Introduction

Decentralized identifier or DIDs are a type of identifier that enables a verifiable, decentralized digital identity.

A good self‐sovereign identity system will allow individuals to directly influence how companies, governments, and others correlate our interactions across different services and locations by default. It won’t fix all identity problems nor preclude alternative identity approaches, but it will put the individual in control of most uses of identity and give organizations a simpler, easier, more ethical way to use identity to improve how they provide services and products. When successful, it will not only enable individuals to exercise greater control over how companies and governments keep track of us, it will also illuminate those situations where self‐sovereign identity is restricted, facilitating a conversation about when and where such limits are appropriate.

MyID is targeted to develop a cross-chain identity protocol on the Web 3.0, including an identity-based network and related tools. MYID will develop an aggregated identity that is an identity linked with accounts from different blockchains and off-chain applications/services, which represent the owner behind the accounts, and further present the owner’s credibility and reputationin various aspects.

MYID enables user to aggregate identities from other chains, features an identity matching and identity staking mechanism, as a whole it consists of decentralized identity and user activity data aggregation infrastructure.

Identity Matching is a blind matching-making with random anonymous identities picked from on-chain identities pool, and candidate identity data is processed by the substrate off-chain worker. The network sends the matchwinner’s DID as a matching opportunity back to the matching buyer. The buyer does not have access to other identities in the identities pool but only the matchwinner’s DID, thus match buyer pays the $MYID token(Native Token on MYID Network) in exchange for a matching opportunity.

Identity Staking is the process that an identity owner sends the snapshot of their identity document and DID to the identities pool of blockchain, and authorize the read permissions to the validator node, thus getting staking and matching rewards in the following blocks. The identity document is encrypted and saved in a decentralized database like IPFS or on-chain key-value store, and DID is stored on chain.

With identity staking and identity matching, we construct the basic economic model of the identity-based network without selling user data. Not only identity stakers and matching buyers benefit from the matching market, but the DApps connected to MYID also get match fees as identity contributors. In this way, MYID encourages more attendee into the future of Web3.