Bootstrapping a Decentralized Autonomous Corporation, Part 3: Identity Corp
Identity Corp: Decentralized Identity Management
The concept of a decentralized autonomous corporation (DAC) has been gaining traction in recent years, with various applications and use cases being explored. In this article, we will delve into one such idea: Identity Corp, a DAC that provides cryptographically secure identity documents for individuals. This system has the potential to revolutionize the way we manage identities, ensuring privacy, security, and decentralization.
The Problem with Traditional Identity Systems
Traditional identity systems, such as government-issued IDs and passports, have several limitations. They are often centralized, vulnerable to corruption, and do not provide adequate security measures. In a decentralized system, individuals have control over their own identities, and the information is stored in a secure and transparent manner.
The Function of Identity
In the context of identity and reputation theory, there is no "preferred frame" for determining which set of observations of a person constitute that core person. This means that individuals can have multiple identities, and it is up to the individual to decide which one to use in a particular context. The function of standard public key cryptographic identity is to provide proof that two messages were created (or at least signed) by the same entity.
The Concept of a "Real Name"
A "real name" is distinguished from a "pseudonym" in one way and one way only: each entity can only have one real name. This means that while pseudonyms can be used to prove that two messages were created by the same entity, real names can also be used to prove that two messages were created by two different entities.
The Purpose of Identity Corp
The primary purpose of Identity Corp is to provide a decentralized system for managing identities. This system would allow individuals to create and manage their own identities, without relying on centralized authorities. The system would be based on a public key infrastructure (PKI), where individuals would have a unique public and private key pair.
How Identity Corp Works
Identity Corp would work as follows:
- Individuals would create a unique public and private key pair.
- The public key would be used to create a digital identity, which would be stored on a decentralized network.
- The private key would be used to sign messages and transactions, ensuring the authenticity and integrity of the data.
- The decentralized network would be used to verify the identity of individuals, ensuring that the information is accurate and up-to-date.
Implementing Identity Corp
Implementing Identity Corp would require a decentralized network, such as a blockchain or a distributed hash table (DHT). The network would need to be secure, scalable, and fault-tolerant. The system would also require a mechanism for verifying the identity of individuals, such as a public key infrastructure (PKI).
Challenges and Limitations
Implementing Identity Corp would come with several challenges and limitations. One of the main challenges would be ensuring the security and integrity of the decentralized network. Another challenge would be ensuring that the system is scalable and fault-tolerant. Additionally, the system would need to be designed to prevent identity theft and other forms of abuse.
SocialCoin and the One World "Government"
The existence of a decentralized "real name" system allows for a large number of possibilities that have so far been unexplored in the cryptocurrency world. One attractive possibility is SocialCoin, the cryptocurrency that pays everyone in the world a "world citizen's dividend" of 1000 units per month. Another, similar alternative is to plug the system into a Devcoin-like system, allowing people to come together and vote on projects that the money should be spent on, thereby creating what is essentially a (voluntary) "world government" that funds itself from the revenue from generating new currency units.
Conclusion
Identity Corp has the potential to revolutionize the way we manage identities, ensuring privacy, security, and decentralization. The system would provide a decentralized system for managing identities, allowing individuals to create and manage their own identities, without relying on centralized authorities. While there are several challenges and limitations to implementing Identity Corp, the potential benefits make it an attractive solution for managing identities in a decentralized and secure manner.
