Categories: Bitcoin Politics

OneName Raises Seed Funding to Fuel Decentralized Identity Protocol

Click here to view original web page at www.coindesk.com

Open-source identity protocol provider OneName announced a forward-looking roadmap this week that will see it extend more open-source software to developers as it bids to disrupt the existing online authentication process.

The blog post follows a relative period of quiet for the project, which debuted its social solution for bitcoin addresses this March. Though the Openname tool garnered widespread use in the community, OneName said it now intends to move beyond simply providing a domain name system for bitcoin toward offering an entire suite of tools for online identity.

Perhaps most interestingly, however, was the post's revelation that OneName had recently closed an undisclosed seed round backed by Union Square Ventures. OneName's full list of investors now includes noted bitcoin advocate and SecondMarket chairman Barry Silbert; AngelList CEO and co-founder Naval Ravikant; and San Francisco-based investment firm SV Angel.

However, OneName core developers Muneeb Ali and Ryan Shea stressed in an interview that the funding should be secondary to the company's larger goals.

Ali told CoinDesk:

"We feel like a lot of our investors are really true believers in creating open-source communities and a large developer platform where everyone can contribute. We don't feel like funding itself is an achievement. It's really about what you're working on."

Rather, the developers said that both the funding and its product roadmap were announced in tandem to reinforce that OneName will now have the backing it needs to tackle a significant challenge: convincing developers to provide its log-in system over or alongside existing usernames and passwords and alternatives from Google and Facebook.

Core to this vision will be for the developers to continue to build on top of the namecoin protocol, while encouraging the wider community around OneName to grow by inviting others to work on the protocol.

Open Source and Openname Auth

Throughout the interview, Ali and Shea sought to reinforce that OneName's latest announcement differentiates the company from the social networks that are currently serving the online login space it seeks to attack.

OneName intends to be open source with its offering, even when it comes to tools that could be considered products like OpenName.org, which allows users to search a directory of Openname profiles and display the search engine on their website.

This commitment to open source means that OpenName.org will index anyone who has their information stored on the blockchain, even those who don't have profiles with OneName.

"Someone could be sitting in Australia, using their own client to register themselves, without registering through us, and our search will still index them and they will get included in the search," Ali explained.

OpenName Auth, in turn, will seek to provide a password-less authentication option to developers, whose end users may be hesitant about interacting with a third party. The project is currently in development, and is still in the proposal stages.

Application login first

OneName stressed that, while it hopes the initial projects it builds will be more broadly applicable, it is primarily focused on application login. Ali and Shea positioned OneName as different from other proposals, such as the Windhover Principles, which recently saw more than 20 companies in the digital currency space pledge to develop an identity solution aimed at know-your-customer (KYC) compliance.

Rather than interface with any government documents or databases, Shea said OneName isn't focusing on any documentation aimed at proving citizenship.

"We are looking at it more as probabilistic identity, you connect a bunch of online presences, your Github or your Twitter, and it gives you a sense with a high probability that it is this person, but it's not really verified by a government by a Social Security number," Ali added.

However, Shea said that it is not ruling out that the tools it is building today couldn't prove to be the foundation for future projects that solve for KYC identity challenges.

"Over time we would want it to be extensible to everything," he said, "so you could imagine it being used for something like KYC at some point."

Multiyear ambitions

Ali and Shea further indicated that they are eager to tap the resources that their new investors can provide. For example, Shea noted that OneName now has access to other bitcoin companies in the space, which could help them better develop a solution that meets their needs.

"We want to be able to provide software to all the bitcoin companies and help them work with a common protocol around identity," Shea said.

The funding will also give the developers the ability to focus on growing the OneName protocol without worrying about any short-term business model.

Both and Ali Shea, however, aren't worried about the company's future, arguing that should OneName succeed at building the tools it has planned, a business plan will follow.

"You can imagine if this thing becomes the missing identity layer of the Internet, then you can figure out how OneName can try to monetize that," Ali added.

Images via OneName

Barry SilbertonenameUnion Square Ventures

The blog post follows a relative period of quiet for the project, which debuted its social solution for bitcoin addresses this March . Though the Openname tool garnered widespread use in the community, OneName said it now intends to move beyond simply providing a […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

The best ways to buy furniture online for Bitcoins

Overview Buying furniture for cryptocurrency For most of its existence, the Bitcoin community (BTC) believed that cryptocurrency would be a… Read More

5 hours ago

Bitcoin trades dangerously close to $10,000 mark

Bitcoin's (BTC/USD) rebound from August lows remains short-lived. Satoshi Nakamoto is said to reveal identity later on Sunday. A break… Read More

5 hours ago

Bitcoin Price Will Go From $20,000 to $50,000 by 2021: Analyst

Share Tweet Send Share Economist and crypto analyst Alex Krüger believes that $20,000 won’t be the all-time high (ATH) bitcoin… Read More

5 hours ago

Terrorists Turn to Bitcoin for Funding, and They’re Learning Fast

via Middle East Media Research InstituteSAN FRANCISCO — Hamas, the militant Palestinian group, has been designated a terrorist organization by… Read More

5 hours ago

Bitcoin as a Safe Haven: Yet Another Recession Indicator Flashes

For the umpteenth time in a matter of weeks, a recession indicator has started to flash. Bitcoin, which has begun… Read More

5 hours ago

The Entire Bitcoin Dynamic is Changed by the Lightning Network, Says Samson Mow

Samson Mow, BTCC Exchange’s Founder and Magical Crypto Friends and Blockstream’s present CSO, recently shared his views on Bitcoin’s status… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More