Tangle Labs — The new big player in IOTA identity

Tangle Labs — The new big player in IOTA identity

According to IOTA co-founder Dominik Schiener, digital identities (DID) are “the key to the first million users of IOTA”.

His reasoning is clear: Every human needs to identify themselves almost daily, both online and offline, in order to use hundreds of important services like online-banking or age-restricted media. As of today, proving identity, including ownership of certificates, diplomas or even citizenships, requires lengthy and expensive “know your customer” (KYC) processes that need to be repeated for every single service individually. This poses a large barrier-of-entry for new customers and a huge cost-sink.

The new technology of digital identities aims to drastically change this: Any DID can get enriched with so called “verifiable credentials” (VCs), which resemble verifiable statements such as “The owner of this DID is over 21 years old” or “… earned a master´s degree in international law from Harvard university”. These VCs are signed by issuing entities, such as governments or universities, and are permanently stored on a distributed ledger.

The scope of DIDs is vast: From managing access rights to certain areas, buildings or websites to “proof of humanhood” or memberships in all kinds of organizations, DIDs can quickly develop into a real “super-tool” in handling all identity-sensitive use-cases.

Tangle Labs — the first big player of IOTA identity

A recent, explosive release of IOTA DID tools and solutions brought a new project out into the eyes of the public: The IOTA-identity focused company and open-source provider Tangle Labs. Starting as a team of five core team members and an additional hand full of specialized free-lancers, they have built and released an astounding portfolio of early releases in just under one year of dedicated work. Currently, Tangle Labs is publicly represented by the two very well-known IOTA community members Adamsky and Merul.