A lot of things are happening behind the scenes of Ethereum. While the scaling issues are being sorted, there is another project worth keeping an eye on. Introducing two new identity standards on top of this ecosystem will be a big challenge. Even though ERC20 is a standard associated with digital data, it seems separate identity standards will be introduced. Known as ERC725 and ERC735, these proposals are well worth keeping an eye on.
Blockchain technology is about so much more than financial transactions. Recording transaction data has become second nature when distributed ledgers are the talking point. In the case of Ethereum, the ecosystem has always been about so much more than just doing the same as Bitcoin. More specifically, we may very well see identity standards be introduced in the near future. Two of such standards are currently in development by Fabian Vogelsteller, the creator of the Mist browser.
Two Possible Identity Standards
There is a growing need for digital identity solutions as we speak. Using the blockchain will make a lot of sense in this regard. It is evident Ethereum is in a prime position to offer such innovative solutions. Real world applications will benefit from such a digital solution as well. Most current systems are inadequate and are not exactly immune to hacking either. With a blockchain-based system, the central point of failure is removed automatically.
For now, it remains to be seen how these identity standards will pan out. One option is to introduce formal verification proofs for ERC735. Additionally, ERC725 may not see any official use cases in the near future, as it is not designed for that purpose. Using zero-knowledge proof contains is something Vogelsteller is actively considering right now. As such, the container can validate inputs without revealing any of the data itself to the public. It’s a mix of public and private verification rolled into one.
If Ethereum can offer identity and ID management, things will get very interesting. So far, no other project comes close to realizing such an ordeal in a convenient manner. It will also help address money laundering concerns associated with cryptocurrency in general. This doesn’t mean everyone will see the merit of such a solution, though. For now, we will have to wait and see if and when Ethereum’s identity standards comes to fruition. A lot of work has yet to be conducted as we speak.
This article is originally written and posted on https://www.newsbtc.com/2018/02/13/ethereum-may-introduce-identity-standards-rather-soon/. Visit https://www.newsbtc.com/ today for all Crypto News and Information.