Technology
YoID, the token, and the marketplace.
Last updated
YoID, the token, and the marketplace.
Last updated
A solution that solves a lot of traditional pitfalls is an identity framework known as self-sovereign identity (SSI), which puts identity in the centre of the digital landscape, and enables organisations to connect directly with the identity. This identity is made up of data points called verifiable credentials, which enable providers to connect to verify information about the user. In this world, a user landing on a new website could connect his/her identity wallet, and enable the website to verify information about the user. Within Yoma, this could be contact details, past work experience, acquired skills, etc. After having connected and verified oneself, one can complete various activities on the website, and the website provider can validate the work done by issuing a verifiable credential back to the person’s wallet.
Yoma’s system design solves a lot of core issues outlined above.
Fragmentation is solved by the SSI framework, as we move away from multiple fragmented identities towards one consolidated identity.
SSO, or Login with Yoma, provides the seamless experience throughout the ecosystem, as Youth do not have to create accounts within each provider.
Privacy is offered through the consent required to read or write from the user's identity.
The agency is solved by the ability of Youth to become fully sovereign, after which they will have the ability to manage their own keys to their wallets.
The agency removes the power imbalance, as Youth can take their identity elsewhere should they wish.
Finally, because this data is in the form of verifiable credentials, the data itself has a signed issuer, meaning the validity of the data is said to be trusted. This opens up opportunities that become available to Youth, both social and financial.
However, arguably the greatest benefit from this shift is the ecosystem collaboration that becomes available. As we move away from various ecosystem partners storing their own identities, and towards a single youth-centred identity, we notice the removal of the financial incentives to retain the user and collect data. In this new world, no one owns the data, nor the identity. A user in Yoma is an ecosystem user, and with consent, the data is available to everyone. This gives Yoma partners insight into holistic data analytics on Youth engagement throughout the Yoma ecosystem.
Another exciting innovation in this space is the growing ESG market, which allows for impact investing. Today, we see companies invest in environmental or social projects to enhance their ESG rating. Tomorrow, we could see these companies purchasing verified Yoma impact certificates. This would reduce transaction costs and allow aggregate individual actions into bankable products to be monetized on the impact market. The proceeds could be made available to each of the young persons participating.
