ERC725: self-sovereign identity standard for ETH released

Ethereum developer Fabian Vogelsteller creates Ethereum Request for Comment 725 (ERC725) on GitHub
12 October 2017   1265

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.

Prime Trust to Launch Custody Service for Crypto

CEO claimed his company will be the first to offer custody for any ERC-20 tokens
15 August 2018   172

Prime Trust announced the launch of the cryptocurrency custody service. This is reported by the Coindesk.

It became known that as early as the middle of July, the bitcoin storage service became available to customers, and next week support for Ethereum and ERC-20 tokens will be added.

In cryptographic storages, the access key to the wallet is stored either on a secure device not connected to the network or on paper in a safe.

Recently, information has appeared that several financial market mastodons, including Goldman Sachs, Northern Trust and Intercontinental Exchange, plan to provide custodian services for cryptocurrencies. However, according to Prime Trust head Scott Purcell, they were able to get ahead of the above-mentioned organizations.

They are trillion-dollar Fortune 100 entities, and they are just not going to move that fast. "We had had an engineering breakthrough which now enables us to easily cold-storage any ERC-20 token (along with BTC and ETH, of course).
 

Scott Purcell

CEO, Price Trust

Also, Scott notes that Prime Trust will be the first company to offer any ERC-20 tokens storage services.