Midhub Protocol

ALCHEMIST GALLERY
MID GALLERY

Inspiration: We need a Decentralized Identity in Web3 World

In real world, we are persons, characters. We have real ID to prove our identity.

In Web2, we have emails, google and facebook accounts to send and receive considerable information from Web2 world. We have avatars, show pictures, and communicate with others with such an identity.

Web3 Time is coming. It is unstoppable. We urgently need a WEB3 IDENTITY to start our journey of exploration. In such a decentralized world, we need a decentralized identity so that the metadata belongs no longer to private companies but back to OURSELVES. We can do anything we want in a more trustworthy and convenient environment with a Decentralized Identity (DID).

How to be Decentralized: On Chain

Avatar is significant for an identity, but for all the NFTs, the figures and graphs are stored off chain, which makes it hard to verify. What we want is completely unprecedented -- everything on chain, including the avatars. Like we all having a wallet in real world, our Web3 identities should also communicate and pay others freely on chain. Every transaction is connected to an identity and they are all verifiable. Corruption will be much harder when everyone can see the ledger. The clearing system should do its job automatically without an accountant. Fairness can be seen on chain.

Characteristics of MID Hub Protocol

Decentralized mint mechanism, user ownership and control
Self-mint, personalized naming and social
Unique identity and user-friendly system
Wallets and identities can be tied
Verifiable on-chain communication
Open source
Transaction / Asset / Equity Properties

Tech Accomplishments

Renderer built into contract
SVG NFT stored on chain -Dynamic-Updating data on chain

Challenges we ran into

As an open-source, modular, and community-driven on-chain SVG NFT DID protocol built on Polygon, we previously focused more on technical side. The community needs more new blood to boost the whole ecosystem, including developers, users, and KOLs. The incentive mechanism will work better with a larger community base.

What's next for Midhub

Midhub aims to be not only a native DID but also build safer Web3 infrastructure for various scenarios including DeFi, SocialFi, and GameFi. We plan to develop and improve our staking protocol, Incentive protocol for liquidity mining, and Land's modular MID minting protocol. (Land is an NFT pass functioning as an access key to Midhub Protocol.) We will then develop On-chain socialFi protocol and adopt socialFi governance. Unlike other centralized token funds, Midhub is promising to build asset management functions into protocols, including establishment, purchase, withdrawal, and clearing. Midhub could also implement the management of funds through within-protocol strategies and whitelists. We are gradually constructing the Web3's on-chain infrastructure for everyone.