In its Whitepaper, IAMX defines its vision, which is to empower all people on Earth with the realization of their human right to have an identity, and its mission, which is to protect the human right of every individual to have, control and own their personal identity.
This is how this development of Decentralized Digital Identity is presented in the Cardano blockchain.
What is identity?
We all have our identity. The definition of identity is “who you are”, and that is clearly spelled out in the Cambridge Dictionary.
Identity is not only the name of the person, but also the traits, the characteristics and, above all, the individual history, all of which differentiate human beings from each other.
Identity is the most precious thing we have, it can be said that private property is, but without identity we cannot have property. If our identity is erased, we lose our belonging.
Who gives the identity?
The State does not give us our identity, but registers it and attests to who we are.
We also have virtual identities in social networks, which speak of ourselves since they are part of the personality, since there are many people who dare to say things on Twitter or Facebook, and who do not say them personally to other people in life. physical, but they show a trait, and with that information a psychology professional could put together an identifying personality profile.
Therefore, identity is our own, we build it over time, and managing it is our responsibility and right.
I wrote two articles on Decentralized Digital Identity that I leave at the end.
IAMX is I am X
The IAMX team proposes a practical solution that incorporates the principles of sovereign identity, and ensures that it has the highest standards of security of personally identifiable information, thus redefining the economics of identity transactions.
With IAMX you are the owner of your identity. It’s user-centric, portable, multilingual, secure, privacy-guaranteed, decentralized, open, accessible, technology-neutral, and you can store it in the ledger of your choice.
‘I am who I say I am’, this is the basis of trust in any interaction in which the identity of an individual is not known.
Traditional Identification Documents include any identification issued by the State, such as a driver’s license, passport or student ID. These credentials can allow us to cross borders, or drive a car, and can provide a sense of security. However, they can be subject to fraud, leading to impersonation or identity theft, allowing bad actors access to protected rights or services. They can also be lost or stolen, and their replacement can be time- and resource-intensive for both the individual and the issuer.
While traditional documents do not provide the holder with any measure of consent to reveal attributes, beyond those required for specific authentication, holders of a digital identity have no way of mitigating their information from being shared by the issuer. These private data are often marketed without the consent of the owner.
The dangers of personal and digital identification management systems, such as centralization, the limitation of consent and security, and the economy of identity data, have motivated the development of solutions and technologies that allow the individual to maintain sovereignty about your identity and associated data.
Self-Sovereign Identity (SSI) is a new digital identity management paradigm in which the individual controls their identity without the intervention of centralized administrative authorities. It is an identity that is owned by the individual, where the individual is the sole owner of their identity and all the information it contains, and the owner retains the ability to decide on the identifiers they decide to share, with whom, and the nature and scope of its use.
SSI management systems do not rely on a centralized issuing body, which eliminates the risk of situations where authentication is not possible, and alleviates the difficulty of establishing trust in an identity interaction or transaction by reducing the circle from trust to peer interaction.
Decentralized blockchain networks such as Cardano offer an ideal platform for implementing self-sustaining identity ecosystems.
IAMX defends the principle of protection, using strict security and encryption protocols to protect users and their identities, where individuals are able to ensure their identity, controlling their identifiers and the scope of their use, maintaining autonomy over their passwords. encryption, and using end-to-end encryption.
Individuals can keep their identity private, sharing only the minimum identity data required for a given interaction.
Transparency allows any user of the system to be able to access and understand the documentation or information about the function of the SSI system, its rules, policies, algorithms and any other necessary relevant information.
IAMX is a token-based SSI and authentication system, allowing for one-click transactions that could be legally binding at the State level, should the government so decide.
Although IAMX is not the only Decentralized Identity (DId) solution, it is the first SSI solution that financially incentivizes and rewards the consumer every time they use their identity online. Other DId solutions are often isolated and provide limited functionality, requiring KYC, KYB and Anti-Money Laundering (AML) checks.
DIds are the storage solution for SSI, and are part of a larger system. In this case, the IAMX ecosystem.
IAMX rewards all parties that interact in the ecosystem, through a revenue sharing model based on affiliate marketing, a global business that amounts to 12,000 million dollars in 2022. Globally, one in five transactions takes place online in 2022, and by 2025 this is expected to rise to one in four.
Standard affiliate marketing models involve a Merchant paying a commission to other companies acting as Publishers, who in turn promote the Merchant’s products or services. In the IAMX sales model, an SSI layer is added by including third-party organizations, such as telecommunications companies, that can act as a Verifier if they have authenticated customer identity data. IAMX will partner with several large telecommunications companies, allowing IAMX endpoints to create these identities.
IAMX acts as a Publisher, receiving payments from potential Merchants, and in turn compensates the Verifier for its services. Furthermore, due to increased efficiency and instant revenue streams, IAMX compensates the Customer, the identity holder, in these transactions, thus including the individual as a beneficiary of the value of their own identity, which has never happened before.
- An individual / entity (Customer) has a legally required identifiable status with an accepted Issuer: eg, Telco, Bank, Insurance Co., The Sovereign State. With this status, they are deemed as being appropriate to create their individual IAMX DId.
- The DId is created using the credentials held by the Issuer and is in a fully GDPR-compliant format and is written to the ledger using the IAMX method.
- The Customer receives their DId into their IAMX wallet and is then presented with various offers from the affiliate partner stores and service providers (Verifier).
- The Verifier (partner store or service provider) then uses the Customer’s DId information (as shared by the Issuer) permitting one-click access to the offer, and ONLY receives the credentials necessary from within the DId needed to perform the transaction by reading the information from the ledger.
- The transaction is completed through the one-click fulfillment process and the KYC information verified in Step 1 is used to successfully record the transaction on the partners’ systems
You can see the complete scheme of its operation in this graphic:
Tokenomics
The IAMX token is considered a utility token, used to create and verify identities, as well as to enable 1-click compliance for transactions within the IAMX ecosystem.
The token distribution, as detailed below, is designed to reward early buyers by multiplying their allocation by 12x, based on the Fibonacci replicator algorithm. The first buyers of the IAMX token receive a maximum of 11 additional tokens based on a Fibonacci replicator algorithm, rewarding the use.
IAMX uses the Fibonacci sequence to ensure a balance between supply and demand, where the trigger event is based on usage, and to provide a weighted reward for early buyers of the IAMX token. This, combined with the Darwinian quantitative equation, ensures that the value and number of tokens reaches and maintains the proper ratio for a healthy economy as a whole.
Usage
80% of the total number of tokens in each generation is allocated to users, where 1 token is allocated for each new user. In the first generation this represents a total of 2.2 billion IAMX tokens. For example, if, as an issuer, a telecommunications company signs 10 million new users, 10 million IAMX tokens are minted and transferred to the wallets of each of the new users.
Token Purchases / IAMX ISPO
Each generation, 14% of the total amount of tokens is allocated to token purchases.
In phase 1, approximately 374 million tokens will be allocated to this category. The IAMX ISPO and private token sales will take place in five phases, according to the following table:
Pool: https://pool.pm/0c7173112ca61362d2ee05040973f2184968f2d4e769df86671c916b Delegation Center: https://delegation.iamx.id
Ticker: IAMX —Cardano Blockchain
Team
The IAMX team will be allocated 3% of the total token supply, which will be awarded based on the performance and achievements of the IAMX team members. In the first generation, this will amount to approximately 75 million IAMX tokens.
Marketing
2% of each generation’s token supply will go towards marketing efforts, to promote brand awareness and contribute to profitable customer acquisition. In the first generation, there will be approximately 50 million IAMX tokens allocated to Marketing.
Community
Each generation will see 1% of the generational offer delegated to the IAMX Pool. In the first generation, 1% represents approximately 26 million IAMX tokens.
Innovation
Lastly, 1% of each generation’s token supply is set aside to contribute to the development of future business areas and revenue streams. For the first generation, there will be approximately 25 million IAMX tokens allocated to Innovation.
Writer’s note: Innovation 1% + Marketing 2% + Team 3% + Community 1% + Investors 14% + Usage 80% = 101%, value that is not consistent.
Roadmap
Team
IAMX AG was founded in Zug, Switzerland, in November 2021, by Tim Heidfeld, CEO, Co-Founder and Tim Brückmann, CMO, Co-Founder
Website: https://iamx.id/home
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