6. DID, ID Connect, DAOs & Governance

Trusted, fair, community-led governance: A non-oligarchic, people-centric governance model that benefits everyone, is not owned by anyone, and the community is governed transparently, trustingly, and fairly..

1) Zero Knowledge Proofs in Digital Identity

Zero Knowledge Proofs are a form of cryptographic protocol that allows one party (the prover) to prove to another party (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself. This technology is particularly potent for privacy-preserving digital interactions.

Digital Identity: Solving the Privacy Problem with Zero Knowledge Proofs. Zero Knowledge Proofs (ZKPs) stand out as a revolutionary technology, enabling the verification of claims without revealing underlying data. With ZKPs, users can control their identity and prove parts about themselves without disclosing sensitive personal information.

Key Concepts of ZKP:

• Completeness: If the statement is true, an honest verifier will be convinced by an honest prover.

• Soundness: If the statement is false, no cheating prover can convince the honest verifier that it is true, except with some small probability.

• Zero-knowledge: If the statement is true, no verifier learns anything other than the fact that the statement is true.

At MetaFi, we believe that putting people firmly in control of their digital identities is at the core of Web3’s promise to empower users over networks.

MetaFi ID has the following properties:

• Blockchain-based ID for decentralized and self-sovereign models

• Zero-knowledge native protocols for ultimate user privacy

• Scalable and private on-chain verification to boost decentralized apps and decentralized finance

• Open to existing standards and ecosystem development

The product portfolio (focus on simplicity and inclusiveness) is the following:

• MetaFi ID Wallet app - a set of open source user and developer kits to integrate or whitelabel for custom applications.

• MetaFi ID Platform - an open, public platform developers and organizations can use to define and manage the trust lifecycle of their applications and other requirements, such as ZKPs, sources of trust, etc.

• MetaFi ID Connect - public service platform to integrate access across user wallets and applications.

2) DAOs and Governance

A decentralized autonomous organization (DAO) is a blockchain governance system developed to distribute decision-making, management, and entity ownership.

Key Takeaways

• A decentralized autonomous organization is an entity structure in which token holders participate in the management and decision-making of an entity.

• A DAO does not have a central authority; instead, power is distributed among token holders who collectively cast votes.

• All votes and activity through the DAO are posted on a blockchain, making all actions of users viewable.

• One of the first DAOs, the DAO, was an organization created by developers to automate decisions and facilitate cryptocurrency transactions.

• A DAO must ensure security is prioritized, as exploits can leave a DAO drained of millions of dollars of its treasury savings if they store it in cryptocurrency.

Governance that just works: MetaFi’s high transaction throughput, low latency, efficiency, and ultra-low fees make it the perfect place to bring people together.

Decentralized autonomous organizations, or DAOs, embody the spirit of decentralization, self-sovereignty, and community. MetaFi enables wider participation in ecosystem governance through DAO creation and participation.