This time round we’re speaking to Joseph Bara — Founder and CEO of IDZ.
Chris: IDZ Belongings are digitizing the identification on the metaverse. What’s the core thought behind the UID ecosystem?
Joseph: To begin with, the ID ecosystem is not only concerning the metaverse. It’s about one thing larger than the metaverse. Let me attempt to clarify.
“If a butterfly flaps its wings within the Amazonian rain forest, it might change the climate half a world away”. It is a quote from the chaos principle highlighting how small issues at the start can result in a sequence response to lastly trigger important change later. If we take a second to consider our each day actions please. We’ll attain an important conclusion: any exercise we do in life STARTS with establishing identification.
To this point, we use our e mail handle, cellphone quantity or pockets handle to establish to apps/corporations/folks so we are able to begin “speaking” with them and use their providers. Within the tech world we’re accustomed to in the present day, virtually all the pieces we use, all the issues we all know, are primarily based on these identities. For many years, corporations tried to resolve many tech issues and develop new applied sciences utilizing the exact same identities (e.g., tackling the privateness and safety issues, growing AI and digital assistants, and so forth.). I name this mentality “scratching the floor mentality”. If we actually wish to resolve an issue, we have to go to its deepest root and repair it. By doing so, we trigger a ripple impact that can change all the pieces that’s constructed utilizing that root.
In IDZ, we imagine customers ought to personal their information and be compensated for it as a human proper. We imagine the idea of identification goes hand-in-hand with the idea of possession. In an optimum state of affairs, you want an entity (name it an account or a pockets) that means that you can FULLY management ALL your information and property. When you obtain this state, it doesn’t actually matter if the service or community is centralised or decentralised. It doesn’t matter if it’s the metaverse or the actual world. The brand new entity will permit you to personal issues by default. We name this new entity the ID.
Chris: Moreover, the customers achieve management of their property, chats, information, and contracts.
Joseph: You might be your information. You might be your property. Give it some thought for a minute. You’re the content material you publish on-line, the music you hearken to, the pictures you’re taking, the providers you present, and so forth. Psychologically talking, all of those contribute to your actual and digital self. We’ve got studied the idea of “identification” for years to return out with 4 important classes of property: regular asset (e.g., structured information of any type, an object, a ticket), a contract (e.g., an settlement, T&C of a service, a will), a chat (e.g., a textual content communication between you and a peer, voice name or video convention) and a file (e.g., a photograph, music file, video file). All of those are information. We imagine folks shouldn’t solely be capable of learn and write information but in addition ought to OWN their information and have full management over it. We strongly imagine that something you personal might be an asset in your ID (e.g., your cellphone, your home, the providers you present, your cinema ticket, and so forth.).
You will need to notice that within the ID ecosystem, we’ve got constructed a brand new breed of property that are totally different from the frequent “crypto property”. We name them “identification property”. Asset 0 is the primary asset within the ID ecosystem. We’ve got additionally constructed a brand new breed of contracts which we name “identification contracts”. You don’t want a developer to write down them for you; as a substitute, you possibly can construction them in seconds utilizing pre-defined modules and formulation.
Chris: It’s attention-grabbing to notice that asset zero additionally comes with a buyback assure. What precisely is the buyback scheme?
Joseph: For years, we’ve got considered alternative ways to incorporate our customers in our journey to allow them to have publicity to our monetary success. When it comes to comparability, NFTs have similarities with identification property. Asset 0 is at the moment accessible as an NFT on OpenSea. For those who take a look at the NFT area in the present day, you’ll discover that the worth of just about all of the NFTs within the present market is predicated on hype. Nothing is backing the valuation. We imagine this bubble with quickly burst and we are going to see a crash in most NFTs costs.
Asset 0 is the primary asset within the ID ecosystem, so we thought to make it particular. Its worth is linked to the variety of customers in IDZ. Because the variety of customers in IDZ will increase, so does the worth. Asset 0 minimal ground value is ready by IDZ in response to the next system: Worth of ASSET 0 = month-to-month energetic customers in IDZ x $0.0005. As we anticipate all folks to have a digital ID sooner or later, and therefore we’ve got plans to propel IDZ’s consumer development by using social media and market providers, we anticipate IDZ month-to-month energetic customers to be important.
So, we wished to construct an asset primarily based on details, not hype. Whereas we anticipate the asset to commerce peer-to-peer in response to a a lot greater value than the ground value set by us, the system ensures the holder to seek out “liquidity” in response to a pre-defined worth each time they wish to promote after IDZ’s IPO.
Chris: Extra importantly, what are the unique advantages of the IDZ ambassador? How does one develop into an IDZ ambassador?
Joseph: You develop into an IDZ Ambassador if you purchase one of many property. For those who imagine in our imaginative and prescient and wish to be part of us in our journey to have publicity to the appreciating worth of Asset 0, you might wish to think about shopping for the asset. As well as, as an IDZ Ambassador, you’ll play an energetic position in voting on our options and roadmaps, get entry to on-line and in-person occasions and get unique advantages/reductions on ZCLOUD storge and IDZ enabled gadgets purchases.
Chris: So, what do the tokens of IDZ Belongings appear like? What are the important thing traits and traits?
Joseph: To begin with, we envisage the ID ecosystem to be powered by all of the ID clouds, not IDZ alone. So, for argument’s sake, say you’ve some property with IDZ, however for some purpose, you resolve to take your ID or your property/contracts away, you possibly can merely migrate out of IDZ with out affecting any of your online business. We’ve got constructed a safe zero-knowledge structure and opened it up so folks can confirm its safety and use it to construct different ID clouds.
IDZ created Asset 0 to be first asset within the ID ecosystem. We additionally constructed 01 Watch to be the primary bodily asset which you’ll activate along with your ID. Sooner or later, we imagine gadgets will develop into equipment to crucial factor you’ve: your ID. You may merely establish to activate your appropriate gadgets in a single click on and wipe them out in a single click on. Any “system” or “service” will develop into a “subscription” you personal with you ID.
Chris: Once more, what would be the value of 1 token of the IDZ Asset NFT? How a lot will probably be fuel price?
Joseph: Within the major market, Asset 0 value is 0.3 ETH as we communicate. It was priced at 0.25 final week. One of many traits of Asset 0 is that it will increase in worth progressively on a weekly foundation till it’s bought out. Asset 0 is minted on Polygon, so there’s fuel price.
Chris: Lastly, what are the plans for the way forward for the IDZ ? How does it plan to increase the consumer expertise?
Joseph: We’ve got been working for five years to allow this imaginative and prescient. The app (on 4 platforms: iOS, Android, Home windows and macOS) and the 01 Watch are set to be launched in Q3 2022. After that, our focus can be on finalising all of the pending options of the app, and on Flap and Trade. Our technique is to drive the consumer base (and so the worth of Asset 0) by offering social media and market providers (FLAP and EXCHANGE) that will probably be primarily based on the brand new ID. We imagine that “your property are your online business”, so any revenue you make out of your property is 100% yours. Your posts are property that you just profit from in Flap. Your providers are property that you just promote in Trade. You may submit genuine content material in Flap and play an energetic position in managing the neighborhood to make sure freedom of speech for all.
That is the start of an extended journey for us. We do have long run plans which I can’t disclose now. I spotlight that we’re NOT constructing a product that can resolve an issue. We’re constructing an ecosystem that can disrupt all the pieces we all know in the present day. A brand new period begins with new ID. To study extra concerning the mission and its future, please go to our website or be part of our Discord & Twitter. We’re trying ahead to seeing you!