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[ICON Newsletter #9] MyID vs. Competition

Dear ICONists, COVID-19, better known as ‘Coronavirus’, continues to dominate the global headlines.
[ICON Newsletter #9] MyID vs. Competition
By ICON Newsletter • Issue #9 • View online

Dear ICONists,
COVID-19, better known as ‘Coronavirus’, continues to dominate the global headlines. In South Korea (where ICON HQ is located) we’re continuing to take precautions by limiting business activities and also allowing our team members to work remotely. Our primary concern is the safety and health of our team and we’ll remain cautious until we have more clarity on the situation.
Despite the headwinds, we continue to make great progress with enterprise clients and growing our ecosystem. This week alone, ICONLOOP added another 5 new companies to the MyID alliance and were honored as a finalist for the Blockchain Revolution Global Enterprise Blockchain Awards. Additionally, we saw big news out of Korea on the regulatory front, paving the way for crypto adoption. This is a HUGE development for the ICON project as we continue to build bridges between corporates, governments and other entities interested in blockchain.
Now, let’s check out stats for the week.
Summary:
  • Weekly transaction activity increased 50% vs. December 2019 levels.
  • Main P-reps lower i_rep to 40,283 down another 1% since last week.
  • 43% of circulating supply staked, vs. 37% at the end of 2019.
  • ICON network continues to expand with 113 P-reps.
  • P-Reps sponsor Consensus 2020! This is DPoC at its finest.
  • Rhizome P-rep hosts 3rd P-Rep meeting to continue discussing ICON ecosystem enhancements and Consensus 2020.
  • ICX_Station releases part two of the 30+ page series on ICON’s technologyICON, deconstructed including LFT 2.0.
  • ICON Foundation approves 4 grant requests - DappReview, Atomic Wallet, FutureICX, and Fortmatic. Keep them coming!
  • ICONLOOP was honored as a finalist for the Blockchain Revolution Global Enterprise Blockchain Awards.  

Thank you,
Min Kim, ICON Foundation Council

Deeper dive into MyID
First, let’s start with what is MyID? MyID is a digital identity authentication service built using loopchain technology and an evolution of ChainID and DPASS.
It allows for ID authentication information to be saved to a user’s mobile phone so that users can reuse that information to open further accounts or access other services that require identification information.
Evolution of our digital identity products
Evolution of our digital identity products
MyID is recognized as Korea’s only ID verification platform that can be applied to the broader financial sector.
MyID overview:

  • Regulatory sandbox: the only digital identity solution given the regulatory sandbox for use in the broader financial services industry.
  • Simplifies authentication: you no longer need to take a picture of your ID over and over again
  • Account openings: once issued a MyID, users can sign up for various services using a simple interface.
  • Self-sovereign eliminates the leakage of personal information. User stores information on their device and can choose to share their data with the third-parties of their choosing.

How does MyID compare to other digital identity projects in Korea?
There are several identity consortiums in Korea including:

  • MyID Alliance: currently has 52 organizations including Samsung, Kyobo, Shinhan and IBK and various other companies across industries such as security firms, e-commerce companies, and manufacturing companies.
  • Initial DID Association: the group includes Samsung, financial services firms like KEB Hana Bank, Woori Bank, KOSCOM, as well as mobile carriers SK Telecom, KT, and LG UPlus.
  • DID Alliance: includes 60 member firms and is focused primarily on the RoboAdvisor industry.

Let’s unpack the key differences below:
Korean DID consortium comparison
Korean DID consortium comparison
As you can see, MyID is the best positioned DID provider given its broader business scope, regulatory support, potential user base, and technical maturity vs. competitors.
Key advantages of MyID:

  • Regulatory support: the only digital identity solution given the regulatory sandbox for use in the broader financial services industry. DID Alliance Korea also has an FSC sandbox approval, however, it only covers the RoboAdvisor space and doesn’t include any other financial services.
  • Technical maturity: loopchain was built from scratch by the ICONLOOP team and has been in use by many enterprise clients over the past several years. Other ID alliances have limited experience building blockchain solutions.
  • Business scope and potential user base: MyID will be able to act as a KYC identity and be used to open financial accounts. Additionally, it can store other ‘life accrued’ data such as work experience, certifications, and even health care data to utilize with other third-party verifiers. No other ID alliance has this broad of a business scope or potential user base.

MyID’s leading position keeps on growing.

mincircle
The total number of partners has increased from 47 to 52

IBK Bank ( Industrial Bank of Korea ), P2P Financial Firm Funda, Blockchain security solution Quantstamp, Mobile Pass solution MOCAsystem and Korea Smart Clothing Association joined as a new partners of MyID Alliance. https://t.co/efxm0j3TsH
9:53 PM - 4 Mar 2020
MyID mechanics
We are moving away from systems where institutions store and manage personal data of users and moving to a new digital identity system where identity holders own and use their data.
MyID process
MyID process
In the MyID scenario above, a user requests a digital identity from issuers. Issuers in the current MyID business model are banks. In the future, we could see hospitals as issuers of medical data, schools as issuers of education data, and employers issuers of employment data, etc. Financial services are just the tip of the iceberg.

But back to our example:
  • Banks confirm KYC info and issue MyID based digital ID (or a verifiable claim).
  • Once issued, the user can now utilize the MyID to access services in the network through verifiers. Note, all 52 of the current MyID alliance partners could be potential verifiers.
  • Verifiers request ID data and the user can choose whether to provide access through the verifiable claim, keeping the user in control of their data at all times.

Check out iconTV's latest content!
Mineable, one of ICON’s main P-reps, continues to produce thoughtful and engaging ICON content. Check it out for yourself here at iconTV Youtube channel. The last two episodes provide an inside look at “broof” and “VisitMe” and include some amazing acting from our very own Henry and Dr. ICON.
ICON ICX: 'broof' Blockchain Based Certificate Issuance Service (Full Demo)
ICON ICX: 'broof' Blockchain Based Certificate Issuance Service (Full Demo)
ICON Blockchain: MyID App VisitMe Full Demo
ICON Blockchain: MyID App VisitMe Full Demo
ICYMI: Key highlights of last week
ICONLOOP Recognized as a Finalist for Global Enterprise Blockchain Award!
ubikcapital
ICON has been added to the sponsor list for Consensus 2020! Things are moving! #ICONProject $icx https://t.co/fUsZtvy2iN
7:27 AM - 6 Mar 2020
ICON
Can I get a ❤️ and RT?

Huge milestone for South Korea. You can tell the importance of this news w so much news coverage.

TY to everyone who contributed in steering and shaping crypto regulation in South Korea. You bet the ICON team played a role.

https://t.co/GiuPJsb9kj
11:08 AM - 5 Mar 2020
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