Rate3 — IPFS Demo

A sneak peak at Rate3 Identity Protocol!

Official Rate3
Aug 3, 2018 · 5 min read

Rate3 Network is a decentralised dual protocol for cross-chain asset tokenization and identity management.

During the tokenization process, users have to submit personal information to trust companies for KYC/AML checks. However, submitting personal documents is still a tedious process, if a user has to submit multiple times.

Ideally, a user should be able to submit documents to the blockchain once, and share his/her identity with other services that require real-world verification.

One possible solution is to use Interplanetary File System (IPFS), where a user can upload his documents to IPFS and generates a hash for anyone to download the file.

There is an obvious security gap here. As long as anyone has the hash of the files, they can retrieve it from IPFS. Sensitive files — like personal KYC documents — are not well suited for public sharing in its native state.

Enter the Rate3 Identity Protocol

The Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity securely.

To circumvent the security gap, the Rate3 Identity Protocol adds a layer of asymmetric encryption (OpenPGP encryption) to encrypt a file with the public key of the intended recipients.

Only the intended recipients can decrypt and receive the file with their own private keys.

Let’s look at a simple workflow diagram, with asymmetric encryption:

Why is this Important?

In this demo, we show a specific use case where you can create an identity and submit your KYC information on-chain to multiple recipients securely.

Uploading and sharing documents securely to intended recipients is the first step of our Rate3 Identity Protocol. Future developments include encryption public key management, data verifcation information, KYC verfication by third-parties, adding additional attestation documents and more.

How do I try it out?

In this demo you can share any file uploaded on IPFS and Ethereum. To help you get started quickly, we have prepared a OpenPGP encrypted passport image stored in IPFS for you.

Test it out here: https://ipfs.demo.rate3.network/

Step 1: Click ‘New Submission’

Make a new file submission to someone via an Ethereum transaction.

Click ‘here’ to populate the fields.

Step 2: Make sure you’re on Ropsten Testnet on Metamask

Click Submit.

Step 3: Click ‘Submissions’

Right now, you should be seeing no submissions yet.

Once the transaction is approved, you will be able to see the successful submission.

Step 4: Click ‘Received Documents’

Now, imgine you are Trust Company ‘A’ who is receiving the documents.

Step 4: Click ‘Download Documents’

To download the documents, paste the IPFS hash.

Add in your own private keys to decrypt the file.

Step 6: If you use the right private keys to decrypt, you have successfully downloaded the file!

You should see this downloaded file:

Sample passport document

If you see this download file, you have successfully encrypted, submitted a file, decrypted, and downloaded a file on IPFS!

View the Github code here:

What is Next?

The above short demo has highlighted a specific use case of on-chain file link sharing. Subsequently, you’ll see the following features added:

About Rate3

Rate3 is a decentralised dual protocol for cross-chain asset tokenization and identity management. The Rate3 Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity.

Website: https://rate3.network

Twitter: https://twitter.com/officialrate3

Telegram: https://t.me/officialrate3

Official Rate3

Creating a Connected Tokenized World

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