The original title is "Web3 identity track inventory: which early projects deserve attention?"
Finishing: Lin Qi, chain catcher
In the traditional web2 identity authentication system, users use a centralized account to obtain various services, but there are problems such as easy theft and cumbersome process. At the same time, the account information of each platform is isolated from each other, causing a lot of inconvenience to users. The core problem is data sovereignty.
In contrast, the user data privacy protection scheme proposed under the background of Web3 is designed around the control of personal data. Web3 decentralized identity protocol can help users better solve the problems of identity multi platform aggregation, data multi-dimensional, privacy protection, NFT and so on.
In Web3, the data on the chain naturally ensures the transparency and tamperability of user identity and behavior, and establishes the cornerstone of identity trust. DAPP data can be read and called across projects. Unlike web2, it is isolated and stored on a centralized server, which ensures the universality and composability of user identity in the chain world. Whether it is personal reputation, financial lending, bills, identity certificates, licenses, passports, etc., they can be transformed into unique information on the chain that users have complete control over, and can access all Web3 applications through an identity protocol.
At present, many protocols are building Web3 general identity solutions for users, such as ens, verite and Civic. At the same time, some projects are building solutions focusing on some identity attributes, such as protocols for skill certification on the user chain (project galaxy, rabbithole, noox, etc.), and identity protocols based on credit on and off the user chain (reputation Dao, arcx, spectral, etc.), The following is an overview of the 14 representative events of the track by chain Catcher:
Verite is a decentralized identity standard launched by usdc issuer circle in conjunction with companies such as block, coinbase and centre. It aims to enable any organization to publish and verify the digital identity certificates owned by users and institutions participating in the encryption economy, including KYC authentication, recognized investor identity, social reputation, NFT provenance tracking, etc., without the disclosure of personal data by participants. It is composable and interoperable.
At the same time, these credentials are portable and indestructible, and can be stored in encrypted wallets like digital assets. At the same time, the credentials are owned by the user, allowing complete control over the time and method of access to identity certificates by different organizations or protocols. As a group of open source protocols, verite is decentralized, and no entity has the right to use or develop.
The identity framework will enable institutions to participate in on-line lending agreements and ensure that all counterparties have KYC, enable institutions to safely access defi, such as supporting access to licensed pools or securities transactions based on recognized investor identity or any specified attributes, provide opportunities for individuals and entities lacking traditional forms of identity to participate in defi, and help create a more globally inclusive financial system, And the potential to improve capital efficiency through credit scoring vouchers can more accurately match the reputation of borrowers, thereby reducing collateral requirements.
Other ecological partners of the project include algorand, compound labs, consensys, Hedera hashgraph, phantom technologies, Solana foundation, etc.
Related reading: Unlocking decentralized identity with verite
Spruce is a digital identity authentication system. Its product suite provides support for authentication, credentials and storage required by users' portable reputation, decentralized access control of data and interoperability between web2 API and Web3.
Spruce cooperates with Ethereum foundation and ENS to build an authentication standardization system, sign in with Ethereum (eip-4361), which enables users to directly use their encrypted wallet to connect with web2 or Web3 applications and control their identity data. In March this year, spruce launched its first open source authentication plug-in to log in to the discourse forum with an Ethereum account.
Spruce provides two main products: the decentralized identity toolkit spruceid and the autonomous storage product Kepler, which can serve the secure sharing of trusted data, Dao based credentials and reputation, and the licensed access to defi through the partnership between the company and verite.
Spruce completed $7.5 million financing in November 2021, led by ethereal ventures and electric capital. On April 20, 2022, it completed a round of financing of US $34 million, a16z led the investment, and participated in the investment of ethereal ventures, electric capital, y combinator, protocol labs, etc.
Official website: https://www.spruceid.com/
Related reading: decentralized identity startup spur wants to help users control their sign in data
Brightid is a digital authentication system based on Ethereum ecology, which is completely independent of traditional and Internet authentication. It solves the problem of unique identity by creating and analyzing social map. Users can obtain digital identity through real person authentication and allow users to prove to the application that they do not use multiple accounts. At present, the project has more than 57000 users. Gitcoin, rabbithole, status and other projects have adopted their solutions and have been recognized by V God for many times.
