The recent incident of data breach by many famous organizations across the globe has taken the world by a storm. The need for data safety is now being felt by a greater section of people across the globe, and this is a welcome change in today's world where our data is taken for granted.
Blockchain does solve the problem of data breach to a great extent, but at the same time, transactions on the blockchain are completely anonymous. Though this is good, at the same time, there must be some preliminary identification metrics that should be present as well.
IAME felt the need for the same, and have created a solution to solve the above problem.
What is IAME?
The current identification system that is used by different organizations and companies around the globe rely heavily on people having to share their personal data with them. As a result, a lot of data is available in one place. If someone with wrong intentions gets their hands on it, the outcome could be a disaster.
IAME proposes a fragmented decentralized identity system. IAME would break down the data of people into several pieces. The truthfulness of each piece would be verified by a third party. Each piece as a fragment is completely useless, but the sum of these fragments would serve as a useful identification metric.
This would, on one hand, solve the problem of identification on the blockchain network without having to disclose any sensitive personal data. On the other hand, this will also help the users to stay protected from hackers and other breachers on the network.
How does it work?
Most of us as a child played jigsaw puzzles. Generally, a complete picture had to made from the broken pieces of cards provided in the set. However, completing a jigsaw puzzle was not very easy, and needed patience, perseverance and also a lot of talent as a young child.
You must be wondering, what has jigsaw puzzles got to do with this? Well, IAME's system follows the same model as that of a jigsaw puzzle.
IAME collects personal data of people whose identity is to be verified.
Next, they break them down into various fragments, just like a jigsaw puzzle.
Next, various third parties are assigned the task of verifying these data. These third parties have no relation with the transaction that would be taking place and for which the data is needed.
After the confirmation has been received, the green signal is given for the transaction to proceed.
The advantage of such a system is that anyone who wants to misuse the data will have to work very hard to collect all data from various sources, and then join them up to make something useful. Much like a child who loses patience while solving a jigsaw puzzle, the same will happen for the people with wrong intentions as well.
IAME thus solved a complex problem using a very simple logic. Security on the blockchain will be enhanced several times with IAME penetrating this space.
ICO details
The IAM token is the functional token of the IAME platform. It would operate as a validation token to initiate the confirmation requests of validation packets on the platform.
The total supply and the exact dates of ICO are yet to be announced.
The soft cap for the project is 1,000,000 USD and the hard cap for the project is 25,000,000 USD.
Verdict
Even though the anonymity of users on the blockchain is its specialty, it may cause inconvenience at times for many users.
This is why, IAME has developed a simple solution of fragmented identity for the blockchain, using which the identity of users can be verified while giving full security of data to the users.
This is a welcome change in today's world of blockchain, and this will surely create a huge positive impact over the overall usability of blockchain and pave its way for mass adoption by people all over the world.
Website: https://iame.io/
Whitepaper: https://iame.io/res/180301-IAME-White-Paper-en.pdf
Blog by ollivander7
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1069616
