DID ICO REVIEW

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Your ID In Your Control

WHAT IS DID?

DID is a software schema and a Foundation geared towards protecting your ID on the Blockchain. DID puts your ID in your control by Decentralizing it

Decentralized ID (or DID) is

(A) A schema to provide authentication services securely on a Decentralized network.

(B) A Democratic Blockchain-based Foundation geared towards protecting people’s IDs on Decentralized Computer Systems.

As of its launch in September 2017, DID comes with a working software schema based on mobile wallets and the Ethereum Network to show how ID transfer can be performed on a Blockchain. DID also provides a draft proposal for how to achieve this and recommends starting a foundation to oversee how ID is being used/transferred in a Crypto-world. The project is working closely with a Government department to conduct a pilot study of putting National ID cards on the Blockchain.

What Problems does DID solve?

1. There does not exist a two-way trust mechanism with ID transfers on the Blockchain. DID provides just that.

2. There exists no secure way to issue an ID card, a license, a passport or a visa using the current communication channels. DID employs a public Blockchain network to show how ID can be issued securely on a Blockchain.

WHAT DOES DID DO ?

A. Transfers your ID on the Blockchain: (Like an Internet Login)

B. Issues IDs on the Blockchain: (Like issuing a driving license)

C. Provides P2P ID transfers: (Like two people showing their ID cards to one another)

TAKE CONTROL OF YOUR ID

How DID Protects your ID The DID system and the DID Foundation are geared towards protecting your ID and putting you in control of your ID. This is how DID protects your ID: In Traditional Systems :

1. Your ID is stored on a private cloud

2. Your ID is in control of an organization

3. Your ID is being abused and tracked

4. There is no proof of ID transfer

5. SSL is breakable and monopolized

6. There is a totalitarian approach to your ID request on the Internet

7. No way to issue IDs securely

In a DID System :

1. Your ID is stored on your own device.

2. Your ID is in your control which you transfer as you require

3. The DID Foundation ensures that any usage of your data is approved by you

4. Proof of transaction available on a distributed ledger

5. BOCA certificates ensure security and legitimacy of the request

6. The DID system provides a two-way trust mechanism

7. Complete Blockchain backed ID issuance scheme

How does DID work ?

The DID system works by employing smart contracts on a distributed network. The smart contracts form the logical and programming unit of the schema. The DID software is broken down into the following blocks :

1. Mobile App: For the end-user to interact with the system.

2. DID endpoints: Carry out user instructions securely over the blockchain

3. DID API & Marketplace: For developers to provide a Login with DID system and to work with BOCA certificates.

4. BOCA issuance: A platform for the IDrequesting bodies to register to provide their authenticity to the end users.

Currently based on the Ethereum Mainnet, DID is a functional schema that you can try today. See how your ID gets transferred over the Blockchain

Use Cases of the DID System

The DID system can be used as :

1. Logging into websites

2. Showing your Passport on a border

3. Proving your ID to an Officer

4. Providing your ID like a business card to another person

5. Holding bank accounts 6. Holding memberships

7. As reward cards

8. As a Debit Card associated with your ID

9. Logging into smart devices

10. Proving presence

11. Logging in into an office (HR)

12. A means to issue ID cards, Passports and Visas.

13. A means to issue licenses. E.g. Driving license, medical practitioner license, gun license.

14. A means to issue membership of an organization.

15. A means to issue Medical records on the Blockchain.

16. A means to provide trust in figures of Authority. E.g. Policemen, Traffic wardens etc.

17.A means to provide trust in an ID-requesting body.

Business Cases of the DID System

The DID Foundation, while non-profit, will re-invest its profit into the foundation to further its objectives. We envision the DID Foundation to be a fully-funded organization in the near future. The Foundation will make it’s monies from :

1. Charging a percentage on top of a cost of a DID transactions: Given that this DID txn cost can be funded either by the user or the requester, DID transactions are to grow to a million transactions per month by the end of 2018. Thus, the main source of income will be providing intermediately services.

2. Issuing BOCA Certificates: Exactly like SSL, these certificates will prove the authenticity of an ID requesting body. The DID Foundation will charge for issuance of these certificates and will become the sole authority to provide this level of verification. Imagine SSL being converted into BOCA and the DID foundation looking after the BOCA sales and implementation.

THE DECENTRALIZED FOUNDATION

Why a Foundation ?

We believe that the Decentralized-world is a revolution and a paradigm shift from the communications structure we have in the world at the moment. Very soon, data will become decentralized and with that, people’s IDs.

The proposed Foundation will work towards guaranteeing that people IDs and privacy are protected. We currently see the Internet world in disarray with respect to privacy and IDs. Your data is being controlled by a few companies and on a few servers.

