There are several ways in which an identity can be defined. Several school of thoughts have thus attributed several meanings to what an identity truly means. Below are a few definitions of an identity.
Identity is “people’s concepts of who they are, of what sort of people they are, and how they relate to others.”
Identity “refers to the ways in which individuals and collectivities are distinguished in their social relations with other individuals and collectivities.”
There are several definitions of identity, which thus makes the concept of identity often become complex and difficult to define.
However, when defining identity in the context of the Usechain project, the meaning of “Mirror Identity” is referred to as the identity address mapping protocol that is being utilized in the ecosystem. The protocol ensures that the identity off-chain remain anonymous and privately secured, because only the address will be mapped on the blockchain. This will enable the address transaction records to be open and transparent.
This is one area that the current blockchain technology ecosystem is deficient, because the current blockchain protocols does not enable a direct correlation between the on-chain addresses of an individual and with the true off-chain identity. This creates an avenue for fraudsters to use blockchain for illicit activities such as money laundering, terrorist financing etc. Due to this challenge, it becomes very difficult for conventional applications to incorporate cryptocurrencies into their operations because there will be a need for KYC and AML checks. In addition to this, is the issue of high technical difficulties. It is due to this that the Usechain project aims to address this gap in the blockchain ecosystem, because this issue has further limited the application of blockchain to traditional business operations.
Usechain uses an identity mapping system that can be applied to a variety of commercial applications. It will establish a multi-level correspondence mechanism between the addresses on-chain and the authenticated user entities, such that only the mapping relationship is recorded on-chain while other private information is kept confidential. The identity authentication mechanism is implemented while providing complete privacy protection.
The mirror identity protocol will provide an environment whereby private information of users can be easily integrated with blockchain technology without having their privacy or security being compromised. This makes it very easy to be applied to several application scenarios such as identity token, decentralized exchange, financial services, etc.
Additionally, the mirror identity protocol will enable regulatory agencies to effectively facilitate and manage AML activities, as any illegal records can be easily traced and reflected on addressee identity blockchain.
Usechain’s aim is to continually improve and enhance the blockchain industry through technological innovation, thereby creating an enabling environment that is fair, transparent, and secure.
Kindly visit https://www.usechain.net/ for more information.
Whitepaper: https://www.usechain.net/usechain_en.pdf
ANN: https://bitcointalk.org/index.php?topic=2498919
Twitter: https://twitter.com/usechain
Telegram: https://t.me/usechain
Writer: amm