Identity Oracle Crypto Coins On Tezos

TezID is an answer to building proof of identity on the Tezos blockchain and connects that identity to a Tezos address.

This means a TezID program can be applied to make specific procedures for which a verified identification is necessary or when people should only be authorized to act once.

TezID runs on complete KYC techniques to carry proof of government ids and proof of natural addresses.

Identity Oracle Crypto Coins  TezID https://tezid.net/ is live on Tezos mainnet and can be practiced to establish a specific Tezos address owned by two digital identity types: email addresses and phone numbers. The method is pretty 

simple:

1. A person should join their wallet to the TezID dapp
2. A Person enrolls their address with the TezID Smart Contract
3. A Person records one of the sustained proofs with the TezID Smart Contract
4. A Person demands a verifying code from the oracle
5. The oracle proves the uniqueness of the property (you cannot register the one email twice)
6. The oracle assigns a verifying code to the property
7. The user gets the verifying code and inserts it in the TezID dapp
8. The oracle indicates the proof as established in the Smart Contract

Once the proof has been enrolled on the TezID oracle, applications can request the oracle and confirm if an address passes the needed proofs. 

Currently, there’s a decentralized polling application in the works that will use TezID. The program is to have a chain of different polling contracts available; 1p1v, QV, etc., with adaptable bulk necessities and optional TezID proof specifications.

Anyone can instantiate a contract, and a qualified person can vote. We will have groups too, classic for organizations and universities. 

KYC

Know Your Customer (KYC) is, in some positions, responsible for coordinated use-cases, where the specific identity of users requires to be confirmed. Usually, this is done by providing an approved government ID.

For specific use-cases, it’s not required to prove physical ID, though. For unusual use-cases, it is enough to establish the relationship of a Tezos address to a specific digital account.

And for other use-cases, the single essential thing to explain to a particular extent is that a person can only engage only formerly. For this, you’d require to reduce the probability that people will generate many TezID accounts.

1 factor to practice towards individual addresses per TezID user is charges. The value of registering an address on TezID is currently $10. For each proof you record at this location, you give an extra $10.

This rate is currently valued to be ready to fund the oracle itself and investing the community. But it additionally works as a barrier for people to build various TezID’s. The more extra IDs you want to develop, the more it will get you.

A different determinant is the number of proofs you join per address. Requiring an address to verify several digital identities increases the odds that a user can only create one single TezID address. And not just due to increased costs.

Suppose a single email address is the only thing that is verified through TezID on a Tezos address. There is a high probability that one user can perform several email addresses and several TezID’s in that event.

Identity Oracle Crypto Coins, However, if other proofs like a phone number are required, then the odds and difficulty of creating multiple accounts go down. The more digital identities provided to verify one address, the higher the certainty that the address is a unique person.

Currently, email and phone numbers are supported, but more proofs will be kept later.