Decentralized ID DID Foundation aims to decentralize your identity over the blockchain. Find out how it works today in our review.
What is the Decentralized ID DID Foundation?
Decentralized ID, found online at Decentralized.id, aims to protect your identity by putting you back in control of your data. The team is creating a platform where publishers and subscribers can gather together to transfer ID over the blockchain securely and with full trust of both parties.
One of the key features of the platform is the Blockchain Originated Certificate of Authenticity, or BOCA. It’s described as “the SSL certificate of the decentralized world.”
Decentralized ID is blockchain agnostic. It can be used in all different types of blockchains.
The ecosystem revolves around the use of DID tokens. The platform launched in September 2017, including working mobile wallets on the Ethereum network. A token sale for DID tokens began on January 4, 2018.
How Does Decentralized ID Work?
Decentralized ID, or DID, is designed to offer two core functions:
- A schema that provides authentication services securely on a decentralized network
- A democratic blockchain-based Foundation geared towards protecting people’s identity on decentralized computer systems
The platform launched on Ethereum in September 2017. The Decentralized ID whitepaper also offers a proposal for how ID can be used and transfers in the crypto world. Plus, the team is working closely with a government department to conduct a pilot study involving placing national identity cards on the blockchain.
Ultimately, Decentralized ID wants to change the way we login to services. Under the old system, your ID would be stored on a server. You login to a website by entering your password, that password is transferred over the internet, and the website checks and grants access.
Under the new system, here’s how things would work:
- You store ID on your own device
- You visit a website to login, and that website displays a QR code
- You scan the QR code
- The ID is transferred over the blockchain
- The website checks and grants access
Basically, DID works by issuing identities on the blockchain – kind of like how the government today issues a driver’s license to you.
When someone needs to verify your identity, they can verify that identity over the blockchain. Both parties have a multi-signature wallet to unlock. A user can verify that the other individual is an authentic police officer, for example, and the police officer can verify that the user has an authentic driver’s license.
Here’s how an ID verification would work in this situation:
- The ID requirer (i.e. the police officer) provides a QR code and contact address to the ID holder
- The ID holder scans the QR code and inputs the contact address
- The DID app seeks the user’s permission for the request, then seeks a BOCA certificate from the underlying decentralized network
- The result of the authenticity check is shown to the user
- The user is asked permission to share specific fields/ID set
- The DID app encrypts the data
- The encrypted key is deployed on the decentralized network
- Encrypted data is sent directly to the ID require
- To decrypt data, the BOCA holder authenticates itself as the owner of the certificate
- The ID require gathers the key from the decentralized network
- Once decrypted, the ID requirer uses your data according to permissions granted by the user
The entire system is built on smart contacts on distributed networks. The smart contracts form the legal and programming unit of the schema. The DID software consists of the following components:
This is how the end user interacts with the system.
The endpoints can carry out user instructions securely over the blockchain.
DID API & Marketplace:
This is where developers can provide a login with the DID system or setup their system to work with BOCA certificates.
This is a platform where ID-requesting bodies can register to provide their authenticity to end users. A police officer, for example, can verify his identity to a driver.
Use Cases for Decentralized ID
Obviously, we use identity verification in all aspects of life. Here are some of the proposed use cases for Decentralized ID:
- Logging into websites
- Showing your passport at the border
- Proving your identity to an officer
- Providing your identity like a business card to another person
- Holding bank accounts
- Holding membership
- As reward cards
- As a debit card associated with your ID
- To log onto smart devices
- And more
Basically, wherever you currently use identity, you could potentially use Decentralized ID.
Who’s Behind Decentralized ID?
The Decentralized ID ecosystem is run by a democratic foundation called DID. All DID token holders are voting members of the DID Foundation. You can put your name forward for inclusion into the DID Foundation as a “Resident Full Member”, which means you become a member of the physical foundation.
Meanwhile, the actual Decentralized ID project was launched by Torquesol UK Limited, a company registered in England and Wales and headquartered in London.
Key members of the team include Sheikh Abdullah Naveed (CEO and CTO), Sebastien Denis (Project Manager and FinTech Markets Expert), and Javed Afzal (Financial Consultant & Foundation Advisor).
How Do Decentralized ID DID Tokens Work?
DID tokens are in-app credits that can be used for a variety of functions on the platform. They can be used to send and receive ID, for example, or to issue and check ID. They can also be used to buy services, exchange goods and other services, perform API requests, and to vote with the DID Foundation.
There’s a total supply of 20 billion DID Tokens. Tokens have a starting value of $0.001 USD, rising to $0.0013 during the first phase of the ICO.
The Decentralized ID ICO
Of the total supply of 20 billion DID tokens, 76% are reserved for the ICO sale, 15% are reserved for the team, 8% for the pre-ICO, and 1% for a faucet.
Decentralized ID DID Foundation Conclusion
Decentralized ID aims to place identity on the blockchain, creating a system where users are in control of their personal data at all times, but can authenticate their data when requested.
The system could replace existing identity checks at airports, passports, traffic stops, and more.
A token sale for DID tokens – the in-platform currency used for all operations within Decentralized ID – began on January 4, 2018.
To learn more, visit online today at Decentralized.id.