An identity blockchain announced without an ICO and having a token

The new infrastructure aims to clean up the mess in the area of digital identity
26 February 2018   837

Digital Bazaar today announced an identity blockchain project Veres One. What's special about it is that the company won't hold an ICO or release a dedicated token. Although nowadays ICOs are a usual way to raise funds, the drawback of such approach is that it puts the project developers in debt of the investors.

Especially when the purpose is to improve such critical area as digital identity, it needs to be as cost-effective as possible. Besides, now of digital identity is maintained by centralized service providers. And the events of the last several years has shown terrible vulnerabilities and proved to be prone to hacking, breaching and identity theft. On top of that, such initiatives as identity blockchain should be a global utility tool made available even for the most needy groups of society.

Regarding the architecture, Veres One is a public permissionless blockchain with a unique system of governance that include nodes, maintainers and a board of governors. Maintainers are going to further develop and improve the ledger while the board that consists of diverse (ethnically, geographically, culturally) individuals will establish the operational rules of the network. Such hierarchy will provide the necessary level of control and and balance.

Without a native internal currency, the blockchain will include fees set at $1 and promised to stay low. The project is at the testing phase. And if all goes well, then the launch is going to happen in the coming 2 to 4 months.

Fundamentally, what we're trying to do is build a fit for purpose ledger that is built for [the digital identity] use case and only for that use case - no token, no speculation. And we're inviting developers to bang on the network and break it.

 

Manu Sporny

Team Lead, Digital Bazaar

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   100

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.