How does the Ydentity digital wallet work?

 Ydentity is the world’s first risk identity blockchain token based on cognitive neuroscience.  It is used to evaluate risk and provide a predictive model for customer onboarding and risk underwriting. Ydentity is a utility token in limited supply. It is closed source, unique, non-transferable and non-recyclable which tokenises the risk profile that can be voluntarily used for authentication, risk assessment, compatibility, and self-protection.

Ydentity uses a hyperledger fabric wallet supported by defence grade KSI hashing and time stamping. This Ydentity token resides in a digital non-custodial wallet and interfaces with the members via an artificial intelligence Chatbot, represented as a gender-free gaming character.

Wallets are used to store the public keys, and the private keys are stored away so they cannot be lost or stolen. Only the email address and phone number are collected in the sign-up process and diverted to a digital wallet where the key is hashed and stored as an irreversible private key. Users then have access to cold storage to retrieve the key in the event of a loss. To maintain absolute anonymity the email address and phone number are discarded after the transfer of the Ydentity to the wallet.

The properties of the wallet are shown below:

    • The keys in the wallet and the private keys of Ydentity are stored in the form of a token in the blockchain to allow access to the user. The private key is protected from loss via cold storage device retrieval if and when required. Following this, the value of the digital asset is atomised to reduce concentration risk via decentralised system storage and a single point of failure.

    • This is the business layer where the user utilises the Ydentity keys to gain access to the business logic and value from the system. Finally, the services are centralised to serve the ecosystem across high-performance servers or smart contracts. 

With the usage of a private key, Ydentity ensures that the identity is never lost while gathering only limited details about a user. This protects the identity of the user while generating a unique token. Read more about this revolutionary project at ydentity.org