IBAX’s iNAME feature

In today’s blockchain ecosystem, many people are eager to enter the world of web3, which represents a new and improved vision for the internet. The core of web3 is to empower users by giving them ownership through the use of blockchain, cryptocurrency, and non-homogeneous tokens.

One crucial aspect of web3 is identity. In traditional blockchain networks, individuals are required to create separate accounts for each platform they use. This can be cumbersome and time-consuming. It also leads to issues such as censorship, where platforms can suppress content and even block an individual’s entire online presence. Additionally, many platforms require personal identification information in order to create an account.

In web3, identities are decentralized and stored on the blockchain, allowing individuals to take their reputation with them when they decide to leave a platform. This means they can move to a platform that aligns better with their values without losing their reputation. The IBAX team has developed a unique feature called iName, which allows for on-chain decentralized identity authentication. This ensures that users have control over their own data and can move freely between platforms without losing their reputation.

Allowing users to control their digital identities through domain name service functions is a solution to the problems mentioned above. Using iName, users can log in to multiple ecosystems with just one identity. This login process is safe, anti-censorship, anonymous, and easy to use.Users can use third-party identity authentication methods, such as text messages, Twitter, or KYC certification, to verify their identity. Users can then submit this verified information to the blockchain. Once the information is verified by the consensus of the blockchain, it is confirmed as secure, and a digital safe box is created using the user’s public key. This safe box can only be opened by the private key corresponding to the user’s public key, and with the verification information provided by the third-party. Once the safe box is opened, the user’s identity is verified, and the blockchain marks the user as having obtained a real certification.IBAX’s iNAME is different from Ethereum’s ENS service, which only improves the usability and accessibility of the blockchain by allowing anyone to create simple, easy-to-remember web addresses. iNAME, on the other hand, not only offers the same usability and accessibility, but also provides a secure and anti-censorship way for users to control their digital identities across multiple ecosystems.

Using domain name service functions to control digital identities is a solution to the problems mentioned above. iName allows users to log in to multiple ecosystems with just one identity, making the process safe, anti-censorship, anonymous, and easy to use.Users can use third-party identity authentication methods such as text messages, Twitter, or KYC certification to verify their identity. They can then submit this verified information to the blockchain. Once the information is verified by the consensus of the blockchain, it is confirmed as secure and a digital safe box is created using the user’s public key. This safe box can only be opened by the private key corresponding to the user’s public key and with the verification information provided by the third-party. Once the safe box is opened, the user’s identity is verified and the blockchain marks the user as having obtained a real certification.IBAX’s iNAME is different from Ethereum’s ENS service, which only improves the usability and accessibility of the blockchain by allowing anyone to create simple, easy-to-remember web addresses. iNAME, on the other hand, not only offers the same usability and accessibility, but also provides a secure and anti-censorship way for users to control their digital identities across multiple ecosystems.

ENS (Ethereum Name Service) can be used to represent wallet addresses, transaction IDs, hash values, and metadata. Ethereum allows for custom domain names, and once an ENS domain name is obtained, an annual renewal fee in ETH must be paid to keep it. The fee is denoted in US dollars, but it is converted using the exchange rate provided by the Chainlink ETH/USD oracle. For names with five or more characters, the annual renewal fee is $5. The shorter the name and the more in-demand the name is, the higher the value and the ability to transfer it for profit.On the other hand, IBAX’s iName service offers a unique, decentralized and non-fungible solution to the above problem. iName can be used as an address for transactions and contract operations, and it can be freely named and self-determined. iName is also bound to a wallet address and has a unique correspondence, it can’t be modified or deleted. iName’s length is 4–20 characters, and the shorter the characters, the higher the price.iName’s functional service can locate users easily after third-party authentication. Ecosystems can choose to adopt a fuzzy user filter or a precise user filter, for example, in some regions, certain ecosystem applications cannot provide services due to legal restrictions. In this case, iName address filtering can be used to prohibit users from using ecosystem applications. Ecosystems can also use this function to divide users by location, gender, age, etc. to find the target ecosystem users and accurately create web3 ecosystem projects.

The iName feature is perfect for airdrop activities during the early stages of ecosystem building. It allows organizers to accurately identify and filter out fake or repeat users, ensuring fairness and effectiveness in reward distribution. Additionally, it allows the ecosystem to target specific demographics and acquire high-quality users more efficiently.In financial ecosystems, trust is often a major concern. The iName feature solves this issue by confirming the identity of users and providing credit information based on their compliance records, assets, and behavior within the ecosystem. This allows for more accurate evaluations of trust and potentially collateral-free loans.The IBAX team believes that the iName feature can open up new opportunities for ecosystem development and promote a variety of business types. It serves as a bridge to the Web3 world and creates a better future.

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