Digital identity and document ownership, powered by the Metanet.
To successfully build applications that are useful to end-users and in line with laws and regulations, one fundamental part needs to be digital identity and document/file ownership and management. Up until now, there was no easy way to prove ownership of certain transactions and anything associated with those transactions, like data. By using an onchain identity verification method, the privacy and digital ownership of users is ensured while service operators can comply with law.
Legally Chained is an onchain identity and document management application, powered by the Metanet, useable by every single company, professional and regular internet user in the world without ever having to own, buy or hold Bitcoin (SV).
The service allows for users to put their verified identity(ies) onchain and grant or revoke access to (parts of) it to services they use. It also enabled third parties to attest for an identity, giving it more reliability and privacy online. We live in a world filled with developers, entrepreneurs and marketeers engaging in ad-hoc collaborations. An important aspect of successfully collaborating, is the ability of all participants to hold other participants accountable. Only then, do we have fair exchange. Often though, a crucial part is forgotten or not clearly agreed upon: create clarity on what is expected from whom in what timeframe and sign simple NDA’s, these business practices exist for a reason.
The ones thinking of it, do it inefficiently. Using services like DocuSign only makes sense when you have a lot of contracts on a regular basis. Even then, the specific subscription model incentivizes usage of multiple accounts to take advantage of the trial period. Not using such services ends up in hours of back and forth emailing/texting of contract versions and pictures of signed contracts.
All together, people either don’t bother or fail to see the importance of proper documentation. It’s inevitable that you will run into issues sooner or later if you do not take responsibility to properly document and sign agreements. Groups split, verbal agreements aren’t honoured or contracts are unilaterally changed which is often difficult to contest. Failing at creating legally binding agreements, can come at a high cost later on.
Bitcoin Attestation Protocol
To deal with these issues using the Bitcoin network, we propose the Bitcoin Attestation Protocol – BAP, a protocol to create a chain of trust for any kind of information on the Bitcoin blockchain. https://github.com/icellan/bap
BAP has a lot of usecases, like giving power of attorney to another user with a certain key or have your identity in your wallet and grant/revoke access to parts of it. This enables services to comply with regulations that need certain information and you to truly own your identity.
Legally Chained offers users the ability to prove their identity in stages and grants access to Legally Chained to attest for that. Example: You use an online gambling website. The website needs to make sure you’re a certain age but doesn’t need a copy of your passport. If you underwent KYC on Legally Chained and the website allows you to log in with your onchain identity, Legally Chained can attest for your age without allowing the gambling website access to any other information. We provide an API for businesses that want to use our solution in their own software.
Next to that, you can put documents onchain and sign with your Legally Chained identity. Signing is free, initiating a contract can be done by paying as you go ($0.99 per document) or through a subscription at very competitive prices and high reliability when compared with similar offchain solutions.
We envision a world where the user has ownership of data and services compete for access to it, they might even pay you for it. If users can easily revoke access and reliably move their onchain data to another service, then service operators are driven to add value for their users or lose them. By enabling services to hold you accountable because your identity is onchain, you are also able to hold them accountable if they mistreat you by simply logging in to another bitcoin interface.