Creating a self-sovereign digital identity is one of the most exciting applications of blockchain technology. At lifeID, we get a lot of questions about what we’re building and how it’s different from other companies in the blockchain-based identity space. Below are some of the key differences we’d like to highlight for you. You can find more details on all of these points in our blog posts at lifeid.io/blog and in our whitepaper.
- lifeID is open-source. Anyone can view exactly how the protocol works and a transparent governance system will ensure that it remains responsive to the needs of the community. Developers will be able to adapt the technology to their own stack, and use it however they see fit.
- lifeID will not be tied to any specific blockchain. It exists on top of a smart contract-capable blockchain, but the platform functions independently of which blockchain it is running on. In fact, it is likely that lifeID will switch blockchains at some point in the future as new technology emerges.
- The lifeID network will be completely decentralized. Built-in economic incentives are designed to ensure that the network will exist in perpetuity, and encourage anyone to become a stakeholder by running nodes in the network.
- lifeID is pioneering solutions that are essential to mainstream adoption of a digital identity. One such key feature is a robust, secure recovery mechanism if an ID holder loses their private keys. We believe that you shouldn’t need to be a cryptography expert to use our technology, nor should anyone have to live with the anxiety of permanently losing their digital identity.
- lifeID is permissionless. Several organizations are attempting to create a digital identity with private or permissioned blockchains. Although lifeID is compatible with these projects, they are fundamentally different. An identity issued from a permissioned blockchain is akin to issuing a corporate ID card. One may use it for the purpose that it was built for — entering a building or purchasing meals, for example — but with the understanding that it can be revoked at any time by the issuer. lifeID allows anyone to create a digital identity, and it can never be revoked by anyone except the holder.
- lifeID gives users the ability to sign claims with their private key. Users will be able to exchange signed claims allowing for verification without needing to know the underlying information. For example, it would be possible for a person to prove that they are over a certain age (because a third party has already verified it) without actually revealing what that age is. A similar process can prove a minimum bank balance or credit risk without revealing specific numerical values.
- As blockchain attracts more attention, many companies have pivoted into this space, but they are just repurposing technology built for another use. lifeID, on the other hand, has always been singularly focused on building a blockchain-based identity solution, and our technology has been engineered from the ground up to reflect this.
Our goal is to create a blockchain-based identity protocol that becomes the underlying foundation of global identity transactions. A good analogy is the Wi-Fi protocol now used as a universal networking standard. lifeID is building a cooperative blockchain ecosystem which includes blockchain partners, web authentication platforms and IoT companies to standardize this protocol. We believe that a successful standard requires openness, clear governance rules and a broad group of stakeholders.
For more posts like this, check out our blog at https://lifeid.io/blog
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