An interesting tweet led me to reviewing this information, and I must say I am quite impressed with the work being done by the developers of Whitecoin. This was shared a couple days ago with the whitecoin community at bitcointalk. What seems to be a deal struck between Whitecoin and Shair.com’s Identity Services Platform. The entire whitepaper can be found here, but we will see some of the main points in this article.
The purpose, as established by the whitepaper:
This is quite interesting as there are many promises made by DandyID which appears to offer a certain expectation of security to the coin itself while adding an extra layer of technology to the blockchain, or at least, that is what it seems like for now.
DandyID has been an authority the name, identity registration and management space so it is not a new thing what they are trying to achieve. Well, the idea of implementing it into the blockchain is, but it is nice to know that they are experienced with the technology they want to implement. According to the whitepaper, “This will not only enable name registration and identity trust scores but in addition there will be the ability to transfer Whitecoin using only usernames/user identities as opposed to complex wallet addresses.” Although the use of aliases instead of wallet addresses is not completely new, it will be interesting to see how it is approached by this company.
“DandyID is a centralized service that will be providing these services as it already has over 400,000 non and verified identities from self (DIY) and Claim.io registrations. Currently Claim.io is processing approximately 4000+ registrations per
month which continues to grow month over month. With Claim.io, there is a massive opportunity for the introduction of Whitecoin to all new signups, month over month.”
“As DandyID currently stores and maintains over 400k unique usernames/profiles, DandyID will provide dedicated address resolution services for Whitecoin. There will be stored key values for the profile identification username to address, via modified DandyID portal and API services.”
More information explaining how the actual process of registering aliases works can be found on the whitepaper linked earlier which will has more information on the technical process of how the system will work.
Image Source: Whitecoin BitcoinTalk Thread
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