Brightid usage scenarios include, identity recognition, application user authentication, activity authentication (airdrop, etc.), trust and reputation building, and others. Currently, brightid is still developing idchain.
In order to ensure the authenticity and uniqueness of the user's identity, brightid will conduct a video conference to verify the user's identity. During the verification process, the video needs to be opened, and the verification officer will identify whether the verification is repeated. Once the verification officer finds that the verification is repeated, the verification officer will report to brightid and revoke the brightid account of the repeated verifier.
At the same time, brightid also supports users to use social recovery function to recover their identity information and ensure personal control over their digital identity.
Official website: https://www.brightid.org/
Related reading: what is brightid? How to complete brightid authentication
Civic pass is a Web3 digital identity solution, which introduces a blockchain based identity layer. This layer uses identity Com builds trust between parties. It provides a structured method to verify credentials that can interoperate across platforms. The civic product line focuses on two things: Leveraging open source identity Com ecosystem protects private user data and creates solutions that help companies meet AML and KYC requirements.
Civic pass is civic's flagship identity management product, which can be used by DAPP providers as an input to the compliance program. Civic pass allows decentralized applications (daps) to censor users in a way that protects users' privacy, thereby limiting access to their products, while allowing DAP creators and users to freely use daps knowing that all other participants have passed KYC or activity standards.
In March 2021, civic announced technical integration with Solana to add identity elements to Solana ecosystem. In addition, civic will establish a defi portal based on mobile applications on Solana.
Official website: https://www.civic.com/
Related articles:《 https://docs.litentry.com/ 》
Nft3 is a decentralized identity and credit network for Web3 and meta universe portal. A pledge incentive model is designed to be applied to identity problems. It creates a direct monetization path for individuals in Web 3.0 and provides infrastructure components for composite creation and innovation of Web 3.0 applications. It can connect the value of users' terms with their data in the lives of different projects, social networks, companies and institutions. Nft3 uses did to create a Web3 passport platform and will create a user's personal credit scoring system.
Nft3 will allow users to create a unified identity, which they can then associate with any Web 3.0 application to solve the basic problem of virtual identity. This is achieved by creating user owned NFTs and wrapping them in did or decentralized identifiers that can be propagated over the network but always return to the owner's nft3.
In addition to the did identity based on NFT, nft3 will also build a precision credit scoring system based on user bound social account information and multi chain address information, called nccredit. A user's nccredit score reflects his personal credibility - the higher the score, the more reliable the user is. Meanwhile, nft3 users will enjoy the benefits of higher credit scores in many places, such as:
In February 2022, nft3 completed a seed round financing of US $7.5 million, led by animoca brands, and participated by DFG group, CMS holdings, LD capital and Prometheus labs ventures.
Related reading: introducing nft3: the passport for Web 3.0
ENS is a decentralized domain name project based on Ethereum, which allows users to display lengthy Ethereum public addresses in a simplified text-based way. This makes it easier to share, use and remember addresses and other data.
At the same time, ENS also supports users to bind their email, twitter and NFT avatars with their domain names, and can be read and displayed by third-party platforms, which is equivalent to creating an identity layer for the Web3 world. At present, the vast majority of Ethereum applications have supported the display of ENSDomain name is also the most widely used identity project.
Official website: https://ens.domains/
Related reading: re understanding ENS Valuation: not just domain names
Litentry is a decentralized identity aggregator that supports linking user identities across multiple networks. Users can manage their identity through the security tools provided by them, and DAPP can obtain real-time did data of identity owners across different blockchains. Litentry has built a three-tier credit computing infrastructure:
1. Source data layer. Data source platforms obtained by identity analysts, such as Etherscan, the graph, onfinality and other data providers.
2. Address analysis layer. It is mainly used as an external server providing data analysis, such as Nansen, chainalysis, and our upcoming litentry whitelist and other address analysis platforms.
3. Identity aggregation layer. Litentry generates the address relationship belonging to the same identity, and then obtains the corresponding address analysis data from the address analysis layer for weighting calculation.
In order to expand and expand the system to adapt to more realistic scenarios, litentry aims to build a did ecosystem containing different did service providers, involving chain to chain data, data index, did calculation algorithm pool, etc. At present, the decentralized identity projects based on this project include my crypto profile, web3go, Polkadot name system, pokasignin, etc.
Related reading: about litentry
Project Galaxy aims to build infrastructure to support an open and collaborative credential data network and help Web3 developers use credential data to build better products and communities. As an open credential data network, it labels each address by issuing "credentials", so as to realize clear and subdivided user portrait identification.
After connecting the wallet, the user can generate a "Galaxy ID card", which will automatically paste "authentication certificate" according to the historical behavior of the address, such as "uniswap trader", "opensea trader", etc. These certificates, like various professional qualifications in the real world, will play a role in some specific scenarios.
Project Galaxy allows each developer to create, distribute and game NFT using customized data on the chain. Developers can establish their own loyalty programs, and individuals can issue and claim NFT supported by their achievements in the chain.
According to statistics, the current project Galaxy network has more than 500 digital voucher sets, covering more than 3 million users in Web3. More than 120 projects and organizations have launched more than 500 events using galaxy's digital credential data and NFT infrastructure.
Project Galaxy completed the seed round of financing in May last year. The investors include multicoin capital, diversity ventures and blockchain Com ventures, iosg ventures and other institutions, as well as the founders of some encryption projects. In January this year, the project completed another $10 million financing led by multicoin capital and dragonfly capital.
Official website: https://galaxy.eco/
Related reading:《Multicoin capital: a detailed explanation of the characteristics and potential of Web3 voucher network project Galaxy
Rabbithole aims to decompose each decentralized application into game tasks through game thinking, guide users to interact with blockchain protocols and decentralized applications, cultivate the use habits of defi users, and obtain "authentication" for users' Web3 operations and behaviors.
By managing the chain chart of users' previous achievements, rabbithole is creating a chain resume for future work and becoming the best place to find contributors and find jobs in Web3, as well as encryption projects to find the best participants for their agreements and easily guide their community - from discovery, induction, training to scale.
In March this year, rabbithole announced the release of the adventure medal NFT, which allows users to show their skills and knowledge in the application as a chain voucher, and is designed to be non transferable, which ensures that any wallet with the adventure badge actually completes the skills represented by the badge.
In June 2021, rabbithole announced that it had completed a seed round financing of US $3.6 million, with electric capital, parafi capital, framework ventures and other investors. On February 16, 2022, rabbithole announced the completion of round a financing of US $18 million, which was jointly led by Greylock and TCG crypto.
Official website: https://rabbithole.gg/
Related reading: 5 minutes to understand rabbithole, an incentive platform for chain operation
Noox is a platform for Web3 users to cast badges based on chain operation, which allows anyone to program any rules into badge standards (such as interaction number, interaction amount and interaction type), and allows others to receive them if they meet the conditions. These badges will be non transferable soulbound NFT, enabling anyone to mark interactions on the chain as attributes or achievements. Through a simple badge format, users will be able to easily prove their interaction, participation and contribution on the chain.
Noox believes that the data in the wallet address is the key to creating a real digital identity for users' life on Web3. The NFT owned by users is a unique identifier to indicate their attributes, interests and achievements in encryption and Web3, and as their online identity to unlock new opportunities. Other applications and protocols can locally integrate badges and promote open innovation.
In April 2022, noox completed a seed round financing of US $2 million, led by collab + currency, and participated by electric capital, sfermion, samsungnext, poap and alphanonce. The project has launched a closed beta product with Web3 profile and badge browser functions in early May.
Official website: https://noox.world/
Related reading: introducing noox: proof of achievements for your Web3 life
Skillwallet is building an autonomous and portable Web3 identity layer. The protocol constructs the non transferable NFT ID of individuals based on the skills and contributions of Web3 community members, so as to allow users and participants in Web3 space to obtain the persistence and persistence of data representing their experience, community, skills and contributions.
