Omchain Foundation - Monthly Newsletter - February 2024

Dear Omchain Community,

We've started January with efficiency and productivity, staying true to our commitments to Our Community Members, as we always have. It's a testament to our unwavering dedication to our roadmap and vision. As the Omchain Foundation, we consistently pursue our dreams with passion.

PRODUCT LAUNCH: Omchain DIDs

We are delighted to announce the successful launch of our e-mail verification based DID running on the Omchain network. With this product we are making our concept of DID meet with a real life application where we provide an opportunity for everyone to generate their own ID within two seconds upon verifying their e-mail addresses. Our DID solution is the fastest and easiest DID solution in the market. 

Within the first three days of our launch, we have seen around a thousand users receiving their DID by simply providing their email addresses. Witnessing this level of engagement from over 65 countries worldwide has been truly remarkable. This significant uptake reaffirms the value and potential impact of our groundbreaking product.

Taking these achievements into account, we are committed to expediting the advancement of DID by the Omchain Foundation.

What is DID?

Digital ID refers to a blockchain-based identity system designed to minimize data exposure, granting individuals the power to selectively disclose specific parts of their credentials to verifiers. For instance, one might opt to reveal their city of residence while withholding their complete address, thereby bolstering privacy protection.

Utilizing digital identification and credentials streamlines various processes for both individuals and organizations, encompassing tasks such as managing university diplomas, academic qualifications, professional licenses, staff identifications, and more. Nonetheless, prioritizing the utmost protection of this deeply personal information remains crucial to uphold its privacy and security.

What is the implementation areas of DID?

We offer an extensive selection of DID areas encompassing banking, insurance, and financial services. Additionally, industries such as e-commerce, retail, and travel are embracing digital IDs to improve services and combat fraud. Furthermore, the integration of Digital ID within the field of IoT and AI is on the horizon, marking a notable advancement in technology utilization.

Who are our target audiences?

• Banks 
• Local Governments
• Insurance Companies
• SuperAPPs
• KYC providers
• E-commerce companies

The Benefits of Omchain DID:

• Our system operates Proof of Identity (PoI) on the Omchain network, ensuring reliability. 
• We can eliminate the necessity for database queries during authentication, streamlining the process. 
• Unified Digital Identity: We can transcend multiple Digital Identity Frameworks, offering a seamless experience. 
• Our solution is environmentally friendly and sustainable, without necessitating print-outs. 
• DID reduces expenses associated with SMS and email verifications, saving resources. 
• Authentication is faster and more affordable, enhancing user experience. 
• Enhanced Security and Privacy: Our product empowers users to truly own their identity. 
• The Digital Authenticator ensures data sharing only with the user's explicit cryptographic consent, enhancing privacy. 
• It ensures compliance with data privacy regulations such as GDPR, ensuring legal adherence. 
• Our products do not possess or store authentication data, prioritising user privacy. 
• We offer a plugin to data owners to bolster their infrastructure, enhancing functionality. 
• We have no competitors offering a similar level of service, setting us apart in the market. 
• The Total Addressable Market represents billions of dollars, showcasing significant potential for growth 

AMAs:

3VLABS:

Special Conversation with 3VLABS on Omchain Twitter Spaces: We were delighted to welcome 3VLABS Co-Founder Mark to Omchain Twitter Spaces. Throughout this dynamic session, we delved into various topics including community management, an overview of the Blockchain Industry, and 3VLABS’ forthcoming strategies. The enlightening dialogue shed light on the nuances of 3VLABS, with their responses proving to be both insightful and encouraging.

Listen the recording here: 3VLABS

BIGINT:

We delved deep into the specifics of our recent collaboration with BIGINT and its role within the Omchain ecosystem.During our discussion on the Omchain TALKS, we presented a series of valuable and inspiring questions to them, probing into aspects such as how our partnership will enhance the user experience for both BigInt and Omchain ecosystem, potential benefits of our collaboration and their NFT marketplace solution that will soon be live on the Omchain network.

Listen the recording of the spaces from here: BIGINT

LAYER1X:

Layer1X Team has welcomed us on their Twitter Channel with Carv Project.

We've thoroughly explored the intricacies of our DID solution during Layer1X Talks, highlighting how Omchain Infrastructure ensures sustainability. We've discussed the effectiveness of our technology and the reasons why it's adept at safeguarding the data of individuals and corporations. Additionally, we've made swift progress in business development for the Carv Project.

In every aspect of our business endeavours, we've endeavoured to disseminate the DID Solution to all relevant parties. Whether it's through meet-ups, AMAs, or talks, we view each interaction as an opportunity to delve into the complexities of DID. And the response from X Talks has been overwhelmingly positive, motivating us to maintain our momentum.

Listen the recording here: LAYER1X

Until our next newsletter, take care.

Best regards,

Omchain Foudantion