Hey magician fellows!
This topic is a place to discuss improvement proposal I’m working on:
Loudly stated as digital identity is a standard that would allow us to abstract away from a address/private key paradigm in to more secure way of communicating, where each identity (person or organisation) can register their name and obtain some address that is a smart contract proxy, able to represent any identities actions on chain, while also having decentralised social recovery mechanism that would allow one to secure his identity with support of ones family, friends and other people one trusts.
Basic idea is that we create a smart contract factory and registry that allows anyone to
- Mint a special tokens (identity tokens) that are fungible ERC20 tokens with extra methods:
- Burn tokens in another wallet by burning equal amount of own tokens
- Delegate tokens to someone to use on a behalf, except for burning and transferring
- Special methods that allows to calculate token amount on wallet relative to total circulating supply of tokens
- Special method that allows majority of token holders to dump whole circulating supply and reissue whole supply back to those who signed under such execution in proportion.
Such token mechanism would allow one to send them to family members, collegues etc. And In case if any of wallets gets compromised others can attack compromised wallet and burn those tokens, or gather together signatures and re-issue whole supply of tokens in case if multiple wallets are compromised.
That way digital identity (soul) would be in a way immortal because tokens can always be replenished back to maximum capacity, no matter how many attacks happened, as long as true holders keep majority of power.
Such token also would allow interesting new mechanics where one that has tokens or has them delegated to can act on behalf of identity to some level of certainty.
Deploy a diamond proxy contract that is being owned by a majority of identity tokens from #1. This contract as a diamond proxy can be cut to represent whatever one wants it to be and can act as public address of the person.
Make an entry in registry allowing to register human readable identity name and link it to the diamond proxy contract and identity tokens
Such standard I believe would be greatly beneficial in order to create more reliable and robust systems and contracts. And ability for social recovery would increase speed of mass adoption.
So far proposal is a total draft and I am open for a discussion on everying
Looking forward your comments!