TezID is a Tezos identity oracle. It enables users to prove ownership of digital assets such as email addresses, phone numbers, and so on. And, who knows, maybe in the future, a physical address and even government-issued identification cards. TezID intends to offer opt-in KYC evidence for the whole Tezos ecosystem, based on their safe proof mechanism. Custom proof types and decentralized proofs will be added to the mix in the future.
TezID is a Smart Contract at its heart, with registered addresses and validated proofs for each one. A person may register his or her address and various evidence, then utilize the oracle to validate them.
TezID’s mission is to become the Tezos ecosystem’s preferred digital identity proof provider. These “digital identity proofs” or “digital identity scarcity” will open new incentive choices for Tezos dapps, as well as a slew of new features and capabilities.
It’s critical to clarify that this is not achieved by tying a Tezos address to a real-world identity. Everything is encrypted, and only highly hashed data is stored in our database. This makes TezID different from other Tezos DID projects.
Know Your Customer
Know Your Customer (KYC) is a requirement in some situations for regulated use-cases where users' particular identities must be confirmed. This is often done by providing a government-issued picture ID.
However, in other situations, physical identification is not required. For some applications, proving the link between a Tezos address and a digital account is sufficient.
For other use-cases, the single most crucial thing to demonstrate, to some extent, is that a person can only participate once. To do this, you’ll need to reduce the likelihood of individuals creating numerous TezID identities.
TezID is a service that allows you to store proof of identification on the Tezos blockchain and link it to a Tezos address. In this approach, a TezID address may be used to do specific operations that need a verified identity or where users should only be permitted to execute an activity once. TezID is working on complete KYC capabilities, which will include government ID verification and evidence of physical address verification.
What about security? TezID merely keeps track of the proofs you’ve created, their kind, the date they happened, and a boolean to indicate if the evidence has been confirmed by the oracle on the Smart Contract. Only a hashed representation of your property is stored in the TezID oracle.
$IDZ will reward TezID users and expand the reach, as well as capture the value produced by the oracle.
The FA2 token $IDZ will have a total quantity of 10.000.000 tokens. It’ll be jam-packed with fun, helpful, and hopefully profitable tools! A public auction will be held on Rocket Launchpad in conjunction with the company.
The goal is to create a robust TezID community have the proofs utilized widely within the Tezos ecosystem. The token will create a strong incentive for continuous growth and capture value so that it will benefit the whole community.
Here are some utilities that will bring value to the token:
Revenue sharing will give a strong incentive to keep $IDZ in your portfolio, stake it, and farm it. But it’s more crucial for the community to help expand TezID’s use to more and more Tezos-based dapps and platforms.
Income sharing will not be available to tokens that have been locked. This means that until their tokens are unlocked, founders, advisers, and private sale participants will not receive a portion of the revenue!
The majority of the $IDZ tokens (50 percent) will be stored in an “incentive pool.” These are tokens that will be used in some way to advance TezID. It may be used to pay developers or to pay for integrations. As a source of money in a farming operation. Or you might use it for anything else.
The pool is presently managed by the TezID administrators, but as part of the $IDAO effort, the intention is to place management of these tokens in the hands of our community in the future.
Custom Proof types
There are several things you would wish to safely share with a dapp. Maybe you work for a certain firm. Or that you play a certain function in a company. Alternatively, you might be able to decrypt certain data.
In the context of TezID, this indicates that you “own” or “manage” a custom resource. We can assist you with obtaining evidence of ownership.