ERC725: self-sovereign identity standard for ETH released

Ethereum developer Fabian Vogelsteller creates Ethereum Request for Comment 725 (ERC725) on GitHub
12 October 2017   2089

Ethereum developer Fabian Vogelsteller created Ethereum Request for Comment 725 (ERC725) on GitHub. Despite the fact, that the project doesn’t even have an assigned Ethereum Improvement Proposal number, within 24 hours, the plan for a standardized identity system for humans and machines gained significant hype.

On GitHub, UX designer and fellow Ethereum Foundation member Alex Van de Sande called the ERC “very useful,” while suggesting some adjustments.

In an email to ethnews.com, Vogelsteller explaines, that “identity is certainly one of the most [important] missing pieces in the blockchain ecosystem". According to the creator, ERC725 solves quite a lot of problems. 

“This needs to be standardized so that other contracts can interact with real world identities, automatically check and verify them. It’s not mainly necessary for interfaces alone. Also, this contract represents ONE identity. The addition of claims needs to be standardized, so that other identities can issue claims about each other.
 

Fabian Vogelsteller
Ethereum Request for Comment 725 (ERC725) creator

As the man views it, crrently everybody collects all information about you separately to make sure they know who you are (e.g. banks, credit services, or any service which needs to have KYC). A standard will help insofar that everybody can auto check certain claims, and therefore don’t need to store actual details about you anymore, as they - as long as they trust the claim issuer – don’t need to have the actual information. The current over-collecting is because of lack of a better system.

On October 12th, Fabian Vogelsteller is to present ERC725 at the Ethereum London Meetup. What the future has in stock for it, remains to be seen, yet is is definitely worth monitoring.

Ethereum price chart on coinmarketcap.com
Ethereum price chart on coinmarketcap.com

Meanwhile, at the time of writing, Ethereum price is about $303.33, its market capitalization is $28,835,297,776.

dOrg to Become The First DAO With Legal Status in US

DAO is a company in which the centralized leadership and hierarchy is replaced by a smart contract
13 June 2019   204

The decentralized autonomous organization (DAO) dOrg based on the DAOstack framework registered dOrg LLC in Vermont, USA. This was the first precedent in the United States, according to law firm Gravel & Shea.

According to the company, the blockchain-based limited liability company (BBLLC) has a legal status, which allows it to enter into agreements and protect the interests of participants in accordance with applicable law.

Note that a DAO is a company in which the centralized leadership and hierarchy is replaced by a smart contract. Decisions in such organizations are made by voting by the participants, which provides consensus.

dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.
 

Oliver Goodenough

Law professor, Vermont Law School and special counsel, Gravel & Shea

dOrg believes that they have made the first step in integrating the DAO format into the existing economy.

Some time ago, Moloch DAO attracted 1000 ETH from Vitalik Buterin, Joseph Lubin, start-up ConsenSys and non-profit organization Ethereum Foundation.