Cardano NFT: IAMX – The Cryptonomist

This week’s guest on Cardano NFT column is a project that is help NFT projects with their DID (Decentralized Identity) solution.: IAMX.

The previous guest was one project launching a Play And Earn (P&E) mobile game on both Cardano and Solana.

This initiative is a reference point for NFTs on Cardano and every week or so we will invite someone to answer some questions and give us an update directly from the Cardano community.

Considering that many of our readers are new to the crypto space, we want one mix of simple and technical questions.

Cardano NFT Project: IAMX

Hi, glad to have you here. Introduce your team, where are you from, what is your background?

Thanks for having us! So as for our team, our two Co-founders Tim Heidfeld and Tim Brueckmann has extensive experience in Telecommunications and related marketing in Germany where they have been involved in building up and exiting several companies.

Together we are 25 people on the teamof which more than half are part of the development team and it is also ours here current ongoing recruitment work is located. We are also lucky to count several among us highly experienced professionals on the business development and marketing sidesuch as ours Thomas Tallis, Nicholas Collinson, Andre Eilertsen, Andrew Forson and Lise Wessel who all not only have a proven track record in the blockchain sphere, but also bring one with them international business acumen necessary to grow and deliver our services worldwide.

Leading our development team is ours very experienced CTO Dennis Mittmann who has been in blockchain since 2012. He is also an expert in high-traffic environments which is essential for the massive scaling we are planning. Marcus Sabadell guides our efforts so that we are always in line with the best investigations. Markus is considered one of them the world’s most recognized SSI and DID experts as well as serving as a lead researcher at the W3C (The World Wide Web Consortium).

What is IAMX and why have you chosen the Cardano blockchain for your project?

IAMX is a token-based decentralized identity and authentication protocol which gives individuals the means to own their identity. Compliance with the strictest regulatory standards for identity protection, we offer a robust and secure system where individuals are able to take control and manage their identity.

Users of IAMX will realize significant time and cost savings through new approaches to identity management and e-commerce transactions, which 1-click fulfillment, which is legally binding and maintains compliance with local regulations. With users in control of their identity data, time-consuming processes such as form filling, Know Your Customer (KYC) or Know Your Business (KYB) become almost immediate, highly secure transactions.

We build on the foundation of Self-Sovereign Identity (SSI)blockchain and DIDs, enabling individuals, organizations or any entity prove their identity independently of external parties or centralized authorities. In this way, the authenticity of anything associated with an IAMX DID can be verified regardless of the device holding the DID. Our DID method did:iamx was approved by the W3C in March 2022 and is fully GDPR and privacy compliant.

On top of all the time-saving and privacy benefits, is users of IAMX will be encouraged to use their identity and benefit from upgrades, discounts or refunds every time they use their IAMX identity in an online transaction. The companies that use IAMX will also have significant upsides when it comes to everything from significant cost savings compared to current solutions to an increase in conversion rates as a result of IAMX simplifying customer onboarding. Other business partners, such as telecommunications companies or other organizations required to perform customer KYCs, will act as verifiers of data and as such will be able to benefit from lifetime income as they will be awarded a portion of affiliate marketing fees generated in the IAMX Marketplace.

We decided to launch on Cardano because we had one natural affinity to this blockchain as our team architect Tim Brueckmann was already running a stake pool. The more sustainable proof of stake that Cardano offers as well as the amazing Cardano community were also deciding factors. But, IAMX’s solution is chain-agnostic and we can already solve 50 ledgers and register 8..

Tell us about your NFT Identity Verification solution and how it works? How does KYC fit into this?

So in the case of NFTs, platforms such as marketplaces manually review NFT projects on a case-by-case basis for verification, which is not only time-consuming, but also not scalable, as cross-platform verification has not been feasible for many because it requires too much work. This requires NFT project creators to go through similar rounds on different platforms, which often leaves them frustrated. This is where DIDs come in. With a DID, project creators can prove their identity in a decentralized waywithout having to fill in personal information each time and then wait for manual confirmation.

So the way it works is that when you want to verify your identity and link it to your NFT projects, you create a DID by logging into various social media like Twitter, Discord, GitHub, Facebook, Apple, Google etc. Take a look here for more information.

This DID is then added to your NFT collection and future buyers can see that the NFT they are buying is verified. They can go here and find all the necessary information in DID. So for example if the NFT creator is Snoop Dogg and DID prove that the said NFT creator has logged into Snoop Dogg’s Twitter account, this gives an extremely high probability that the NFT is authentic.

Regarding the KYC aspect, this has not yet been implemented in vNFT, but it is coming. The KYC data will be stored in the identity wallet of the NFT Creator and the DID will show that the NFT Creator has performed a KYC, but the actual KYC data will not be stored in the NFT. The point of KYC being part of it is that again provides the added assurance that the NFT creator is who they say they are and helps avoid fraud.

What does the future hold? Where do you see IAMX in 1, 5 and 10 years respectively?

We see ourselves at the forefront of the Web3 revolution, and bring the world’s most secure, decentralized and user-friendly Self-Sovereign Identity (SSI) solution to the Internet.

During the next year IAMX Identity Wallet will be launched and so will ours The iOS and Android Marketplace app. We already have that cooperated with more than 50,000 companies.

Within 5 years IAMX will be the world’s leading provider of identity solutions for Web3, connecting the IAMX Identity wallet will be as natural to the process of entering the internet as opening a URL is currently. We actually wanted that added the layers of identity and authentication to the Internetwith IAMX in 5 years you will be able to treat the Internet as if you are always logged on.

Paccording to our mission and vision, IAMX works to solve the problem of to give an identity to the billions of people who currently do not have a state-recognised, legal identity. In 10 years, we envision having made significant progress in creating identities for the more than 1 billion people in the world who currently living without an identity. Our dream would be to have reduced this figure by more than 80% over the next 10 years. We think we can make it happen!

Great contribution. Any closing thoughts? Where can people get in touch?

Thank you! When it comes to closing thoughts, we believe the era where your identity functions as the product, controlled and capitalized by corporations, is coming to an end. It’s time you take ownership of your identity.

We hope you will join us on this journey and we are easy to reach both at Disagreement and Telegram. You can even drop us a line at [email protected] and we would also love it if you visited us Identity Lounge on Twitter which is every Tuesday at 19:00 CET/13:00 EST. All links can be found here.

Disclaimer: The opinions and views of the people interviewed are their own and do not necessarily reflect those of the Cardano Foundation or the IOG. Also, this content is for educational purposes, it does not constitute financial advice.