Miami, USA / FL, June 20, 2022, Chainwire
Accumulate is announcing a whitelist for 10,000 Web3 enthusiasts to gain early access to claim a unique Accumulate Digital Identifier, or ADI, that users will be able to use after the launch of Accumulate Mainnet.
what are edi
ADI refers to a system for providing unique digital identities to assets, individuals or entities on the blockchain. Traditional blockchains are organized based on randomly generated public and private key pairs that are used to store funds and record transactions on a distributed ledger.
Current blockchain key management systems lack simplicity for the average user. The common approach of using the first and last characters of an address can leave users exposed to a ‘man-in-the-middle attack’, a form of cyber attack where a bad actor can intercept a transaction or can manipulate it. By entering incorrect information or automatically changing the recipient’s address. This is made easy due to the complex nature of randomly generated addresses.
Additionally, as these addresses are randomly generated, public and private key management systems make it difficult to store ordered data sets or to assign different levels of permissions to specific keys.
Accumulate Digital Identifiers (ADIs) are human-readable addresses that resemble website URLs chosen by individuals or organizations to represent their presence on the blockchain.
ADI enables greater flexibility and deployment of complex operations by issuing a hierarchy of keys with different permissions or levels of security.
It allows entities operating on the blockchain to more easily create standardized yet scalable protocols to interact with other entities and exchange sensitive information with them based on access permissions granted to specific data sets. Is.
Using ADI, Accumulate can serve as the de facto communication and audit layer between blockchains, enabling the seamless transfer of tokens or other types of digital assets between ADIs across different chains regardless of their consensus mechanism. can be done.
Submit Digital Identifiers: Creating a Universal Identity Layer
A major advantage of ADI is its emphasis on multi-chain interoperability with other digital identifier solutions.
One of the biggest challenges facing the Web3 space today is the lack of connectivity between dozens of other blockchain-based identity solutions, each vying for the same goal of achieving a universal identity layer.
A decentralized identity solution is only as valuable as the number of individuals or entities it represents. The smaller the number of people adopting a digital identity format, the less useful each ID is when it comes to accurately representing its holder’s online or offline behavior and reputation.
The ultimate purpose of a digital identity is to serve as a single source of truth and a standardized form of accounting for all on-chain and off-chain activities in which the identity holder has participated and all digitally native and digitized (or tokens) for the assets that they have.
Under this description, it is required that a digital ID be integrated into each dapp or blockchain adopted by a user in order to represent that user as accurately and completely as possible.
To this end, Accumulate is not only focused on building its digital identity layer for users to adopt, it is also focused on partnering with existing digital identity providers to consolidate these services under a single universal identity layer which can most accurately represent the Web3 location in its entirety.
Creating a Universal Identity Layer
At Accumulate, we aim to enable users holding an SBT, ENS domain, or any other type of digital identity to be converted to our ADI format, just as BTC can become WBTC by embedding it in a smart contract that converts tokens to Converts to an ERC-20 token, thereby providing it functionality within the Ethereum ecosystem.
Each uniquely formed identity on a separate chain or dapp can be given an ADI wrapper which enables it to act as a unique ADI within the aggregated network.
Ultimately, enabling interoperability between on-chain digital IDs to form a cross-chain Universal Identity Layer will be one of Accumulate’s defining features.
Join the Accumulate ADI whitelist today to participate in the next phase of decentralized digital identity.
about the accumulation
Accumulate is a high-performance blockchain for DeFi, which integrates blockchain, protocol, oracle and application, acting as a bridge to the new digital economy. Accumulate is changing the paradigm of how blockchain delivers secure, scalable and extensible features to data, tokens and users with the identity-based, proof-of-stake blockchains that power DeFi applications. Learn more at https://accumulatenetwork.io.
Michael Cradon, President, Invenium DeFi Dev, [email protected]