Backstage x Fractal Partnership for Safe and Entertaining Web3
Backstage is focused on ensuring the highest levels of security and compliance for our token users, partner venues, investors and community members. In a major move to do just that, we’ve partnered with Fractal to handle our platform’s security and compliance management.
Keeping entertainment safe
Web3 provides a diverse nurturing environment for all types of online entertainment, especially networking events. For instance, we can bring people from all around the world together to celebrate web3 culture or meet our future co-founders and partners in a metaverse event.
While we believe that the majority of people in our industry are inherently good people, the anonymous nature of web3 introduces identity theft risks, scam opportunities, and arbitrage possibilities, creating an obstacle to mass adoption.
Introducing a KYC step to web3 environments, such as Backstage, adds a layer of security to these platforms by ensuring all users and investors are unique and trustworthy. With this layer of security, the risk of NFT ticket or identity theft on the Backstage platform may be reduced tremendously.
This is where our Fractal partnership comes into play for Backstage!
About the Backstage x Fractal Partnership
Our partnership begins with Fractal managing Backstage’s KYC/AML processes for the upcoming IDO. Later on, Fractal will expand their collaboration to include ID management for the BiKoS wallet, BKS NFT Marketplace, BKS Launchpad and more.
We chose to partner with Fractal because of their privacy-preserving solutions, commitment to quality and security, and experience in blockchain and web3 such as their partnerships with Bitwala, Polkastarter, Polymath, CrowdSwap and Swan Finance.
An open-source protocol designed to allow users to exchange private information in a secure and decentralized manner, Fractal perfectly balances compliance with data privacy with their wide range of KYC/AML services.
Additionally, Fractal’s Wallet ensures that all user data is reusable and privately stored on their devices. Users can selectively disclose whatever data is required to participate on the platform without sharing unnecessary information.
This partnership will help Backstage minimize project risk and instill confidence with potential investors as Fractal has proof to be globally compliant and will ensure that Backstage complies with all global KYC/AML procedures and regulations.
In addition to ensuring platform security, meeting KYC/AML regulations, and maintaining data privacy and integrity, our partnership with Fractal will enable whitelist efficiency and help the IDO run much more smoothly. Fractal’s technology is nimble and efficient, with a browser extension that streamlines the entire login process.
At Backstage, we’re quite happy to be working with Fractal. Previously, we wrestled with the dilemma of needing to meet compliance and security standards, but also believing in the vision of web3 — that people should have control over their data. We didn’t want to be collecting your personal information (because that belongs to you!).
Our collaboration with Fractal, a decentralized identity solution provider, allows us to ensure regulatory compliance and elevate our security abilities — and makes sure you don’t have to give up personal information such as your address or passport information (and that you don’t have to take an annoying selfie so many times).
As we further solidify our relationship with Fractal, we believe Fractal’s technology will enhance the safety and coherence of the Backstage BiKoS wallet. After all, Fractal Wallet technology allows for a simple and secure sign-in process, removing the need for a password while enabling quick identity verification.
This partnership with Fractal is one more major step towards the Backstage IDO, which is coming in June. Stay tuned for more information on the IDO and on our developing relationship with Fractal. More good news lies ahead.
“The pace at which web3 is growing and communities are expanding, the world needs a platform that combines safety with entertainment. At Fractal we are proud to partner with Backstage to be an integral part of this revolution, setting the foundations for safe entertainment and fostering its widespread adoption.”
~ Anna Bikmetova: Fractal COO
Fractal is an open source zero-margin protocol that defines a basic standard to exchange user information in a fair and open way ensuring a high-quality version of the free internet. The company aims to empower and incentivize users and businesses to exchange data in a privacy-preserving way. Fractal builds real identities and privacy to empower real people, so you can secure, exchange and create value from your data in a decentralized way.
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Backstage is powering the crypto revolution in the events industry. Through the BKS token and our blockchain ecosystem, Backstage aims to solve the current challenges facing the events and entertainment sectors. From financing and payments to NFT ticketing and marketplaces, Backstage $BKS will take the events industry toward a more sustainable, profitable and fair future. Backstage has a very strong and open community and everyone can join and contribute to the platform’s development by purchasing tokens and helping fund the entertainment industry.
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