globaliD White Paper: The Yaka Ecosystem
One of globaliD’s unique value propositions is its ecosystem approach — known as the Yaka ecosystem.
It’s not just a singular app or a platform, but rather a universe of technologies, frameworks, service providers, individuals, and groups that act in incentivized harmony. You can find out more about the Yaka ecosystem by reading the white paper.
Core components of the Yaka ecosystem:
The globaliD Namespace — The Yaka ecosystem is built on top of the globaliD namespace, where every individual and group has a unique name around which their reputation is created and shared.
globaliD Attestations — Rather than having to share private information about ourselves, attestations are associated with a name.
Yaka Financial and Non-Financial Asset Ledgers — Financial and non-financial assets are represented on universal ledgers that register the ownership of individual assets.
Permission to Act — The permission to act is governed by the requirements of each jurisdiction in which the activity is taking place.
The Attestation Registry as a Public Good — globaliD maintains a public registry of all globaliD names and their associated attestions.
Self-Sovereignty versus Regulatory Jurisdiction — The self-sovereign right to be forgotten is balanced by the legal requirement to preserve the history of information that may have been provided by one party and relied upon by another party to perform a regulated activity.
New names and their Initial Permissions — The starting point of every new identity’s reputation is a phone number attestation. Every new identity is also given a financial ledger and a registry for recording non-financial assets including imposed limits based on jurisdiction.
Yaka Tokens as a Spam Deterrent — To protect ledgers from spam and denial of service attacks — as well as protecting the globaliD system generally — users are charged a minimal amount for performing certain actions in the form of Yaka tokens.
Yaka Tokens as an Internal Currency — Yaka tokens can be used for other purposes such as reward for sending, converting, loading, moving or spending money within the Yaka ecosystem, among other uses.
The Role of Synthetic Liquidity — As well as enabling inter-ledger transfers, Synthetic Liquidity plays a key role in allowing currency conversions and supporting payments between globaliD users.
The Role of Hard Yaka — Hard Yaka is the funding engine for the Yaka ecosystem and currently includes material investments in both inner-circle and outer-circle companies:
Hard Yaka inner-circle companies:
- globaliD — the creator of the globaliD Identity Name System, the public globaliD Attestation Registry, the globaliD app, and integration offerings such as globaliDConnect and localiD.
- Yaka Labs — the creator of the Yaka financial ledger, Yaka tokens, and the infrastructure needed to support Yaka fee distributions and loyalty/rewards programs.
- Synthetic Liquidity — the liquidity provider for the Yaka ledger, including treasury management and reporting on the collateralizations of all obligations.
- The globaliD Asset Registry — a not-for-profit registry of all claimed and attested-to ownership of non-financial assets attached to globaliD identities.
Hard Yaka outer-circle companies (including but not limited to):
- Digital Exchanges — GateHub, Uphold, Wyre, Robinhood, Coinbase, and Bitso
- Money Transmitters — TransferGo, Viamericas, and MoneyGram
- Card Issuers — Shift Payments, Marqeta, Optimus Cards, and Moni
- Merchant Acquirers — Square, Empyr, Giftbit, Yoyo Wallet, TulipPay, and Yoco
- Marketplaces — Roomi, Rova, LedgerX, and Shift
- Lenders and Lending Facilitators — Lendo, Simpl, and Kabbage
- Identity Providers — DirectID, Blockscore, Blockstack, and Alloy
- Ledger Infrastructure — Ripple, Solano, Lightening, Filecoin, and Coti
- Browser Infrastructure — Brave
Regulatory Issues — In certain jurisdictions such as the U.S. and China, the issuance of tokens have been impeded or banned outright. A possible fallback option to these regulatory challenges may be the use of fiat currencies, stable coins, or traditional points in these challenged markets (in place of Yaka tokens).
For a more in-depth details on all these topics, please read the Yaka Ecosystem white paper.