Introducing Pairwise Trust, A New Blockchain-Based Identification Solution for Web3 Infrastructures
In the ever-evolving digital society, one of the most important thing is to control one’s digital identity and digital property. Since the invention of the internet, it has brought great advantages for people to send, receive and exchange information, data, and even money through the web in real time. The internet has given us an exciting space and boundless possibilities. However, at the same time, it brings great risks and responsibilities to users, although many people have not noticed it yet.
There are many risks while using the internet, and one of the critical issues for all the internet users is that the users can get damages by accessing a wrong website by putting wrong address, or entering a phishing website with exposing personal data. Some people might say that it won’t happen to them, but in reality, it actually happens and can happen to all the internet users. It causes lots of property damage, and personal information leakage.
In 2019, the FBI(Federal Bureau of Investigation) documented a record $3.5 billion in losses due to internet crimes (2019 Internet Crime Report Released) and in 2021, the losses became almost doubled($6.9 billion). (2021 Internet Crime Report)
As mentioned earlier, these internet crimes usually happen to the users who registered their personal information to a wrong website or provide personal data to a web service provider which sells the data to unknown third parties.
To prevent these billions of losses and crimes, and make the internet a safe and reliable place, MetaMUI team has developed an ultimate blockchain-based identification solution called “Pairwise Trust”. Pairwise Trust is a security protocol that verifies the identities of both parties in a transaction simultaneously, powered by Two-Way Cryptographic Binding.
Pairwise Trust runs on MetaMUI, the world’s first identity-based blockchain, and 4th generation blockchain which provide the Identity Blockchain. In MetaMUI, users can create their own DID by submitting their personal information(KYC) to one of the Sidechain Operators, and the operator will decide whether approving or denying the request depending on the status of the submitted data. Once the request is approved, the user’s personal data get hashed, and the hashed data is safely stored in the user’s device. In the case of Public DIDs, a KYC provider is exclusively operated by MetaMUI, so operators such as all other stores, banks, and public institutions can have their own public DIDs with the approval of MetaMUI.
Non-individual companies and institutions will be issued a Public DID rather than a Personal DID, and the issued Public DID will be disclosed as a Public DID on the MetaMUI SSID. Users can access the correct website by searching and clicking on the Public DID in the MetaMUI SSID. Furthermore, MetaMUI SSID supports an integrated DID log in solution. It enables the users to log in any websites without registering a new ID and password but only with DID. Once a user log in through MetaMUI SSID app with his/her DID and connect to online stores by searching it on the Public DID list, the user can safely buy goods, groceries and products without exposing personal data. There is no risk to enter wrong websites.
In addition, MetaMUI users can check their personal transaction records and check their balance using the Pairwise Trust after accessing MetaMUI Blockchain Explorer(https://scan.metamui.id/dashboard). While most public blockchains, including Bitcoin and Ethereum, are disclosing the user’s transaction data on its explorers, MetaMUI prevents personal information leakage and ensure safe transactions by allowing only the owners to view their transaction records.
Pairwise Trust is a strong safeguard to protect user’s personal information not to be leaked by accessing wrong websites, and users don’t need to provide personal data to use any website or app but just use their DID. Pairwise Trust is a safe bridge between the real world and the Metaverse world, and will position as one of the important roles for Web3 infrastructures.
MetaMUI is the world’s 1st Identity-based blockchain to truly enable regulated Peer_to_Peer (P2P) transactions. It can be used as the cornerstone for most financial offerings, with its high versatility and support for custom-developed use cases that enable Central Bank Digital Currencies (CBDC) implementation and issuance easily on the MetaMUI CBDC platform.
MetaMUI is built around Self-Sovereign Identity (SSID) technology. By combining the SSID and blockchain token mechanism, MetaMUI was able to create a new identity-based CBDC system that can protect user’s privacy while providing an identity-based transfer system that can satisfy travel rules and other regulatory requirements such as Know your customer (KYC), Anti-money laundering (AML) and Counter Financing of Terrorism (CFT).