You do not have control over your IDs. Your IDs, be it a login or cookies on a website, are being misused and abused. We require an organization rather than a company as a bridge between ID-requesting bodies and IDholders.

The foundation intends to lead ID verification attempts on a decentralized scheme and drive a future where your ID is in your control.

All sums raised by the ICO will be forwarded to the proposed DID Foundation.

Charter of the Foundation :

1. Protecting your ID

The #1 objective of this foundation is to protect and put you in control of your ID on the Blockchain. At its heart, the foundation exists to decentralize your Identification to protect YOUR interests.

2. Providing Trust The foundation will form a trust platform where publishers and subscribers gather together to transfer ID over the Blockchain securely and with full trust of both parties.

3. Crypto-Positive We believe that crypto technology is a new parallel Internet being formed today. We want to be the reason and the first step that people take towards a crypto-future.

Join The Foundation By Holding 1 DID

Members of the Foundation DID is a democratic foundation where holders of the DID tokens become voting member of the foundation. The proposed Foundation will have two types of members:

1. Full Members: All DID holders.

2. Resident Full Members: DID holders who decide to join the Foundation as resident members of the physical foundation in the UK.

All Full members get to vote in all proposals put forward by the Foundation to vote on. The Foundation will make sure that all proposals are put forward to all voting members. Any DID holder can decide to put forward his/her name for inclusion into the DID Foundation in the UK. The UK Charities commission & Trustee Investment acts require all members of a Foundation to have an impeccable record. All applicants who pass these criteria will be invited to join the physical Foundation. DID is a Crypto token based on ERC20 standard that are exchangeable, transferable and consumable. These tokens prove membership of the foundation.

Functions of the Proposed Foundation

1. BOCA Issuance: To verify requests for organisations looking to get a BOCA certificate. This includes vetting internal processes as well as getting guarantees from the issued-to party to observe our “template scheme”.

2. Work with the Government: To get different worldwide governments involved in looking into issuing IDs on the Blockchain. In this respect, a few inward enquiries are already pending for the foundation to take up.

3. Extending Technology: To further develop the software and the schema.

4. Reducing the cost of DID transaction: The Foundation will look at alternatives and other Blockchains to make sure that a DID token goes a long way in terms of transactional fee. 5. Promoting a Crypto-positive Future: To promote a positive awareness around Blockchain and the crypto world

Trust Platform

The DID foundation wants to get publishers and subscribers on a single platform to streamline ID/login/cookie requirements in a decentralized world. This means coming to consensus on issues concerning how ID is used, how ID is stored, how ID is retrieved and how to further protect people’s privacy. The current state of ID protection and sharing is abysmal. This will change with the Decentralized revolution and we want to be the voice of reason and an arbitrator between publishers and subscribers. We are also in talks with a few Government agencies to see how trust in official IDs can be decentralized over a public Blockchain network and be 100% tamper-proof. We are passionate about a Decentralized future. If you are too, join the Foundation.

Current Status

The DID system was launched by Torquesol UK Limited. Registered in England & Wales vide Coy. No. 07360412. 2.7

Future Plans

After a successful ICO in Q1 2018, Torquesol UK Ltd will form a Foundation, in accordance with Charities & Trustee Investment acts under the UK laws, putting in a budget as provided by the ICO participants. This Foundation will be independent of Torquesol UK Ltd and will invite all DID holders to register as Voting members of the foundation. The Foundation will work on the sole main agenda of: Protecting your ID over a Decentralized Network.

TOKEN FACT SHEET

DESCRIPTION : THE PRIMARY CURRENCY OF THE PLATFORM. DID TOKENS ARE IN-APP CREDITS THAT USERS USE WHENEVER THEY WANT TO DO AN ID TRANSACTION.
TOKEN NAME : DECENTRALIZED ID TOKEN
TOKEN SYMBOL: DID
TOTAL SUPPLY : 20 BILLION TOKENS. 20,000,000,000
STARTING VALUE : USD 0.001
ICO PHASE-1 VALUE : USD 0.0013
WHERE TO GET DIDS : (A) FROM THE FAUCET: HTTPS:// FAUCET.DECENTRALIZED.ID (B) BY PARTICIPATING IN THE (PRE)ICO. (C) BY EXCHANGE/TRANSFER
ICO DATE: STARTING : 04/01/2018
HARD CAP : NIL CURRENCIES ACCEPTED: BTC, ETH, BCH
DID ROADMAP : THE FOUNDATION WILL ATTEMPT TO PROVIDE MORE ID TRANSACTIONS PER DID CONSUMED TO INCREASE THE TOKEN’S WORTH

Smart Contract

Decentralized Network : Ethereum Mainnet

Token Contract Address: 0x315970bE5a362Fc89ab4240c52A78043211FFF1E

Token Symbol: DID Decimals: 18

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