Two of the main questions we get when talking about ICONLOOP’s identity product suite are 1) who is using it and 2) does it require $ICX. Currently, #broof
run on the public chain. Thus, each time the product is used it requires $ICX.
MyID will primarily run on private chain to start. But we expect use cases on public chain with our interoperability technology (BTP). Expect more details on BTP in the coming weeks.
First, let’s dive into #broof.
#broof recap and adoption
Whenever a #broof certificate is issued, we invoke two transactions on the public blockchain (using $ICX). One transaction to store the image of the certificate on the blockchain and the other to verify that no changes have been made to the content. Below are some examples: POSTECH issuing diplomas and ARTnGUIDE issuing art authenticity certifications.
In POSTECH’s case, their wallet ID
was “whitelisted” so you know that it’s the only authenticate issuer of this certificate.
Here is an example of the #broof diploma