Ethereum request for comment (ERC) 725 is a proposed unique identity standards protocol on the blockchain by Fabian Vogelstelle. This ERC standard is used for smart contract development that describes humans, groups, or any real-world entity. ERC 725 lives on the Ethereum blockchain.
ERC 725 proxy smart contracts that are used by multiple keys and other smart contracts. ERC 735 is the standard to claim the identity of the ERC 725 contract.
Use Case of ERC725
ERC 725 makes possible self-sovereign user identity. We have seen many of the negative effects of centralized identity that can leak and be used as unfair selling of user data and identity. With this protocol, all crypto users can own and manage their identity instead of ceding ownership of identity to a centralized system.
The ERC725 standard has two sub-standards:
ERC725X: It executes arbitrary smart contracts by use of other smart contracts.
ERC725Y: This standard holds a generic key/value store.
Imagine you are willing to deploy a Listing smart contract to sell the tickets, but you want to allow interactions from users with a verified email address. How you can achieve this with ERC 725?
Explanation:
The customer is who wants to buy the ticket.
The Seller is to claim of type 'EMAIL_VERIFIED'.
The Listing will only allow customers with an EMAIL_VERIFIED claim from a Seller they trust.
How does the trusted Seller verify an email address?
How does the customer get an EMAIL_VERIFIED claim onto their Identity?
The job of the Seller is to act as a third party. First plan to offer their own basic Issuer contracts for verifying email addresses, phone numbers, or social media accounts. Third parties will then be able to trust the users of smart contracts who went through the verification process.
ERC725 makes it possible to overcome the negative effects of having a centralized identity with personal data privacy and unfair selling of user data and their identity. This will offer the open and portable identities that enable decentralized governance.
Reference: Here are some useful links.
https://erc725alliance.org/
https://github.com/erc725alliance
https://github.com/ethereum/EIPs/issues/735
November 21, 2024 at 12:15 pm
Your comment is awaiting moderation.