Blockchain 3.0 (Part 4): Digital Identity Verification

In the previous article, we mentioned the decentralized DNS service Namecoin. Decentralized DNS can derive more functions, such as digital identity.

Bitcoin faces a problem: the Zooko triangle problem. Of course, this is not only faced by Bitcoin, but also by all network communication systems: giving users an identity identifier while ensuring its security, decentralization, and ease of use (Bitcoin addresses are a string of 32-bit characters, and humans cannot remember such identifiers).

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Therefore, if blockchain is to be easily accepted by the public, this problem must be solved, and an innovative solution is needed. Namecoin can solve this problem. Namecoin can be used not only to store URLs, but also to store any other information. Namecoin can bind the public key (32-bit string, i.e., the network digital identity) to a human-friendly name (Li Si), thereby providing a digital identity solution.

There are currently several digital identity solutions: OneName, BitID and Bithandle.

Bitcoin wallet service provider Coinbase provides a convenient solution for sending and receiving Bitcoin: by binding email and Bitcoin address, users can use email to receive Bitcoin, just like sending and receiving emails. OneName borrows this idea, but goes a step further, email is replaced by user name (such as Li Si). If you want to transfer money to Li Si, you can add a "+" sign in front of the name, such as "+Li Si", and you can pay Li Si directly, just as convenient as sending a message to @Li Si on Weibo.

Many websites now use centralized third-party logins, such as QQ login and Weibo login. In the future, we may use decentralized third-party services like OneName to log in, which can be used by name, address or QR code, and bound to the mobile phone, so that you can freely browse the Internet world. When purchasing on e-commerce websites, there is no need to bind the card, transfer to Alipay, WeChat and other operations, and directly use the digital wallet to purchase with one click.

The global identity authentication market will be worth 10 billion US dollars next year. I believe that there will soon be companies in China that will provide localized digital identity services.

About me: My online name is Blue Lotus, my real name is Wang Xiaoming, WeChat/QQ: 263305605. I am a partner of Zhaoxi Network (zhaoxi.co). I am committed to promoting the development of the blockchain industry and promoting blockchain solutions.

http://wangxiaoming.com/blog/2016/03/24/blockchain-3-digital-identity/