Ydentity AltID & Authorizer

Alternative Identity Document (altid) & Signature for Neobank using bitcoin-based operations. Can help to streamline the KYC processes and the login phase, also sign transactions on remittance.

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Inspiration

The Ydentity business cornerstone is that "Ydentity NFT" will act as a triple FA/MFA for authenticating users and then mapping them to their open banking bank account (either in the OBP of El Salvador or in any other open banking initiatives regardless of whichever neobank it is) then the Ydentity NFT will be available to be accessed through the MetaMask/Nifty wallet Web3 extension.

Figure 1. Schematic of the workflow of Ydentity dApps (Alt-ID and Auth) on RSK blockchain Figure 1. Schematic of the workflow of Ydentity dApps (Alt-ID and Auth) on RSK blockchain

What it does

In the OBP, the RSK blockchain (or any chain for that matter) is acting like permanent decentralized storage and smart contract executor, then the smart contracts’ main duty will be to verify and validate that/if the owner of the Metamask wallet/Ydentity NFT token is valid and then pass that authorization upstream to the OBP Banking system for their further actions/mapping to the bank accounts underlying to this Ydentity/person.

How we built it

We built 3 main Smart Contracts for this Bankathon:

  1. YdentityToken: a NFT Token deployed on RSK Chain
  2. YdentityAltID: a SmartContract that helps to implement the 2FA using the user's NFT Ydentity Token Minted and available on Chain and inside the user's Metamask/Wallet.
  3. YdentityAuthorizer: a SmartContract that helps to implement the Authorization and Signature of Remittances transactions using the user's NFT Ydentity Token Minted and available on Chain and inside the user's Metamask/Wallet.

Challenges we ran into

We ran into some challenges as per below:

  • No interoperability between RSK Chain and Ethereum (had to redeploy everything on RSK then)
  • Shortage of manpower during ThanksGiving time :-)
  • Very little time to Test thoroughly the solution - best effort basis

Accomplishments that we're proud of

We are very proud that we manage to pull that off in such a short time, and if we were gaining any price money we are confident that we could deliver a serious "ready to market" product in a few months time. We are proud that our code was easily ported to RSK Chain.

What we learned

We learned to use RSK Chain and API3 Airnodes.

What's next for Ydentity AltID

Trying to continue the project after the Bankathon and make it "Ready for Raising more funds" and showcasing the power of the YDENTITY NFT Token as a safe and trustworthy Identity profile.

Business Model moving forward

The Ydentity revenue model is based on three touchpoints:

1-At the time/call when a user is creating his/her NFT by asking an extra gas fee (GF1) in form of ETH gas and basically accruing the gas asked by Ethereum to mint the NFTs.

2-At the time/call when the banks or remittance/FX companies are using the smart contract to verify their customers' identity/Ydentity NFT by asking for gas fee (GF2).

3-At the time when any third parties are interested to negotiate permanent contracts to use the Ydentity profile's scores of the user for more than just identity/authentication by asking additional gas fee (GF3).

At the time of the Ydentity Decentralized Autonomous Organization (DAO) and platform, we won’t be able to ask or sell indirect but only to levy the money through fees and gas.

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