Strolling across the Blockchain streets earlier today I found an interesting project. I always find the entire Blockchain community at large interesting with many jaw dropping projects spread across various platforms, there is never a boring moment in this sphere and one can be easily deluded by noise and caught up in the much anticipated bull run rat race that they miss the "next gen" projects brewing in silence and you know what they say about early birds?
Another key factor that interests me when it comes to Blockchain is its Open source-ness, where anyone can develop untop of a development, perform tweaks, mods, add functionalities or warp the entire system without causing damages to the original version already developed.
Since the inception of the first Blockchain, we've seen since hundreds of more Blockchain projects pop off the block, some with peculiar solutions to problems within the society while others are just facades of hopes and dreams or nothing more than replication of already existing solutions.
Fascinatingly, not one of the hundreds of them have their systems perfect and all round figured out due to the nature of the technology itself, it is new, expansive, not exactly easy to figure out and slowly being adopted because of its unregulated ecosystem but still has garnered more than $300 billion in worth.
One of the very interesting applications of Blockchain projects is the ability to trade ones computer resources and internet for real value through a process called mining. Back in the day, this will require a lot technical expertise with various hardware components and set ups which will need an amount of investment quite costly for the average Joe.
Fast forward to 10years later, mining has been diverged into different protocols, including but not limited to staking, pooling, master node running and other activities that incentivize using the chain. These days we even have system that allow users mine/earn crypto by doing their usual daily activities like surfing on the net, playing games, participating in social media, clicking on ad links and all sorts.
All these operations are made possible through the consensus mechanisms employed by the blockchain, terms such as Proof of work, Proof of Stake are common among the top blockchains , but the expansive nature of the technology has also led to development of other experimental protocols, such as the ",Proof of person consensus mechanism."
In the cryptosphere, these mecahnisms are employed for governance, security, validations of sorts and finally creates the potential to earn by being rewarded for validating transactions aka signing blocks, aka running a node aka installing a software, aka solving flips!easy peezy right?.
Back in the day, costly mining rigs/equipments were the best approach at mining crypto, today there are POS algorithms that require, you know, stakes! I'm glad to present to you a system where you only have to be a real person, own a medium capacity computer, stable internet connection, electricity and generate income by mining.
This project is called Idena and was launched on the alpha main-net in March 2020.
Idena is a novel way to formalize people on each blockchain technology. It does not collect or store personally identifiable information. Idena proves the humanness and uniqueness of its participants by running an AI-hard Turing test at the same time for everyone around the globe.
The Idena blockchain is driven by proof-of-person consensus: Every node is linked to a crypto-identity, one single person with equal voting power. To read more click here
So in POS systems where stake determine your vote weight in governance, on Idena, your realness is attached to your vote which makes it a one person one vote system which aims to further decentralize the network. The first question that came to my mind was that could they be achieving this through KYC/AML? And to my surprise I was outrightly wrong, an AI system has been put to place to identify every human/node subject to several processes of validation and user info's aren't even stored.
To minimize the probability of the Sybil attack, the pace of the network growth is restricted: Idena network participation is invite-based. New invitations can only be sent out by validated nodes. The number of new invitations per node is limited to 1 per epoch. The total amount of generated invitations will get larger as the network grows.
So to cut the long story short, these days, there are so many cool projects, in my recent post, I wrote about what makes me invest in a cryptocurrency
Link to the post above - The intricate utility i.e the solution, the tokenomics, security, etc, in search of these attributes, was when I discovered the solid economics behind the underlining crypto of the Idena Chain, DNA. To read more about it, check out the whitepaper or click this link for a community report
Crypto/online identity can be a big issue where there is so much fraudulent activities and multiple identities. Idena aims to solve the problem of multiple voting such that can be applicable in any voting operation around the world. This also extends to exploring the possibilities of a UBI system where the system gives UBI to whom it says it gives it to and not 1 person multiple times, the possibilities are endless.
A full node of the Idena blockchain could be light enough to run on an average laptop. Participation in the network is rewarded with minting and can be considered as a form of the universal basic income sufficient to cover network services (for example, sending messages) as well as the bill for the Internet service and electricity consumed.
FLIPS or Human Validation Excercise
FLIPS are "AI-resistant captchas" that are created by Identities, ie HUMANS, in IdenaNetwork" According to my source. That's how the network stays bot-less and decentralized. It has to do with basically solving problems generated by A.I which serve as human validation exercises likened to mathematical computations on blockchains like Bitcoin. To learn more about the A.I, Flips and solving them, click here
Lest I forget, Idena also claims to be a decentralized platform to host blogs or social mediums that assures freedom of speech, Idena already has a couple of applications running on it, not only that but also like most POS networks with their decentralized funding for developments, Idena also has its own means of project funding and community building so what are you waiting for? Like to check it out?
Thank you for reading.
Disclaimer this is not a financial advice, kindly do your own research before making any investment decision, thank you.