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.
Team Lead, Digital Bazaar