China’s leading public blockchain Metaverse, has been committed to creating a combination of smart property, Avatar and oracle as one public blockchain since its inception.
Metaverse mainnet was officially launched on 11th February 2017. After only 7 months, the Metaverse team releases the world’s leading digital identity function“Avatar” and BaaS service in September 5th.
Digital Identity: blockchain’s missing link
As the Internet emerges, user names and passwords have become a common method of digital identity authentication. Data sharing and repeated registration of centralized institutions as well as third-parties still exist, which can’t soundly guarantee security and privacy of personal information and also wastes a lot of time and resources.
There are a number of different blockchain protocols and implementations in the current blockchain ecosystem. All identity issues must follow this process: to prove who owns what, and who does what with whom. While anonymity has some advantages in certain protocols such as Bitcoin, it will not be a powerful trait when blockchain technology and its applications are implemented globally. We need to know what we are dealing with, and we identify people by their names rather than a string of numbers. The ‘missing link’ in blockchains is therefore identity, which is often overlooked in many public blockchain protocols: it would allow the concept of digital assets to flourish and financial applications to display their full potential in online banking and other financial institutions.
Feature of “Avatar” Digital Identity
Avatar (digital identities) will be based on the Metaverse ecosystem and its underlying functions. Its applications will be centered around BaaS and the Metaverse Wallet, aiming to offer verifiable and authoritative infrastructure services for all walks of life.
An avatar is the general name given to an account’s profile information, corresponding to the master private key belonging to a user. Each profile has a unique identifier called DID (Digital Identity, similar to an alias for Bitshares) in Metaverse. Avatar include the roles of Oracle and ordinary users.
Registering valid off-chain data associated with an avatar requires the following four steps:
1, Users with data must establish his/her avatar on Metaverse, provide data with its own format, and submit this data to an Oracle who is responsible for data authentication and endorsement.
2, Oracles (one of the Avatar) qualified to endorse data will verify the validity and authenticity of the submitted data;
3, After the data is signed by its owner and an Oracle, it will be bound with the owner’s avatar through master private keys.
4, other users can view detailed information about this data after the data owner’s gives his authorization.
Blockchain as a Service
The concept of BaaS (Blockchain as a Service) was first proposed by Metaverse, that is to say enterprises or individuals can customize blockchain services for blockchain solutions providers according to their actual needs.
Metaverse’s BaaS (Blockchain as a service) framework mainly caters to business users, such as individuals or businesses with transactions or asset management needs. Business users can no longer be grouped as they traditionally were and BaaS must be able to cater to any user, even digital identities.
We are convinced that digital identities and Bass application would be used in the fields including insurance, borrowing, audit as well as credit. Metaverse continues to improve its digital identity system and will expand on the available basic services so that more third-party developers can develop plug-in applications based on the Metaverse blockchain, increasing the ease of use of our Wallet and identity management services for ordinary users.
For more detail, you can download the Avatar white paper via http://mvs.live now.
Reprinted article from Caixing Global: