Metadium, a blockchain based identity protocol. #ICOReviewMonday
Metadium is an identity protocol which aims to give its users full control over their data. With one Meta ID, you will have access to all blockchain services.
I will not invest in the Metadium ICO. It is understood that all the suggested input of Maxime Desalle regarding this article are only recommendations / support from a business perspective and do not constitute in any way legal terms. To that extent you retain sole responsibility should you make use of such recommendations.
Metadium is a new identity protocol, you can compare it to one of its main competitors: Civic. Like Civic, Metadium wants its users to only need one ID and have access to the most possible services. Like Civic, their system is secure and Metadium protects the data of its users. So, what’s the difference between Civic and Metadium? The difference is the scope of identity. In the digital world, not every identity needs to be verified, or be attested, but at the same time, still identifies and represents you. Such as your favorite color or your dream car. While Civic mainly focuses on verifying only the data that can be certified, Metadium protocol includes broader scope of identity to help you manage your self-sovereign identity. This will not only attract more service providers for creative and inspiring dApps, but will also make Metadium a truly decentralized personal identity solution.
Metadium has a lot of features which, for the most of them, look very similar to Civic. However, there are some features which are unique and which give an advantage to Metadium in the Civic - Metadium contest.
- Trustless trust: Metadium is powered by blockchain using “trustless trust”. As a decentralized ledger, blockchain is regarded as “trustless”, meaning no central authority controls the process.
- Public key infrastructure: Metadium’s decentralized PKI (dPKI) enables everyone to securely trust the integrity of their virtual identities. Thanks to Metadium, companies and individuals have ownership over their personal data and control how, when, and whom they share data with.
- Data ownership and self-sovereign identity: Metadium’s self-sovereign identity ecosystem enables users to retain their pseudonymity while verifying ownerships and rights. The users’ mundane identity and private data is not revealed without their permission. By implementing self-sovereign identity, each individual or user can convey preferences or correlations between several digital identities.
- Regulations: As blockchain supports pseudonymity and “trustlessness”, regulatory authorities have raised concerns regarding the adoption of such technology. In response, Metadium enables blockchains to be regulated without compromising the spirit of pseudonymity and trustlessness. Metadium allows blockchain to be used practically, not just for trading value. This means users in the Metadium ecosystem can decide to use either a regulation-compliant identity with attestation or a self-sovereign identity for value-adding.
- Identity of things: With technological developments, implementing identity into IDoT devices, logistics, robotics, AI and smart cities will increase the demand to share and access information.
- Attestation and verification: Metadium supports both attestation and verification processes to create a holistic identity via Meta ID.
They have a good roadmap, 1 year. But there is something which I don’t like: We will have to wait until Q2 of 2019 to see the working product. This is far away, nearly 1 year.
It’s weird because there is a lot of difference in terms of experience between the different founders managers. Some of them have a lot of experience in big companies, others haven’t any experience in a known company.
- Justin Park: Justin is the CEO of Metadium. He studied at Binghamton University. Unfortunately, he hasn’t any experience in a known company.
- Ryan Uhr: Ryan is one of the co-founders of the project. He worked at Cisco and Hyundai during respectively 2 years and 13 years. Uhr is also the CEO of Coinplug, one of the partners of Metadium.
- Richard Yun: Richard is one of the co-founders and the COO of Metadium. He worked at Cisco during 4 years as a senior financial analyst. Yun is also the COO of Coinplug. He studied at the University of California in Berkeley.
- Jeffrey Song: Jeffrey is the CTO of the project. He worked at Samsung as a senior engineer during 2 years. Song studied at the University of British Columbia.
- Songyi Lee: Songyi is the CSO of Metadium. Unfortunately, she hasn’t any experience in known companies. Lee studied German at the university of Stuttgart, English at the University of Texas-Pan and social work at the Chung-Ang University.
Having a lack of experience in the team, doesn’t mean that the advisors are also lacking experience. Metadium is the proof. They have 10 advisors in total.
- Roger Ver: Roger is a very controversial person, but he has an important place in the Bitcoin world. He founded the Bitcoin foundation. He worked at Blockchain.com. Ver is currently the CEO of Bitcoin.com.
- Jack Liu: Jack is the head of trading in Asia for Circle, a startup which is owned by Goldman Sachs. He worked at Barclays investment bank. He was previously the director of strategy at Kraken Exchange. Liu was the CSO of Okcoin and later of OKEx.
- Yiseul Cho: Yiseul is graduated from MIT. She worked at Facebook, HSBC, the United Nations and Hyundai. Cho is one of the co-founders of the well known cryptocurrency fund Hashed which is the biggest cryptocurrency fund in South Korea. She is also an advisor to Medibloc, ICON foundation, Waves Platform, Policypal and Nucleus Vision.
- Facebook: Metadium has a facebook page, which doesn’t seem very active.
- Twitter: +- 1 200 followers.
- Telegram : +- 15 000 members in their official group.
I think that Metadium is a great project, but there are several problems which are very annoying. The first one is the team. Their CEO hasn’t any experience in a known company. The COO, Richard Yun, is also the COO of the company behind Metadium, Coinplug. The problem is that Coinplug is also behind other projects. This means that he will not be able to work full-time on Metadium. In my opinion, as a COO, you have to able to give 100% of your time to your company. The second problem is the roadmap. We will have to wait a nearly 1 year before seeing a working product. By that time, there main competitors will have made a lot of partnerships. Civic will have an SDK, smart contracts, and the possibility of submitting orders in CVC / Fiat on identity.com. There isn’t any goal for Q1 of 2019 which is a major problem because this means that there is less chance of seeing the price going up after an announcement. To conclude, the idea behind it is great. It’s more than Civic because it’s not only a verification system but an identity protocol. The team lacks of experience and the roadmap is bad.