DID is an NFT that cross-registers your domain name on multiple chains creating a storage system for user data. This offers a solution to the existing name service providers, which only allows you to assign a unique name on a single chain. On the platform, When a user registers a domain name on the BNB chain, a corresponding DID NFT is minted, and The resolution information is shared among supported chains.
DID Connecting with Web2.0
Jaz Decentralised ID bridges the gap between existing Web2.0 and Web 3.0 identities by linking them.
It practically allows users to connect their DID to a Web2 identity such as a Twitter account, Instagram, LinkedIn, email address, etc.
DID Architecture
- Smart Contract
One smart contract for name registration and resolution. It only accepts names that the Jaz Oracle has validated.
- Oracle
It ensures the synchronicity of names registered across multiple chains. It will log name registrations from different chains, consolidate the information, and grant authentication signatures to users who want to write or bridge names.
Mainly, Jaz Decentralised ID uses Oracles to verify and recover Metaverse accounts.
DID Messaging offers end-to-end encrypted messaging and information transmission to protect privacy, as expected in Web3.
DID for Sports_Fi in the Metaverse
- Identity Container Protocol
This sets up KYC, Profile, Payment, Metaverse account, and chat.
- Modules
Personal identity labels (tag)
Credit models
- Soulbound
Soulbinding of Metaverse accounts – Jaz DID has a soulbound protocol that binds Metaverse accounts to the DID where users can easily log in using their DID.
Soulbinding of assets – This is designed to help DID directly own existing assets in the wallet. It will include the ability to transfer them as freely as the assets in the wallet address and realize transfers based on DID. Furthermore, collectors can also display their NFTs on DID.
Soulbinding of data – This will include social relationships in the Metaverse Community, like partnerships with Sandbox, Decentraland, USM.world, and ChaptrX.world.
Web3 platforms that foster Creator-to-Earn, Contributor-to-Earn, X-to-Earn like mirror.xyz, stepN. are potential partners.
Applications – Some of DID Metaverse laid down applications include staking, governance, membership, then staking, and loans.
Level-Ups Available – DID – Soulbinding of Avatars.
Jaz DID holders and DID holders from other name services can “level up” their avatars.
DID For VIP Lounge Membership
Proof of Concept with FIFA World Cup 2022
For Fifa World Cup 2022, The DID For 32 country teams will look like this: tony.portugal, jim.brazil, jeff.germany, sofia.france.
Additionally, DID Users can access Team VIP Lounges for the country their domain is registered with to chat and win country team “Fan Jersey” there.
This means that tony.france will have access to France’s country team VIP lounge in USM.world to meet other France fans and win the Fan Jersey for France.
Jaz Token Economics & Product Timeline
The project will have several income models: royalty fees, an NFT marketplace fee for trading the Jaz DID, and an extension service fee per domain name.
Depending on the rarity of the domain, users will be charged different rates, ranging from $3/year to $90/year.
The idea for the Jaz blockchain started in March 2022, the MVP is scheduled for September 2022, and the Launch is projected for October 2022.
Initially, Jaz will be a non-token project, focusing on the NFT Decentralized ID aspect of the ecosystem. The token Launch is scheduled for February 2023.
There will be a total of 500 billion JAZ tokens, with most of the supply going to the community (83%). The team will reserve 17% of the total token supply distributed over a six-year vesting period.
The project is looking to start fundraising at a fully diluted valuation of $10 million, looking for investors to purchase 1-3% of the total supply between 100k-300k in funding.
2-3 angels will receive 8% of the total token supply, and the team will receive tokens over a six-year vesting period.
Conclusion
The Jaz blockchain is looking to become a leading Decentralized ID ecosystem with a primary focus on supporting multiple chains. The project aims to initially mint on BNB, later focusing on various communities in other blockchains.
Jaz is a must-watch this year as the team prepares to launch a demo later this month and its MVP in September.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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