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Project Keywords: #identity #selfsovereignidentity #gigeconomy #personaldata #did #distributedledger #nft
Project Members
- Saurav Raaj Saurav Raaj
Project Description (no more than 1,000 words including graphics)
Digital Identity is much more than having digital representations of Social Security Numbers or National/Gov Identity cards. WiseID is build on a holistic picture of our identity and digital footprint across multiple domains. In traditional web2 systems, these are siloed and it makes it difficult to access and use these identities and data points when needed.
Problem
Our identity and data components are spread across multiple centralized systems which makes it inaccesible. For example, Academic and Work Credentials are generally stored with the issuing organizations and hence can be accessed via manual methods and other similar protocols. Current Current solutions are inadequate as they are prone to systemic challenges
If we do a comparison against various methods, we can see that a NFT based solution scores even better than traditional blockchain based transactions for hash-store of credentials.
Solution
The solution uses NFT based data management to create credentials on the blockchain. We anticipate following benefits via use of this technique.
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Our main approach is to use NFTs to buidlt the Data Procotol on the blockchain.
For the MVP, we anticipate to build out the three verticals leveraging a common NFT Infrastructure: these will be for Identity Solutions along Work and Academic Credentials, certifications for various online education courses, upskilling programs and then attendance protocols for various events, online and offline engagements.
These represent a new protocol and how we wil build out web3 profiles of individuals (and organizations later on).
Accomplishment and Team
We are active in the fintech space with several awards and recognition in Web2 applications, neobanking, digital customer onboarding. In addition, we are active in the web3 lockchain space also, with several awards in DeFi, NFT categories across multiple hackathon. below is a snapshot for last few months:
Our Mission
Project Plan
Prototype Phase: Complete Modelling of system architecture, deployments, data schema, on-off database, user interfaces and simulated transactions for atleast one vertical.
in this phase, users will be able to sign up and create accounts, mint, transfer and burn tokens, management and track token inventory - testnet ready
Launch Phase: Complete all verticals, comprehensive user profile generation, ZK data verification setup - mainnet ready
One Year Goal: 10x customers across each of these verticals
Hi Level Plan
We aim to reach out to potential customers across these verticals to secure pilots. some of these could come through the HL network and other chapters or related contracts. A big part of this will be als to see geographic feasibility to understand and identity easy to win markets.
The initlal pilots could be upto 2x customers per vertical - this also helps to refine the business logic and workflows across the token lifecycle.
Risks and Challenges
- knowledge of HL projects with respect to technical development - attend webinars, reading material and online courses from the HL / LF
- technical ability of the team to be able to handle and excute - will leverage mentor networks from the Challenge
- securing pilots and use cases - secure through social media outsreach + leverage HL + mentor networks from the Challenge
- customer knowledge, acceptance of new technology - onboarding, training content and conduct seminars
- technology maintenance costs - need to check if there are any grants programs available with the HL
- marketing risks - will need to hire people for marketing and sales
- adherence to coding and software development standards - external audits, third party reviews + mentor and technical revies
- legal and compliance - review of data protection rules across geographies to understand risks and compliance