ABOUT IAME
The IAME Identification Network is a decentralised identification system built for the Blockchain ecosystem.
The system allows parties in Blockchain transactions to verify the identity of each other without having to disclose non-essential sensitive personal information to other parties involved in the transaction. The system achieves this by fragmenting information into unintelligible data pieces that are then distributed to a multitude of independent third-party validators who verify the authenticity of each of these fragments.
The summation of those fragmented verifications constitutes a complete identity verification. Only the original owner of the information would have access to this data in a holistic and meaningful manner.
The system allows parties in Blockchain transactions to verify the identity of each other without having to disclose non-essential sensitive personal information to other parties involved in the transaction. The system achieves this by fragmenting information into unintelligible data pieces that are then distributed to a multitude of independent third-party validators who verify the authenticity of each of these fragments.
The summation of those fragmented verifications constitutes a complete identity verification. Only the original owner of the information would have access to this data in a holistic and meaningful manner.
A decentralized identification system that would allow parties performing blockchain transactions to verify, on a primary level, the identity of each other without having to disclose non-essential sensitive personal information to the counterparties; and on a secondary level the source of the Cryptocurrencies in the transaction. Identification would be conducted by a multitude of independent third party validators, each verifying fragments of information that together would constitute a complete verification, such that only the original owner of the sensitive personal information retains her/his data in a wholesome and useful way. The result of the identification process would be hashed onto a designated blockchain and made accessible on a public repository such that the identification status and source of the cryptocurrencies associated with specific blockchain addresses can be consulted, without compromising the unique identification data.
The solution we are proposing is to change the way the identification process is conducted to the point that a person’s data is fragmented prior to confirmation by a series of independent third parties, who are not affiliated to any parties within the transaction. The third parties would be assigned the task of confirming fractured pieces of personal data, which by themselves are useless to malicious parties, however, the sum of which would constitute a valid identification to the transactional counterparty. As a result of this, this would bypass the need for any transactional counterparty from having to process or store non-essential data.
The above process would take place on the IAME Identification Network, a purpose-built system to service the fragmented identification process,fueled by the IAM cryptographic token. Functionality of the IAME Identification Network would principally serve Blockchain P2P transactions, however, usage would be extensible to merchant transactions and financial institutions in the provision of blockchain related services.
The above process would take place on the IAME Identification Network, a purpose-built system to service the fragmented identification process,fueled by the IAM cryptographic token. Functionality of the IAME Identification Network would principally serve Blockchain P2P transactions, however, usage would be extensible to merchant transactions and financial institutions in the provision of blockchain related services.
The proposed IAME Identification Network would have a core that consists of
1) a client,
2) an allocation server,
3) a validation server,
4) a writeable blockchain, and
5) an identity server. Each component would carry out specific functions that can be demonstrated in 2 processes - a validation process, and an identification process.
1) a client,
2) an allocation server,
3) a validation server,
4) a writeable blockchain, and
5) an identity server. Each component would carry out specific functions that can be demonstrated in 2 processes - a validation process, and an identification process.
The validation process would be the operation through which the client would have her/his information validated by third-party validators. The process is as shown below:
1. Upon request, statements and their corresponding supporting information would be fragmented at the client level and encrypted into validation packets to be sent to the allocation server.
2. The allocation server would control the random allocation of validation packets to third-party validators, who would return the result of their validations to the validation server.
3. Once the above is completed, the validation server would evaluate the validations from the third-party validators, and hash numeric or boolean confirmations paired to specific statements on a designated writeable blockchain.
For a counterparty to transact with a client, an identification process has to be completed. This process is based on the counterparty’s own specific requirements.
1. Assuming that the counterparty requires Data 1,2,.. n to be validated for a specific transaction with a party, the counterparty sends a request to the Identity Server for the validation status of Data 1,2,.. n.
2. The Identity Server reads the blockchain for validation status of Data 1,2,.. n for the party, and returns the validation data to the counterparty, and from thereon the counterparty can complete the transaction.
1. Upon request, statements and their corresponding supporting information would be fragmented at the client level and encrypted into validation packets to be sent to the allocation server.
