MetaFinance DID (Meta ID) On Chain Identity System Explained
A decentralized identifier, or DID, refers to an ID that can be issued by an autonomous, independent, and decentralized platform that acts as a proof of ownership of digital identity. In reality, identity might be an abstract concept that people validate through their phones and emails to acquire specific authority. In the blockchain world, everyone can own many different virtual addresses and identities against verifications to avoid the influence of centralised organisations. However, these virtual features cannot verify their previous actions and credit. MetaFinance wishes to bring DID into DeFi to establish a self-contained decentralised financial system and has conducted much research and development.
❓What is MetaFinance DID (MetaID) ?
As stated in the MetaFinance white paper, “Meta” refers to the basic unit that composes things and extends to idealization and the foundation of everything. MetaFinance has financial guidelines for the blockchain world, providing MFI holders with unique NFT(non-fungible tokens): the digital identity DID
In MetaFinance, each user could have a unique digital identity DID, which is held by the user in the form of NFT and contains registration time, staking information, community information, etc.
MetaFinance has launched several popular DID (Presented as Meta Medals) on MetaID in the first phase, and users who reach the relevant standards can light up their own Meta Medals.
The minimum viable product of MetaID is expected to be launched in the middle of July 2022; currently, several approved Meta Medals are available in the first phase by collecting ideas from various MetaFinance communities.
How do I check the current status of my MetaFinance DID (MetaID) ?
Visit 🔗 https://app.metafinance.com/ and access “MetaID” from the side navigation menu. You can view the Meta Medals owned by your current wallet address.
💎 In the upcoming update, each medal will represent a corresponding amount of points and users will be able to accumulate more medal points to mint a unique NFT; the minting feature for NFT will be launched in the third quarter of 2022.
What are the benefits of MetaFinance DID (MetaID)?
MetaFinance has conducted an innovative approach to combining DID, NFT and DeFi, and this innovative NFT is used in the following products within the MetaFinance ecosystem.
- The method of Weekly Nodes Rewards will be updated to receive rewards based on the NFT type held by the user’s wallet address.
- Offering premium whitelist spots to users with more medal points on their wallet addresses
- Enjoy the additional increase factor of the Starfish Program (Referral Rewards Program), based on the level of NFT owned by the users.
Users holding this type of NFT can trade their NFT assets freely (including the above benefits) at will, thus finding the balance between short-term profit and sustainable income.
MetaID aims to reshape the on-chain credit standard based on the total medal points of the users.
In MetaFinance DID (MetaID), each user address that meets the relevant qualifications will receive a corresponding Meta Metal, enabling the minting of a unique NFT; this NFT will record the historical contributions and operational actions of the address on the chain. An NFT with a great amount of Meta Metal indicates that the address is highly trusted. MetaFinance can make digital identity “tokenised”, which can be used for on-chain protocol interaction via self-validations.