IDWAID Wallet
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Issues Faced
by
Cryptocurrency
Wallets
As cryptocurrencies become increasingly prevalent, extending beyond peer-to-peer transactions to encompass business payments and various forms of settlements, cryptocurrency wallets encounter a range of challenges.
These challenges include erroneous transfers, losses due to hacking incidents, and wallet locking caused by password misplacement.
A Project
Addressing
These
Challenges
In response to these issues, the ID Wallet project has emerged with the goal of comprehensively resolving these problems.
Identity
Verification
through
NFTs
In the ID Wallet system, the issuance of a wallet requires either a passport or an official identification document.
Utilizing information from either of these identity documents, an NFT (Non-Fungible Token) is generated and stored in the wallet.
The proof of wallet information provided by this NFT serves as a deterrent against various forms of fraud and prevents erroneous transfers.
Error
Transfer
Prevention
System
When users initiate a transfer from the wallet, they have the ability to verify the recipient’s information and confirm it against the intended recipient’s details.
If there is a discrepancy in the recipient’s information, the transfer will not be executed.
This technology virtually eliminates the occurrence of erroneous transfers, providing a robust safeguard against such incidents.
Hacking
Prevention
ID Wallet allows for a configuration where transfers are only permitted between identical ID Wallets.
This setting ensures that, even in the event of a hacking incident, the perpetrator can be reliably identified.
Additionally, since hacking attempts would be futile as transfers can only occur within the same ID Wallet, the motivation for hacking is effectively nullified.
This approach significantly mitigates the risk of hacking incidents.
Prevention of
Loss
Due to Password
Misplacement
In conventional wallets, if a user loses the password, they are permanently unable to access the contents of the wallet. However, in the case of ID Wallet, in the event of a password loss, users can initiate an inquiry with the blockchain using matching information from passport details and a loss-request form.
After obtaining transaction approval, the password can be reissued.
This mechanism effectively prevents losses similar to those experienced in incidents like the Mt.
Gox case.
Identity
Document
Updates
Updates to identity documents using NFTs are carried out with blockchain approval.
Equipped with image recognition AI, the system includes functionality to detect fraudulent attempts by individuals other than the legitimate owner, ensuring a higher level of security.
When updating identity documents, a simple upload and transaction approval process enable users to seamlessly continue using the wallet with sustained security.