NaeGift

NaeGift is a DID&VC based digital gift SaaS service that allows any seller to sell a NaeGift, representing the right to receive or use a product. NaeGifts are stored in a DID&VC wallet for privacy.

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Inspiration

NaeGift (a portmanteau of "Nae," meaning "My" in Korean, and "Gift"), leverages the cutting-edge duo of Decentralized Identifiers(DID) and Verifiable Credentials(VC) to revolutionize how gifts are exchanged in our decentralized age.

What it does

NaeGift is a DID&VC based digital gift SaaS service that allows any seller to sell a NaeGift, which is a DPR(Digital Product Rights in the form of a W3C standard Verifiable Credential) representing the right to receive or use a product(content, goods or service), to buyers. Subsequently, buyers can gift the NaeGift to giftees, who can store it securely in their DID&VC wallet. When giftees visit the seller's online or offline site, they can submit and verify their NaeGift to receive or use the product provided by the seller.

How we built it

Naegift is designed to foster a trusted and seamless exchange of gifts among three key roles: sellers(such as shop owners), gifters(individuals looking to purchase gifts), and giftees(the recipients of these gifts), all specified by their own DIDs.

Upon registration, sellers can showcase and sell their gifts directly in their gift shop. Gifters can browse the seller's gift shop to find the perfect gift. Upon purchase, they can send the gift receiving link to the giftee. When the giftee accepts to receive the gift, the DPR are saved in the giftee's DID&VC wallet.

If the DPR corresponding to the very gift exists in the DID&VC wallet, the giftee can then use the DPR, requesting verification to the seller. If the DPR is neither revoked nor illegitimately altered, it is verified as valid, enabling the giftee to ask the seller to deliver the product corresponding to the gift physically or digitally.

Challenges we ran into

At first, it takes time to understand Truvity SDK. So we listened to Truvity's webinar and run the sample code it provided. After that we understood the usage of Truvity SDK. We already have a few experiences using other DID&VC platform SDK(e.g. Microsoft Verified ID, Trinsic SDK and Hyperledger Indy&Aries SDK). Compared to others, Truvity SDK is very good to use so we are quickly adapted to it.  

Accomplishments that we're proud of

On the business side, as you can see in our demo video, NaeGift is the first gift service where anyone can sell their DPR, DPR can prove the right to use or receive the product. We think NaeGift is a killer service for the people to use the general gift service but can get the benefit from the DID&VC technology. On the technical side, we replaced the unique gift QR code(the UUID in the DB) with DPR(the VC in the DID wallet).We definitely think we can solve the current gift market issues(fraud, counterfeit, trustlessness, etc) using the DID&VC technology and expand the goods gift market to content, service, and even personal talent gift market. 

What we learned

In the DIF hackathon discord, we feel the passion to solve the current problems using the DID&VC technology. There are so many companies in DID&VC technology. They work hard to solve the current problems in their country. We think of the worldwide DID&VC hackathon project to solve the humankind problems in the catastrophic AI era and, of course, DIF has an important role in it.

What's next for NaeGift

The next step of Naegift is its use of an escrow smart contract, designed to safeguard both the seller and the gifter against potential fraud. When a gift is purchased, the payment is temporarily held within the escrow smart contract. Only upon the giftee's receipt and acknowledgment of the product, the payment is released to the seller's payment account, ensuring a transparent and secure transaction.

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