SelfKey is proud to release the whitepaper of its unique Proof of Individuality (POI) system, an innovative approach to a “proof of personhood” system which can help mitigate Sybil attacks. SelfKey verified credentials form the basis of the POI system. This extends and strengthens the self-decentralized, trustless identity verification system used by applications within the blockchain ecosystem. SelfKey has released the POI whitepaper, for review and public feedback. It will launch as a DAO supported by its own token, LOCK. LOCK can only be obtained through KEY staking.

POI is designed to allow Sybil-resistant identities as well decentralized user identification. It is difficult to verify that one account represents one person as most blockchain systems use wallet address for identification. However, one individual can easily create multiple key pair. Unfortunately, the majority of blockchain governance systems have been governed in a plutocratic manner, where power is concentrated amongst the most powerful token holders. Instead of this flawed type of governance, a POI system is part of a holistic solution to DeGov, as mentioned by Vitalik Buterin in his article: “Moving beyond coin governance.”

SelfKey’s POI relies on a number of different features to prevent a Sybil attack via biometric data and shelling games, driven by the decentralized work of the POI users themselves.

Without revealing the true identity of the individual to those requesting POI, the POI system can tie a wallet with a single person. Extern observers are able to verify that the wallet address has been provided by an individual who can provide proof of identity.

“We’re really excited to unveil the new POI whitepaper to the world,”
Edmund Lowell is Head of Product for SelfKey.

“Tackling identity and governance issues is paramount to blockchain, Web3 and, eventually, the entire world. Without a direct democracy, blockchain projects are left with power by wealth—a naturally centralizing force. As this project will launch as a DAO, it’s critical for a broad spectrum of users to get involved, participate, as the community is the most important aspect of a decentralized system.”

Continue reading on DailyCoin