At Redbelly we believe that any web3 network or platform used for tokenisation and trading of high value real world assets must have accountability and trust built into its core. Whilst digital identity verification requirements still vary across the web3 sphere, we have deliberately chosen to build a network that requires all participants to be identified in order to gain access.
This is because we believe that any network that does not help to close the gap between an anonymous ‘zero trust’ position and the legal and regulatory realities that face all holders and issuers of licensed real world assets, simply isn’t fit for purpose.
We believe that the collaborative model that underpins the ‘Verifiable Credentials’ model is the best way to ensure that all users remain accountable and all assets remain safe on our network. To achieve this, we are adopting version 2.0 of the W3C’s Verifiable Credentials Data Model, which is a secure, decentralised and scalable identity protocol that is rising in adoption and usage across the world.
Put simply, a physical identity credential such as a passport, driving license or ID card can be represented in the digital world as a cryptographically signed Verifiable Credential. The issuer of that credential confirms its veracity and issues a matching digital credential to the Holder. They can then store that credential in their wallet and present it to a Verifier when they need to prove their identity as, for example, part of an onboarding process for read and write access to a blockchain network or dApp. With a verifiable data registry as a central source of truth, all parties work collaboratively to confirm the user’s identity and enable the right users to get access to the right network.
Redbelly is unique because we combine this approach to the identity verification of users with the capability of our blockchain’s consensus protocol to generate an undeniable proof of fraud when someone tries to misbehave on the network. This means that if someone commits an illegal act, such as attempting to double spend, the combination of an undeniable proof with access only being granted through Verifiable Credentials and known identity, means we have a market leading model for enforcing accountability. This helps keep users and assets safe on Redbelly.
As we complete the final steps towards the launch of our Testnet, our teams have built and tested our access dApp, which uses this Verifiable Credentials model to verify and identify network users, collaborating with the world’s best decentralised identifiers (DIDs) as Verifiers.
Over the next few weeks, we’ll be publishing a series of articles examining how different types of Verifiable Credentials, including identity and also licensing credentials, can also be ‘stacked’ to quickly and easily establish digital identity and accountability on the Redbelly network, providing a composable model for each real world asset class that protects users and assets, and meets the needs of regulators.
Testnet is coming soon, and the best way to prepare for it is to get your physical identity credentials ready to be used to issue and present digital Verifiable Credentials. We’ll be publishing step by step guides on how to use them to access our network.