2. The allocation server would control the random allocation of validation packets to third-party validators, who would return the result of their validations to the validation server.
3. Once the above is completed, the validation server would evaluate the validations from the third-party validators, and hash numeric or boolean confirmations paired to specific statements on a designated writeable blockchain.
For a counterparty to transact with a client, an identification process has to be completed. This process is based on the counterparty’s own specific requirements.
1. Assuming that the counterparty requires Data 1,2,.. n to be validated for a specific transaction with a party, the counterparty sends a request to the Identity Server for the validation status of Data 1,2,.. n.
2. The Identity Server reads the blockchain for validation status of Data 1,2,.. n for the party, and returns the validation data to the counterparty, and from thereon the counterparty can complete the transaction.
As per the previous diagram, a party can self-identify her/his statements for transactional counterparties, while the wholesomeness of sensitive data is retained solely by the owner of the data, rendering acquisition of sensitive data by malicious third-party validators pointless.
While the IAME Identification Network would not be a bypass for data sharing between transactional counterparties, it would serve to segregate the distribution and validation of non-essential sensitive personal information.
While the IAME Identification Network would not be a bypass for data sharing between transactional counterparties, it would serve to segregate the distribution and validation of non-essential sensitive personal information.
THE IAM TOKEN
To operate the IAME Identification Network, a functional token will be issued, known as the IAM Token, which would operate as a validation token to initiate confirmation requests for validation packets on the IAME Identification Network. Parties would spend the token through the IAME Identification Network client and after deduction of equivalent blockchain hashing costs, the balance of IAM token would be paid out as reward to third-party validators who operate the validation processes on a for-profit basis.
This would attribute not a store of value to the token but a market value based on natural demand and supply for identification processes. The value of the IAM Token would be, in essence, determined by 2 factors:
1. The cost of validation, which would be proportional to the financial cost of hashing the requested amount of data on the designated blockchain, setting a price floor for the token
2. Market demand, which would be proportional to the demand for blockchain identification based on the IAME Identification Network.
Because of the the ephemeral aspect of data validation in the field of identification, market demand would remain recurring and would only increase with an increased adoption of the IAME Identification Network.
This would attribute not a store of value to the token but a market value based on natural demand and supply for identification processes. The value of the IAM Token would be, in essence, determined by 2 factors:
1. The cost of validation, which would be proportional to the financial cost of hashing the requested amount of data on the designated blockchain, setting a price floor for the token
2. Market demand, which would be proportional to the demand for blockchain identification based on the IAME Identification Network.
Because of the the ephemeral aspect of data validation in the field of identification, market demand would remain recurring and would only increase with an increased adoption of the IAME Identification Network.
Using the proposed IAME Identification Network laid out in this blog, we seek to resolve the problem parties face in blockchain transactions by having to identify themselves with a multitude of counterparties, while both preserving the anonymity of the transacting party, and satisfying the need for counterparties to conduct a certain level due diligence on clients.
There is both a practical imperative and commercial need for a non-invasive identification system for decentralised blockchain technology and we believe that the IAME Identification Network will be the bridge that will link blockchain technology to the regulated world.
There is both a practical imperative and commercial need for a non-invasive identification system for decentralised blockchain technology and we believe that the IAME Identification Network will be the bridge that will link blockchain technology to the regulated world.
ICO
The purpose of the IAME Initial Coin Offering is to raise funds for the development and commercialisation of the IAME Identification Network. The ICO will be lean and will only involve two cryptographic assets, Ethereum and the IAM Token.
For more information please click the link below:
Website : https://iame.io/
Whitepapper : https://iame.io/res/180301-IAME-White-Paper-en.pdf
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Author : TsabArt
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Address : 0x7ce231c609Ff5dD02aB38d4ca467cfE182Af7e0d
Website : https://iame.io/
Whitepapper : https://iame.io/res/180301-IAME-White-Paper-en.pdf
Facebook : Click Here
Twitter : Click Here
Telegram : Join Here
Author : TsabArt
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1388259
Address : 0x7ce231c609Ff5dD02aB38d4ca467cfE182Af7e0d
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