Amidst the plummet, Cardano (ADA) announced its new initiative!

The Cardano Foundation has launched Veridian, an open-source digital identity platform designed to provide quantum-resistant and globally interoperable identity solutions for individuals and organizations.

According to the announcement, Veridian leverages key event receipt infrastructure (KERI), decentralized identifiers (DIDs), and authentic blockchain data carriers (ACDC) to verify identities and validate online communications.

In addition to the platform, the Cardano Foundation introduced the Veridian Wallet, which allows users to securely manage their credentials, private keys, and identifiers.

Thomas A. Mayfield, the head of decentralized trust and identity solutions at the Cardano Foundation, stated, "We believe that your identity should be exclusively yours, secure, unique, and under your control," and added, "With Veridian, it is now possible to create quantum-resistant, globally interoperable, enterprise-level solutions for individuals and organizations."

Veridian enters the competitive landscape alongside other blockchain-based identity projects like Worldcoin and Humanity Protocol, which both use biometric data for identity verification.