A new video by a community developer shows the inner workings and significant potential of Dash Platform's multi-layer identity system, and its applications in advanced cryptocurrency payments.
Released by community developer Readme, the video showcases a Chrome wallet app leveraging the username registration system of Dash Platform, a data contract platform formerly codenamed Evolution. The app, built on public developer testnet "evonet", shows the back-end mechanics of registering a username and associating it with identity data and a wallet, with multiple identities and usernames potentially applicable to a single wallet. These identities and relationships serve as the foundation for a system of human-readable usernames that will allow users and businesses easily transact without being exposed to long cryptographic hashes, the current hallmarks of the cryptocurrency user experience. They also allow for the transmission of additional transaction data beyond simply the payment itself.
Dash Platform is set for full release on the network's main testnet next quarter.
Name and identity data provide the missing link for payments mass adoption
The identity architecture on Dash Platform provides the ability to leverage additional data involved in transactions beyond simply payment amount and destination address, which may prove to be the missing link for cryptocurrencies to be adopted widely as methods for retail payments. For example, a merchant accepting cryptocurrency payments typically provides a public address and an amount to be paid, which is considered finalized once the requested amount is received by that address. Data related to a specific invoice, product information, or data related to the customer (such as a reward code or shipping address) are not transmitted.
In this example, Dash Platform would allow for a customer to interface via a human-readable username, and would allow data associated with the transaction, such as item or invoice information, to be transmitted on the Dash network along with the payment. This would theoretically take place without any privacy-compromising information being publicly associated with the payment on the blockchain, including username data. Payments are still set to operate between presudonymous cryptographic addresses, as they do on most major cryptocurrencies, while allowing for advanced information-sharing capabilities necessary for modern commerce, without compromising the privacy of the user or merchant.
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