This week’s visitor on the Cardano NFT Column is a venture that’s serving to NFT tasks with its DID (Decentralized Identity) answer: IAMX.
The earlier visitor was a venture launching a Play And Earn (P&E) cell recreation on each Cardano and Solana.
This initiative is a degree of reference for NFTs on Cardano and each week or two we are going to invite somebody to reply some questions and provides us an replace immediately from throughout the Cardano group.
Considering that a lot of our readers are new to the crypto area, we could have a mixture of easy and technical questions.
Cardano NFT venture: IAMX
Cardano venture IAMX helps NFT tasks with decentralized identities
Hey, glad to have you ever right here. Please introduce your workforce, the place are you from, what are your backgrounds?
Thanks for having us! So by way of our workforce our two Co-founders Tim Heidfeld and Tim Brueckmann have a protracted expertise inside Telecommunications and Affiliate Marketing in Germany the place they’ve helped construct up and exited a number of corporations.
In whole we’re 25 individuals on the workforce, greater than half of whom are a part of the event workforce and that is additionally the place our present ongoing recruitment efforts lie. We’re additionally fortunate to depend amongst us a number of extremely skilled professionals on the enterprise growth and advertising facet, comparable to our Thomas Tallis, Nicholas Collinson, Andre Eilertsen, Andrew Forson and Lise Wessel who all, not solely have a confirmed observe report throughout the blockchain sphere, however who brings with them additionally a world enterprise acumen wanted to develop and ship our providers world-broad.
Leading our growth workforce is our extremely skilled CTO Dennis Mittmann who has been in blockchain since 2012. He’s additionally an knowledgeable in excessive site visitors environments which is crucial for the huge scaling we’re planning. Markus Sabadello guides our efforts so we’re at all times aligned with the most effective analysis. Markus is taken into account one of many world’s most famous SSI and DID consultants serving in addition to a number one researcher on W3C (The World Wide Web Consortium).
What is IAMX and why have you ever chosen the Cardano blockchain in your venture?
IAMX is a token-based mostly decentralised Identity and authentication protocol that empowers people with the means to personal their identification. Adhering to the strictest of regulatory requirements for identification safety, we offer a sturdy and safe system the place people are capable of take management and handle their identification.
Users of IAMX will realise important time and value financial savings via novel approaches to identification administration and ecommerce transactions, like 1-click on fulfilment, that are legally binding and preserve native regulatory compliance. With customers accountable for their identification knowledge, time-consuming processes like Form-Filling, Know Your Customer (KYC) or Know Your Business (KYB) change into close to immediate, extremely safe transactions.
IAMX”s mission is to empower customers in terms of their identification
We construct upon the foundations of Self-Sovereign Identity (SSI), blockchain, and DIDs, enabling people, organisations, or any entity to show their identification impartial of exterior events or centralised authorities. This approach, the authenticity of something tied to an IAMX DID could be independently confirmed by the entity holding the DID. Our DID-technique did:iamx was authorized by the W3C in March 2022 and is absolutely GDPR and privateness compliant.
On high of on a regular basis-saving and privateness advantages, the customers of IAMX might be incentivized to make use of their identification benefitting from upgrades, reductions or cashbacks each time they use their IAMX Identity in a web based transaction. The companies utilizing IAMX can even have important upsides by way of every little thing from important price financial savings in contrast with at this time’s options to a rise in conversion charges on account of IAMX simplifying buyer onboarding. Other enterprise companions, comparable to Telecommunication corporations or different organisations which might be required to hold out buyer KYCs, might be appearing as verifiers of information and as such will be capable to profit from life-time-revenues as they are going to be awarded a part of the affiliate internet marketing charges generated within the IAMX Marketplace.
We determined to launch on Cardano as a result of we had a pure affinity to this blockchain as our workforce architect Tim Brueckmann was already working a stake pool. The extra sustainable proof-of-stake that Cardano provides in addition to the superb Cardano Community have been additionally deciding elements. However, IAMX’s answer is chain agnostic and we are able to already resolve on 50 ledgers and register on 8.
Tell us about your NFT Identity Verification answer and the way that works? How does KYC match into this?
So in terms of NFTs, platforms like marketplaces manually assess NFT tasks on a case-by-case foundation for verification, which isn’t solely time-consuming but additionally not scalable, as cross-platform verification has not been possible for a lot of as a result of it calls for an excessive amount of work. This requires NFT venture creators to undergo comparable rounds on totally different platforms, typically leaving them pissed off. This is the place DIDs are available. With a DID, venture creators can show their identification in a decentralized approach, without having to fill out private data each time after which await handbook verification.
So the way in which it really works is that whenever you need to confirm your identification and tie it to your NFT venture(s) you create a DID by efficiently logging in to numerous social media comparable to Twitter, Discord, GitHub, Facebook, Apple, Google and so forth. Take a glance right here for extra data.
This DID is then added to your NFT-assortment and future patrons can see that the NFT they’re shopping for is verified. They can go right here and discover all the required data within the DID. So for instance if the NFT creator is Snoop Dogg and the DID proves that the mentioned NFT Creator has efficiently logged into Snoop Dogg’s Twitter account this permits for an especially excessive chance of the NFT being genuine.
IAMX’s imaginative and prescient is expounded to the human proper to have an identification
When it involves the KYC side this has but to be applied into the vNFT but it surely’s coming. The KYC knowledge might be saved within the Identity Wallet of the NFT Creator and the DID will present that the NFT Creator has carried out a KYC, however the precise KYC knowledge won’t be saved within the NFT. The level of getting the KYC being a part of it’s so that once more it offers the additional reassurance that the NFT Creator is who they are saying they’re and helps avoiding scams.
What does the long run maintain? Where do you see IAMX in 1, 5 and 10 years respectively?
We see ourselves on the forefront of the Web3 revolution, bringing the world’s most safe, decentralized, and consumer-pleasant Self-Sovereign Identity (SSI) answer to the Internet.
Within the subsequent yr the IAMX Identity Wallet might be launched and so will our iOS & Android Marketplace app. We could have already partnered with greater than 50.000 corporations.
Within 5 years IAMX would be the world main supplier of Identity options for Web3, connecting your IAMX Identity pockets might be as pure to the method of getting into the web as opening a URL is at the moment. We would in impact have added the layer of identification and authentication to the Internet, with IAMX in 5 years it is possible for you to to deal with the Internet like you might be at all times logged in.
Pursuant to our mission and imaginative and prescient, IAMX is working to resolve the issue of offering an identification to the billions of people that don’t at the moment have a state-recognised, authorized identification. In 10 years we envision having made important inroads by way of creating identities for the greater than 1 Billion individuals on this planet that at the moment stay with out having an identification. Our dream could be to have lowered this quantity by greater than 80% within the subsequent 10 years. We assume we are able to make it occur!
Great contribution. Any closing ideas? Where can individuals get in contact?
Thank you! When it involves closing ideas we imagine the period of your identification serving because the product, managed and capitalised by corporates is coming to an finish. It is time so that you can take possession of your identification.
We hope you’ll be part of us on this journey and we are able to simply be reached each on Discord and Telegram. You may even drop us a line on [email protected] and we might additionally find it irresistible in the event you dropped by our Identity Lounge on Twitter which is each Tuesday at 7 PM CET/1PM EST. All hyperlinks could be discovered right here.
Disclaimer: The opinions and views of the individuals interviewed are their very own and don’t essentially mirror these of the Cardano Foundation or IOG. Moreover, this content material is for instructional functions, it doesn’t represent monetary recommendation.
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