DVIP uses decentralized identifiers (DIDs) and verifiable credentials on blockchain to offer a privacy-centric identity verification process.

Users are issued a unique DID, stored on their personal devices, which links to verified credentials from trusted issuers like banks or government identification agencies.

When a transaction takes place, only the necessary verification elements are disclosed to the verifying entity under zero-knowledge proof principles.

Each verification step is logged into the blockchain for transparency and auditability, without exposing personal data, ensuring both compliance and user privacy.

DVIP enhances security and trust in crypto transactions by offering decentralized, privacy-preserving identity verification that aligns with blockchain's decentralized nature.

It reduces the risk of fraud and compliance breaches while ensuring a user-friendly experience that does not compromise on speed or convenience.

The feasibility is promising, leveraging existing DID standards and blockchain technology.

While tech readiness exists, integrating with existing crypto platforms and ensuring regulatory compliance across jurisdictions present challenges.

Costs focus on development and integration, with competition from centralized KYC solutions.