Web 3.0 ushers in a new era of digital ownership and transacting at an unprecedented pace in an open and decentralised manner. At PhotoChromic, we want to play our part in unlocking the untapped economic potential, enabling innovation and fast tracking the ingenuity of the decentralised world. With the dawn of a new year and an abundance of emergent technologies, 2022 is set to be a truly transformative year for PhotoChromic.
At the end of December, PhotoChromic shared an update on its upcoming product release, providing an in-depth overview of the development to date.
Following on from that update, we wanted to give you a sneak preview into our top four development plans for 2022 that will extend on the initial product, creating real utility for those that mint their own identity NFT.
1. Layer 2 scaling compatibility — In our quest to provide universal utility to Web 3.0 participants, we will focus on reducing the cost to mint and use a PhotoChromic NFT. To achieve this, PhotoChromic will focus on providing compatibility with some of the most popular layer 2 scaling solutions, such as Arbitrum, Optimism, and Polygon. This will facilitate the storage of data off-chain on layer 2 platforms simply and cost-effectively without paying significant Ethereum gas fees.
Layer 2 is a collective term for solutions designed to help scale applications by handling transactions off the Ethereum Mainnet (“Layer 1”) while taking advantage of the robust decentralized security model of Mainnet. Most Layer 2 solutions achieve this via roll-ups, performing transaction execution outside Layer 1, while posting transaction data on Layer 1. See more on Layer 2 rollups here.
2. Selective data sharing — In line with leveraging the functionality and extensibility of ENS in the first product release, PhotoChromic will leverage the functionality of the Sign-In with Ethereum (“SIWE”) project. This will facilitate easy and convenient user-centric access to multiple Web-based services and enable users to selectively share bespoke, custom-selected components of their identity without compromising their privacy.
If your NFT is your passport to the Metaverse, Selective Data Sharing allows you to put some stamps in it as you travel and interact with the web.
With this functionality, PhotoChromic hopes to unlock untapped opportunity for PhotoChromic NFT holders, including:
- DeFi private pools — by facilitating a simple and cost-effective whitelisting of verified and trusted DeFi market participants.
- Crypto Exchange login — by permitting access to crypto of geographically restricted Crypto Exchanges e.g. DYDX for non-US residents.
- Cross-chain reputation for DAOs — by providing DAO participants with a mechanism to leverage their reputation across multiple platforms and Metaverses.
3. Path to decentralisation — Decentralisation and user-centricity are fundamental tenets of PhotoChromic. In 2022, PhotoChromic intends onboarding of additional identity providers, providing PhotoChromic users with greater optionality and flexibility when initially verifying their identity in the NFT minting process. We will also leverage the PhotoSapiens DAO, which will start minting in Q1. Sign up here for that waitlist.
4. Ecosystem partnerships — Universal digital identity is a foundational priority for Web 3.0. PhotoChromic intends to play a pivotal role going forward in the Metaverse. In 2022, PhotoChromic intends to integrate with multiple partners, which partnerships will be announced in due course.
With the new year now well underway and with so much abundance and opportunity on the horizon, PhotoChromic is focused on delivering a truly transformative product for the community in 2022. Let’s do this together!
PhotoChromic introduces a unique use case for non-fungible tokens (“NFTs”) by integrating them with user identity, to develop a biometrically managed model of Self-Sovereign Identity (“SSI”) on the Blockchain. Using NFTs, PhotoChromic aims to make identity programmable, verifiable, universally addressable, and digitally secured.
Powered by an ERC-20 token, $PHCR, running on the Ethereum blockchain, PhotoChromic addresses the current challenges faced by people the world over, as they pursue ownership over, and the ability to secure, their identity. PhotoChromic gives control and ownership of user identity back to the individual, where it belongs.
Learn more about PhotoChromic at: