Good morning from the SymVerse team,
This time, I’ll tell you about SymID (UID), one of the core features of the Symverse blockchain.
Innovative infrastructure of SymID (UID)
(Decentralized Digital ID System)
There are many features in the blockchain mainnet SymVerse, but one of the core features is SYM-ID.
Understanding SYM-ID requires an understanding of Decentralized identifier, also known as DID.
Decentralized ID caused a big stir in recent years, especially in Europe. WHY?
All of our IDs is issued by the central government and financial information is stored in banks. In other words, this information is all managed and stored in the centralized manner, and we take them for granted.
But what if the bank gets hacked? What if our information gets misused, unintended by the individual’s will? What if you are quietly trading behind large markets and portals?
This is the problem caused by a centralized personal information system.
The perception of personal information has gradually changed, and I believe that the system on which our information is backed up must change.
Therefore, in order to mitigate such calamity, the technology designed to compensate for this is DID. It is the very nature of decentralized ID that allows people manage and control their information.
If a system is needed by the state, the enterprise, the market and the individual, and eventually everyone, it must be preemptively studied and implemented.
SymVerse has prototyped and developed such a system two years ago and has successfully implemented DID technology onto its wallet.
SymID covers various topics on DID, SSI, Zero Knowledge Certificate, PKI, Credential, KYC, AML, Network ID, and has the following unique features.
(You may want to focus on the newly added points, including the characteristics of existing distributed IDs.)
-Digital identification: My Wallet = ID (including credit and reputation scores)
-Solve problems with centralized issued (i.e. Nonghyup bank hacking, etc.)
-Flexible with existing, legacy ID database system
-Portability (convenience) / (Basic installation on SYM wallet, ‘my phone is my ID’)
Unlike the existing 20 bytes of storage memory, SYM only uses 10 Bytes to manage various account information, required verification information and transaction history.
-Real name or anonymous / freedom of choice
The interesting part is that it determines if you are eligible based on your credentials without revealing your personal information.
Ex) Consumers who purchase cigarettes or alcohol at a convenience store require a resident registration card with their name, address and social security number due to the tobacco law.
What if you can pass such eligibility by providing only the specific information you need (in this case age). It is SYM-ID that allows to grant access to services without the need for duplicate verification.
-In SymWallet, you can have one SYM-ID per person with multiples of accounts.
This means that companies, corporations, organizations, and governments can conveniently use multiple accounts under one SYM-ID.
How many accounts can SYM-ID issue? 2⁸⁰, which is more than enough to accommodate the world’s population. Not only just numbers, it means that you can manage many kinds of conditions depending on circumstances.
That’s why we not only refer SYM-ID as a generic representation of DID, but also as a Universal ID (UID).
-Flexible ID: Flexible, Compatible, Adaptive ID.
Ex) For example, a Dapp game called Coin Monster invested all the capital and time into a Chinese market, but it took 19 gold based on local deliberation criteria and everything went into vain. In order to prevent this problem, the solution is possible through UID technology. You just need to change the hash for your age. Similarly, price corrections for tax-related industry sectors are also possible. Flexibility, adaptability, UID.
It is expected that the distributed ID will spread well beyond the blockchain industry and will also affect the existing market. And distributed ID is suits well with the blockchain characteristics.
Lastly, I believe the future of blockchain cryptocurrency may be led by this decentralized ID. And we imagine Universal ID at the forefront of DID.
Thank you.
