SelfKey is proud to launch the whitepaper of its distinctive Proof of Individuality (POI) system, an revolutionary strategy to a “proof of personhood” system which can assist mitigate Sybil assaults. The POI system is constructed on high of SelfKey verifiable credentials and extends the present SelfKey decentralized and trustless id verification system that powers purposes within the blockchain ecosystem. SelfKey is releasing the POI whitepaper for public suggestions and overview, and the system will launch as a DAO, ruled and supported by its personal token, LOCK, which might solely be earned by means of KEY staking.
The POI system goals to allow Sybil-resistant identities and decentralized consumer identification. As most blockchain techniques use pockets addresses for identification, it’s a present problem to validate that one handle represents one individual, as one individual is definitely capable of create a number of key pairs. As a consequence, most blockchain governance techniques sadly are ruled as plutocracies, by which energy is concentrated within the largest token holders. As a substitute of this flawed sort of governance, a POI system is a part of a holistic answer to DeGov, as talked about by Vitalik Buterin in his article: “Transferring past coin governance.”
SelfKey’s POI depends on a lot of totally different options to forestall a Sybil assault by way of biometric information and shelling video games, pushed by the decentralized work of the POI customers themselves.
The POI system ties a pockets to a single individual with out having to reveal the precise id of the individual to anybody requiring POI. Exterior observers can merely confirm that this pockets handle is owned by an individual who offered proof of id and that the pockets handle ought to characterize one distinctive human.
“We’re actually excited to unveil the brand new POI whitepaper to the world,”
mentioned Edmund Lowell, Head of Product at SelfKey.
“Tackling id and governance points is paramount to blockchain, Web3 and, ultimately, all the world. And not using a direct democracy, blockchain tasks are left with energy by wealth—a naturally centralizing pressure. As this undertaking will launch as a DAO, it’s essential for a broad spectrum of customers to become involved, take part, because the group is a very powerful facet of a decentralized system.”