The agreement deploys a Dao of role-based governance module and tracks the contribution, commitment and reputation of members. Community members will have the right to vote according to their participation and contribution to the community, and share a collective and decentralized authentication system.
On February 15 this year, skillwallet announced that it had completed a financing of US $1.65 million. This round of financing was led by third kind venture capital (3kvc) and participated by fenbushi capital, hashkey and Pareto holdings.
Official website: https://skillwallet.id/
Related reading: skillwallet - in a nutshell
Reputation Dao is a verifiable, decentralized and programmable Delphi credit scoring system. It can map off chain data, such as AML / KYC, traditional credit scoring and social media data, and provide trusted neutral credit services for chainlink Oracle, Dao, smart contract protocol and its users, so that individuals can use their real-world financial data and identity when interacting with smart contracts, To enhance the assessment of specific account risk indicators and reduce the mortgage process. Reputation Dao collects and analyzes credit data in the following ways:
First, scan and connect. Reputation Dao focuses on scanning the data of personal WiFi accounts, Oracle machines and Dao. Then, the decentralized Oracle network supported by chainlink is used to connect the required credit services under the chain, such as identity services, relevant AML / KYC checks, Fico / vantage scores and relevant social media data.
Second, after analyzing and calculating the obtained data, reputation Dao will analyze and sort the scanned data related to personal accounts, Oracle machines and Dao.
Third, visualization. The analyzed data will be visualized so that users can use and understand the interactive information on their own or others' chain. Accounts, Oracle and Dao will be able to view and check their transaction history in the chain and evaluate relevant credit indicators.
On February 14, 2024, venture capital and kouto announced that they had participated in the financing of $4.7 million. Among them, chainlink co-founder Sergey Nazarov joined reputation Dao as a consultant.
Official website: https://reputation.link/
Related reading: "reputation Dao: establishing credit system on the chain and exploring extensive use cases of Delphi"
Spectral has created a programmable credit ecosystem to promote capital efficiency on the chain through credit risk analysis. Establish a credit based and fully executable financial portfolio for users, such as the credit free portfolio, and allow users to use spectral as the basis for the implementation of credit based financial innovation.
Spectrum's first product represents the macro (multi asset credit risk prediction machine) score of credit on the chain. It provides an improved mechanism for lenders to evaluate the risk of borrowers based on the loan history, liquidation history, arrears and repayment amount, credit portfolio and credit history length on the chain,
At the same time, spectrum introduces the concept of irreplaceable credit (NFC), which represents the transaction history of users in the chain. NFC allows users to bundle wallets and synchronize their transaction history in the chain to a single composable asset (erc-721). Pairing macro scores with NFC can produce a new programmable credit asset category framework. As the on chain transaction history of composable assets, it introduces a new primitive beyond financial applications in the whole Web3 ecosystem.
In November 2021, spectral announced the completion of US $6.75 million financing, led by polychain capital, Galaxy digital, social capital, parafi capital and edge & amp; Node ventures (the graph) and metapurpose ventures participate in the investment.
Official website: https://www.spectral.finance/
Related reading: a protocol for programmable creditworth
Arcx is a decentralized reputation agreement that allows users to release benefits through their actions on the chain in a decentralized financial world. Arcx does this by processing and scoring large amounts of data and then uploading it to the user's passport (non transferable NFT).
Arcx quantifies the credibility of the address on the chain according to the credit score of each defi passport holder. The credit score will be determined by analyzing the historical activity of the holder's Ethereum address, and its range is set to 0 to 999. This credit score determines the mortgage rate provided by the agreement to the user. After applying for a passport, users will be encouraged to improve their reputation in the chain by maximizing their scores in multiple "games", so that they can obtain various benefits, such as borrowing at a lower mortgage rate.
Arcx establishes a reputation system by providing participants with an untrusted way, and provides a mechanism for other protocols and platforms to identify, reward and further motivate good reputation, so as to serve Web3.
In June 2021, arcx completed a financing of US $1.3 million, led by dragonfly capital, scalar capital and ledger prime.
Official website: https://arcx.money
Related reading: understand arcx defi Passport: the source language of "sesame credit" in the world of defi