Imagine a world where you can choose whether to reveal your identity or not. The more of a stake you have in such a world, the more likely others will want to know who you are. This is why providing evidence verifying someone's identity will be just as crucial as owning property or having access to services. This blog post will discuss how $IDZ tokens will fuel the future of self-sovereign identity and introduce its tokenomics.
What is TezID?
TezID is an identity oracle that provides users with a standard way to prove their identity in the Tezos ecosystem.
TezID runs on top of the proof-of-stake blockchain used by the Tezos protocol, but it is not dependent on that specific blockchain consensus algorithm to operate. It can provide this function for any proof-of-stake blockchain system. TezID offers the following identity solutions:
- Authentication of identity using cryptographic signatures
- Proof of ownership of an identity string
- Creation, revocation and renewal of identities
- Decentralized lookup services for identities under its control
- Verifying that an identity, previously created by TezID, has not been revoked (and thus is still valid)
- Validating that an identity was not produced more than once at the same time
The first four of these functions are explained in detail on TezID's website. The intersection of cryptography and game theory allows TezID to achieve these functions in a trustless, decentralized manner.
$IDZ Tokenomics
$IDZ is a FA2 token with a maximum supply of 10,000,000 tokens. It will have many valuable utilities and be available for purchase in an upcoming public sale on Rocket Launchpad! There will also be an airdrop, so make sure you sign up early if you want some free tokens!
In order to provide a strong incentive to the $IDZ holders and contribute to the growth of the TezID community, the TezID team has clearly outlined the $IDZ utilities.
Revenue Sharing
The TezID team is introducing a revenue-sharing model that allows token holders, stakers and official farming participants to earn income from the proof registration fees. They start at 50% of all income distributed this way but hope to increase over time through an automated process controlled by DAO. This will encourage people to hold onto their tokens and help spread the use cases for its platform so it can grow even more rapidly!
Only token holders that have unlocked their tokens will be able to earn income from this venture. This means founders, advisors, and private sale participants cannot share in the profits until they unlock their own tokens!
Decentralized Proofs
In the blockchain space, most people are looking beyond nation-states and want to create new social norms on-chain. This means they might be hesitant to provide national identification papers or even have access to those documents. Therefore a decentralized identity becomes useful as it provides a set of tools and incentives for individuals to prove that they're real human beings anonymously--without providing government documentation.
TezID aims to distribute decentralized identity proofs that require payment from the requester (registering the proof), which will, in turn, be used as payment for verifiers who verify their identities. All of this is conducted using $IDZ.
Custom Prooftypes
You might want to share many things securely with a dapp, including your contract terms or role at an organization. You can prove that they're yours by demonstrating "control" over some custom resources, which TezID will facilitate via proof of ownership.
The team strongly believes custom prooftypes will be necessary for many future applications. They have plans to explore this opportunity and offer their development resources to implement these proofs.
All custom prooftypes payments will be done using $IDZ!
Proof Payment
TezID will accept proof payment in $IDZ. However, to ensure that the process remains simple for our users to register proofs, they will continue supporting the use of XTZ and QuipuSwap as the conversion currency behind the scenes.
Public Sale
The $IDZ public sale will take place on September 12, 2021, at 14:00 UTC. There is a minimum of 50 XTZ and no maximum purchase amount.
The first-come, first-serve system applies based on the Rocket Tier System, which assigns priority status to those who buy more tokens for TGEs in the past (or are part of Quipu). Tokens will be liquid immediately after-sale concludes!
40% of the amount raised from the TGE will be assigned to an AMM contract set up with QuipuSwap using Crunchy Deep Freezer technology that handles all transactions automatically by the team here at Rockets HQ.
Final Thoughts
Remember, the $IDZ public token sale has a minimum requirement price of 50 XTZ, but there's also no upper limit cap!
Anyone who has registered a proof on tezid.net before 12.09.2021 14:00 UTC will be eligible for the airdrop!
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