Twitter Space Synopsis — IAMX Compared (Jan 11, 2023)
Topic of the space focused on guest Theodore Palliser’s upcoming article on the comparisons between IAMX, Atala Prism, and Midnight sidechain.
Ambassador Feature: Adi Sri (@adigator89)
Adi is a project leader constructing high-speed railway lines in Germany. He is currently involved in a project promoting IAMX in South Sudan, with a goal of digitalizing identity. He notes that there is still a mentality of distrust in new technology. His goal is to be ahead of the technological curve so he may point others to the future. As an example of changing technology and trust, Adi points to the societal stance towards using and carrying cash, versus the last few decades of trust having been built for card-based spending. He stresses that it is important for us to evolve with technology.
This evolution is grounded in trust and understanding. “We always distrust what we do not understand.” Would you rather trust individuals and their own inherent self-interest, or would you rather trust open-ledger, open-source technology? Adi stresses that education and spreading understanding are key to this evolutionary mindset.
Special Guest: Theodore Palliser (@TheoPalliser)
Theo has been involved in the crypto space since 2016/2017. The idea of decentralizing power, both financial and information, was a primary draw to the space. “The prospect of decentralization, and what Ethereum offers, what Cardano offers, Bitcoin…. I’m a decentralization maxi.” This is driven in part by Theo’s experience in crypto in 2016/2017, having lost money with centralized exchanges. “Centralized exchanges do what centralized exchanges do: take people’s money.”
Connected with IAMX as a written contributor, and is motivated towards this connection through an innate desire to help when he sees that something is going to make a positive difference.
What was it about IAMX that stood out as a solution?
Amongst several people and organization building identity solutions, IAMX stood out because they are building that bridge between “Web3” and the “Legacy World.” Given the numerous applications of identity in our world, IAMX is working to bridge these applications from current systems into Web3, with attention to outcomes.
IAMX focus on Self-Sovereign Identity (SSI) is key, and ensuring that SSI products built by IAMX appeal broadly, rather than to a small niche group. In a market where many identity solutions have yet to provide tangible deliverables, IAMX has already brought revenue-generating products to market.
What is the focus of your forthcoming article?
The driver for this piece was found in questions that were found to come up very frequently. Specifically, with the coexistence of IAMX, Atala Prism, and now Midnight, what are the core differences between these entities? Why do we need all three?
Since it is at times difficult to discern the answers to these questions, Theo decided to conduct the necessary research and write a “deep-dive” piece to help guide readers through the answers to these important questions.
Can you give us a high-level summary of the comparisons between Atala Prism, Midnight, and IAMX?
Atala Prism was announced in 2020, but has yet to announce a full release schedule. It is developed by Input Output Global (IOG), and “combines Identity, Value, and Governance Solutions in a single platform.”
Theo has found that Atala is primarily a software development kit (SDK) used to develop Decentralized Identifiers (DIDs) to be stored directly on the blockchain. These are “tailored for specific use cases,” indicating the overall flexibility that Atala Prism appears to be targeting.
Atala Prism DIDs are stored directly on the blockchain and are associated with a digital ID stored on a smart phone. It is similar to a soulbound token, or an NFT that cannot be destroyed or transferred to another wallet’s custody. This adds a degree of traceability.
By comparison, whereas Atala Prism will be available to assist in the creation of DID solutions tailored to specific use cases as they arise, IAMX has moved forward with identifying some of the most common use cases that will be used at-large, and developed tools to address those needs. For instance, an organization that needs a DID with very specific use-case may choose to work with Atala Prism to develop that technology. Whereas, IAMX has developed products like Verified NFT (vNFT), Verified Stake Pools (vPools), and KYC capabilities to address what are perceived as in-demand DID products.
To apply a useful analogy: think of DIDs as containers. These containers are chain-agnostic, and will travel between different blockchains according to the DID owners’ discretion. IAMX has built containers with pre-arranged shelving and features that are ready to serve specific purposes. Meanwhile, Atala Prism has focused on building containers that are largely empty and ready for customization according to use-case.
Midnight itself belongs in a separate category from both Atala Prism and IAMX. Midnight is a sidechain of Cardano. Within the aforementioned “container” analogy, Midnight would not qualify as a container itself, but more so as its own shipping lane through which these container ships may travel. Public ledgers such as Bitcoin, Ethereum & Cardano offer full transparency of movement, whereas on Midnight these movements will be obscured in an effort offer a degree of privacy. While the transparency of an open ledger has its strengths, some may view it as a barrier to widespread adoption due to a lack of privacy for institutional interest.
For the full publication of Theodore’s forthcoming article delivering an in-depth comparison of IAMX, Atala Prism, and Midnight, please keep an eye on the IAMX twitter account: @IAM_X_IDENTITY and/or the IAMX Medium publication.
