustness in identity management.

4. Global Accessibility:

   • The Identity Registry is designed to be globally accessible, allowing participants from different jurisdictions to be verified and compliant with local regulations.

   • The use of blockchain technology ensures that the registry is transparent, secure, and immutable, providing a reliable source of truth for identity verification.

How the Identity Registry Works

1. Registration Process:

   • Participants create an ONCHAINID, which is then registered with the Identity Registry. The ONCHAINID is linked to various claims that verify the participant's identity.

   • Trusted Claim Issuers can issue claims to ONCHAINIDs, attesting to the participant's compliance with regulatory requirements.

2. Verification and Compliance:

   • During a token transfer or any other regulated action, the Identity Registry checks the participant's ONCHAINID and associated claims to ensure compliance.

   • If the participant meets all the necessary criteria, the action is approved. If not, it is rejected, maintaining the integrity of the system.

Interaction with Other Registries

1. Identity Registry Storage:

   • The Identity Registry fetches the ONCHAINID address corresponding to the recipient's wallet from the Identity Registry Storage. This storage can be shared by multiple Identity Registry contracts, allowing for efficient and centralized identity management.

2. Claim Topics Registry:

   • The Claim Topics Registry defines the types of claims required for compliance. The Identity Registry compares the claims held by an ONCHAINID with the requirements specified in the Claim Topics Registry.

3. Trusted Issuers Registry:

   • The Trusted Issuers Registry lists the entities authorized to issue claims. The Identity Registry verifies that the claims on an ONCHAINID are issued by trusted entities listed in this registry.

Transfer Verification Process

When a transfer occurs and the isVerified function is called on the Identity Registry to check the eligibility of an investor, the following steps are performed:

1. Fetch ONCHAINID:

   • The Identity Registry fetches the ONCHAINID address corresponding to the recipient's wallet from the Identity Registry Storage.

2. Compare Claims:

   • It compares the claims held by the ONCHAINID with the requirements specified in the Claim Topics Registry and the Trusted Issuers Registry.

3. Validate Claims:

   • The Identity Registry checks the validity of the claims by verifying the signatures on the claims against the Claim Issuer contracts.

4. Return Verification Status:

   • If all claims are valid and meet the requirements, the isVerified function returns true, allowing the transfer to proceed. If not, it returns false, blocking the transfer.