Tezos (XTZ) Based Identity Oracle TezID Goes Live

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Altcoins
Tezos (XTZ) Based Identity Oracle TezID Goes Live

This week, the crypto industry witnessed the launch of TezID, a new identity oracle based on the Tezos blockchain.

TezID’s Functionality

TezID is a smart contract that will aid blockchain users in verifying ownership of email addresses, phone numbers, and virtual currencies that they own. The contract will also extend to storing physical addresses and government IDs in the foreseeable future. TezID aims to help blockchain users use the oracle as one address to verify several proofs.

According to the TezID blog, the oracle works as a smart contract with several registered addresses, each with verified proofs. The user is first required to link their wallets to the decentralized application. 

After that, the user will register their wallet address under the application’s smart contract, followed by registering proof supported by the TezID storage program. Upon request for a verification code from the oracle, TezID will confirm if the user’s email was registered before.

When the registration request is confirmed as new, a verification code will be sent to the user’s email, allowing them to integrate it on the TezID dApp. Finally, the oracle will classify the property as a verified proof in the TezID smart program.

TezID’s Significance to Tezos

The team behind TezID is convinced that the oracle will be a gamechanger in mechanisms within the Tezos ecosystem, including decision making. According to the developers, decisions such as Quadratic Voting could require proof that the user voting behind the Tezos address is a human being.

TezID will also have the ability to query a registered address in its smart contract before allowing the unique address to cast a vote. The oracle aims to create somewhat ideal governance and regulatory stance in the decentralized Tezos network.

The developers admitted that it sounds like a bad idea to register your address in a ledger that everyone within the network can view. However, they are reassuring users that the information displayed is a hash representation of their property. In case an attack occurs, the hackers will only access a list of hashes with no extra information.

Nevertheless, the oracle will charge a $10 fee for each user, but the cost might go on the lower side as the oracle advances. The fees’ usage will enable further development of TezID and the running of the contact. According to Tezos, the oracle ensures one user can’t register several addresses.¬†

Decentralization is Key 

Tezos is building channels to uphold the attributes of blockchain technology like decentralization. With the introduction of TezID, the Tezos blockchain further leverages decentralization by giving users the power to control whatever happens within its ecosystem. TezID will also help the Tezos blockchain achieve flexibility without biting a piece of the technology that traditional financial systems use. 

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.