M-Port: An AI-Powered DID Platform based on
Biometric Information (IV)
The Significance of M-PORT
In the real world, people’s
ID documents are indispensable for a well-functioning society. Governments use
passports to manage citizen identities. Driving permits grant holders the right
to drive a vehicle on the road. Credentials certify the expertise and
professional knowledge of holders.
Fully integrating biometric verification,
the new DID, which we will call Web 3.0 Passport, will be more capable than
ever and create infinite value for
people during online economic activities.
NFTs—Identity
and Authenticity
Fabricating and copying are
two headaches for the art industry. Derek Laufman’s digital artworks were
auctioned on Rarible without his knowledge, and this was but one of many such
incidents.
Matrix’s version of DID,
which integrates biometric verification,
can serve as the infrastructure of blockchain. Artists can use Matrix’s finger
vein recognition tool to create a DID and put their signatures on any digital
or physical asset they sell. This way, both buyers and sellers will have a way
to verify the origin of a digital artwork.
In addition, Matrix’s DID
will also increase the interaction between artists and communities. By limiting
the ownership of certain NFTs to community members only, we can do away with scalpers and offer unique NFTs to
certain groups of people specifically.
On a broader level, NFTs
will also diversify decentralised identities and make for a more vibrant
digital world. Today, some people already use a combination of their username
and an NFT as their avatar on the Internet. For instance, Richard, co-founder
of Manifold, refused to accept a bid of 9.5 million USD for his NFT (CryptoPunk
6046), saying that he sees this NFT as
part of his identity and personal brand.
Unlocking
the Next Stage of DeFi
Collateral loans are not
only the central function of DeFi but also the engine for its growth. Since
DeFi completely does away with the issue of trust, anyone can benefit from the
financial services it provides. The problem is it’s impossible to assess the
risks for a loan based on real-world information. For this reason, loans are
often required to be over-collateralised. To acquire a loan through on MakerDAO
through ETH, one has to pledge a 130% to 170% collateral. Although collateral
loans helped the growth of the DeFi market last year to a great extent, its
high collateral requirement also caused the forced liquidation of countless
crypto investors’ assets in turbulent market conditions.
Loosing or even removing
collateral requirements will be the key to DeFi’s mass adoption. If M-Port can
become part of blockchain’s infrastructure, we will be able to use people’s
bio-information to build credit for them on-chain and give loans accordingly.
To maintain good credit on-chain, users are also motivated to make responsible
financial decisions. This way, M-Port will introduce democracy to DeFi.
Integrating biometric
verification will solve two other problems for DeFi:
A.
ID verification will make
it impossible for bots to snatch away large numbers of airdropped tokens so
that airdrops will become fairer for real participants;
B.
Using DID to monitor
accesses to the DeFi pool will reduce instances of harassment and witch attacks,
and by providing official assistive tools, we can get more institutions on
board.
Decentralised
Autonomous Organisation (DAO)
DAO splits voting power
into governance tokens. The more tokens a voter has, the more weighting his
vote will be assigned. Although it’s true that big token holders will be more
invested in the interests of an organisation, small contributors may have their
enthusiasm dampened when their proposals don’t receive the same priority.
What’s worse, even if someone has established his credibility in one
organisation, he will have to start from scratch when he goes to a different
one.
M-Port, on the other hand,
can span multiple DAOs. Users’ hard-earned credibility will go with them from
one organisation to another, saving them a lot of frustration and pain.
Expanding
the Matrix Ecosystem
In the future, DID will
become the primary port for Web 3.0 traffic. And if M-Port can achieve all the
functions we envision, it will lead the DID solution market, and a complete
ecosystem of Web 3.0 apps as well as DeFi and DAO projects surrounding M-Port
will pop up. All this will make the Matrix ecosystem more vibrant and attract
more traffic and partnerships. As the brain of the Metaverse, MANTA also stands
to benefit.
Twitter : https://twitter.com/MatrixAINetwork/status/1557251576787607552?s=20