Twitter Space Synopsis — March 1, 2023 — New Roadmap AMA
Topic of the space focused on the recently released IAMX roadmap, updated for 2023.
Special Guests:
· Tim Heidfeld (@tim_w_heidfeld) — CEO, IAMX
· Tim Brückmann (@Tim38300817) — CMO, IAMX
· Dennis Mittman (@DennisMittmann) — CTO, IAMX
IAMX Team Introductions
Tim Heidfeld opens the conversation, sharing that we will discuss the newly finished 2023 roadmap (pictured above). This big-picture view will include new additions / developments in the roadmap, and a review of some of the results from 2022 which led us here.
Tim Brückmann adds that in addition to these things, it is also important to include an overview of the legal perspective that plays into the ongoing development of the IAMX business model and products.
Dennis Mittmann introduces himself as a representative of the IAMX “technical department,” and is available to address any questions that are more technical in nature.
Roadmap 2023
Tim Brückmann opens the overview of the accomplishments of 2022 and how they led to this roadmap. He stresses that market conditions in 2022 were filled with crypto market participants clamoring for SSI-based KYC solutions, which kept the small team at IAMX incredibly busy and enabled it to be online in short matter of time from here. Among the milestone achievements of 2022, Tim B stresses the importance of excellent new relationships and partnerships found in the Digital Identity Foundation, the Worldwide Web Consortium, NMKR, MyCashbacks, and KYC Spider. To conclude, Tim B reiterates that in crypto 2022 we relearned the truth behind the adage: “shit happens.” Between FTX, Luna, and others, these market events drove the IAMX team to dig deeper into the legal landscape across the globe, and to rely on subject matter experts in these areas to ensure their products are truly serving these global market needs.
Tim Heidfeld continues with the compliance conversation by describing IAMX KYC products, connecting this KYC to a DID, as the first door through which we enter these business models. It is referred to as “One-Stop Compliance,” and is composed of these reusable KYC instruments that will serve to address regulatory concern across markets. He brings up recently read US legislation on the topic of proof-of-stake blockchains and anti-money laundering acts. Based on these looming legislative approaches, IAMX has developed its software to be fully compliant with these legal regulations. It is important to note that these compliant tools and reusable KYC are delivered directly into the custody of users, those who own their own information.
Tim Heidfeld brings up the topic of liveness detection tests as a security measure and verification tool in development for IAMX products. These biometric controls will ensure that only the wallet / identity owner will have access to enclosed information, funds, and functions stored in an IAMX identity wallet. This is a feature that is in development at this time.
Tim Brückmann addresses the scope of IAMX products being used across the globe, and how a small company can keep up with so many shifting regulatory frameworks from region to region. He explains that while IAMX is indeed a small company at this time, this stresses the importance of the partnership with KYC Spider, an organization that can already perform legally compliant KYC processes in over 200 nations.
Dennis Mittmann enters the conversation to explain how IAMX DIDs which are linked to a KYC function when one’s relevant information changes. For instance, if I change addresses how does this affect my DID? Essentially, when there are small alterations to credentials the DID owner will complete an abbreviated DID creation process to update the information into a new DID, which voids the preexisting DID. Other than information changes, there is no need to renew and KYC, as these are continually renewable.
Tim Brückmann explains that use of IAMX technology will be attractive to those requiring use of KYC due to the inexpensive nature of their reusability. That a single KYC will serve for continual use will reduce the total number of KYC processes needing to be completed.
Dennis Mittmann adds that IAMX is a founding member of the Open Wallet Foundation by Linux, ensuring standards across the industry in a way that will aid in adoption. While a number of Cardano-specific wallets have been included in conversations with Open Wallet Foundation, it is important to note that both the foundation and IAMX are chain-agnostic as base. These tools are being developed for use across the ecosystem, not a specific chain.
@CloverNodes asks a question of the team regarding the roadmap’s mention of Identity Terminals. IAMX Identity Terminals were designed to operate in parts of the world where government entities are not able to issue identity credentials. These terminals connect people in those areas of the world to web-based applications that will allow them to create verifiable credentials. Just as Cardano endeavors to bank the unbanked, these IAMX terminals will work to issue verifiable identity credentials to those who, up to this point, have not had the ability to do so.
