With the rise of the Internet, usernames and passwords have become a common method of digital identity authentication. Various centralized institutions and third parties employ tedious verification methods and identity systems that lack interoperability. Furthermore, these systems are unable to guarantee the security and privacy of personal information, and could be wasting significant time and resources by requiring one to register multiple times. Given this situation, extensive research of blockchain-based digital identities was conducted to provide relevant solutions.
Metaverse is a decentralized open platform based on public blockchain technology that encompasses Digital Assets and Digital Identities. By building a 2B2C general technology platform, Metaverse digitizes assets such as rare goods (artwork and antiques), intellectual property, and rights to earnings from financial instruments to improve market efficiency. Through digital identities, Metaverse connects separate stores of value to form an internet of value.
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.
Digital identity is the general name given to an account’s profile information, corresponding to the master private key that belongs to a user. Each profile has a unique identifier called DID (Digital Identity, similar to an alias in Bitshares) in Metaverse. Digital identities include the roles of Oracle and ordinary users – any digital identity can apply to be an Oracle or ordinary user, and participate in applications using their digital identities.
There is a one-to-many relationship between master private keys and digital identities, and any entity (individuals, organizations etc.) may create a digital identity and bind it with their master private key. Additionally, profiles can also provide effective chains of proof, allowing users to issue assets on the blockchain and use the authorization and query functions.
The Metaverse blockchain does not provide credit rating services, but will provide objective and effective datasets. Digital identity holders may authorize their DID to third-party applications, which will then provide price data (including transaction record statistics, asset information statistics and risk identification) of their assets that serves as the basis for the datasets.
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 transaction or asset management needs. In the future, business users can no longer be grouped as they conventionally were and BaaS must be able to cater to any user, even digital identities.
We believe that Digital Identity and BaaS will eventually be applied in many fields including insurance, borrowing, auditing and credit. Metaverse continues to improve its digital identity system and expand applicable infrastructure services in order to engage more third-party developers to build applications based on the Metaverse blockchain, increasing the ease of using our Wallet and identity management services for ordinary users.
For more information, please visit Metaverse website: https://mvs.org
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