VNAME – The Decentralized Address Verification System
In the last couple of years, the cryptocurrency market has exploded with an unprecedented growth. Along with the increase in market capitalization, number of transactions and individuals actively operating through blockchain wallets and exchanges there has also been a substantial increase in transaction risk and threats.
Among sensational news of hacks and heists, an ever-growing problem of cryptocurrencies has been ignored by the world: human error. Transaction addresses have become so lengthy and complex that one can almost feel lucky when a transaction reaches their intended receiver.
Through the wallets or exchanges withdrawals, it is possible to fail to write correctly the address to which you want to make a transaction. This would involve sending the money to another individual, or a yet non-existent account, while on the other hand, the money could be sent to a wallet that does not accept the transferred currency and the amount of the transfer is lost.
To solve the difficulty and complexity required to perform a transaction correctly, as well as to minimize the risk associated with transactions, a possible solution is to create a system that facilitates the current transaction mechanism. This solution should be simple enough as not to disrupt how current exchanges and wallets operate, or how tech-users are already used to transaction. More complex solutions might be implemented with mass adoption.
- Highly Secure
VName avoids human error, preventing users from sending funds to the wrong address and losing them forever.
- Unique Identity
By providing a unique, short and simple username or “VName” to each individual on the blockchain, VName eliminates any reading, spelling or checking mistake that may leave you empty-handed.
VNames are unique, short and simple. Forget about copying and pasting endless addresses. The only safe box you need is your brain.
VName works by putting away a client’s epithet, and in addition what blockchain stage their address has a place with, and if the moniker is checked, in a mapping that is gotten to by their address. It is worked in a way with the goal that you can just know the epithet of somebody in the event that you have their address, also, not the a different way. The nearest reference to an epithet’s related address is a hash of the address put away with the epithet, which is exclusively used to check the address on a moniker from outside of the mapping, and can not the slightest bit be returned to an address. This is expected with the goal that VName can be utilized to confirm that an address belongs to somebody, however anticipates having the capacity to switch query an address by utilizing an epithet.
Create a mechanism that allows transactions to be easier, faster and safer without compromising user privacy and information. Become the universal access point for validating any blockchain address.
Since the appearance of blockchain, both the cryptocurrency market and its penetration have shown a vertiginous growth. Its expansion has been so dynamic that different issues associated with the ease, safety and use of these have remained unresolved. From VName we believe that by minimizing human error in conducting transactions:
- it will increase the penetration of cryptocurrency;
- there will be a lower loss of efficiency derived from wrongly made transactions;
- increase transactional security by having a verification system; and,
- the user will feel more comfortable making transactions
VName works by storing a user’s nickname, as well as what blockchain platform their address belongs to, and if the nickname is verified, in a mapping that is accessed by their address. It is built in a way so that you can only know the nickname of someone if you have their address, and not the other way around.
The closest reference to a nickname’s associated address is a hash of the address stored with the nickname, which is solely used to verify the address on a nickname from outside of the mapping, and can in no way be reverted back to an address. This is intended so that VName can be used to verify that an address belongs to someone, but prevents being able to reverse-lookup an address by using a nickname.
VName allows anyone to associate a nickname consisting of alphanumeric characters to their address with a maximum limit of 32 characters.
HOW DOES VNAME WORK?
VName works by matching a user’s blockchain address to a nickname. A user inputs the destination address of the transaction and our helper script identifies this input and automatically shows the corresponding nickname. The user can, without any modification of their current way of transacting, quickly verify that the receiver of the transaction is indeed who was intended to. This picture15 is just a simple demonstration on how VName would integrate with existing sites (e.g. exchanges, wallets). Information and presentation will probably vary.
- If this nickname is verified or not
- The address itself.
- An optional description for this address
- Other information might be added in the near future.
The success of this platform has also brought about the occurrence of other crypto platforms and exchangers. The great platforms has also brought about development of great investments where by investors come by to invest via crytocurrency for the acceptability of such investments. The investments which work via the great blockchain technology brings about more investors and individuals, which means the technology is widely acceptable because people are readily accepting the technology bringing about huge about of transaction on daily basics. Every investors or individual on the blockchain works via a wallet where he or she has secure its assets to be able to carry out transaction process. Wallets differ from one another, a bitcoin wallet differs from an ethereum wallet and so on but they are all made up of decrypted passwords individuals input while creating them. The password is encrypted into numbers and letter both in upper and lower case. For example the ethereum address is made up of forty two character. Any mistake in any of this characters while making a transaction will lead to the loss of such transaction and asset involved. The transaction is lost to different factors.
- It’s either lost to an address that hasn’t been created.
- It has been transfers to a different kind of wallet that cannot receive such transaction.
- The transaction going the wrong individual which also means loss of what’s involved in the transaction.
Every individual is used to the process of having a nickname or it can be also called username. The VName with its great team goes about this process of assigning a wallet address to a specific nickname. The wallet is address to the nickname on the VName decentralized platform there by the user can carry out transaction without complicating previous means he or she went about doing it. The process of assigning the address makes the transaction secure, speedy and transparent.
The platform gives two types of verification options
Unverified are free usernames and has to be six-character long. They are open to one or multiple users to use it.
Verified are not free and are limited to one user only. Nicknames can’t be shared between two individuals once it has been paid for via the VName token and its length between one to five characters.
There are also available free options for individuals who want a nick name but are not bothered about others using same nickname.
VName decentralized technology will bring low transaction risk estimating the potential market because of the rapid increase of acceptability of the new era transformation globally. Transaction must take place with these various address on various exchange platforms with tokens which also varies too.
THIS PLATFORM OFFERS ;
- Identify a problem & work on the solution
- VName project validation
- Functional Demo on Ropsten Network
- Exchanges’ listing agreements
- Worked on exchanges using VNAME API agreement
- DAICO, polls and voting research and whitepaper.
MAIN DAICO FEATURES
DAICO is a new financing model that contains the main benefits of its predecessors, the DAO (Decentralized Autonomous Organizations) and the ICO (Initial Coin Offering). The model was proposed by the founder of Ethereum with the aim of obtaining less risky financing for investors in a decentralized manner. The DAICO format allows token holders to control the withdrawal of funds, while also allowing to close the project in case the team fails in the development, realization or execution of this.
The DAICO consists of three primary phases:
- Announcement phase
- Investment phase
- Development phase
The main points of the DAICO insured by the Intelligent Contract will be the following:
- Tap will initially be settled to 100,000 gwei / sec. Which is equal to 0.0001 eth / sec. This sets a weekly limit of withdrawal to around 60 eth / week. These withdrawals will be to guarantee the operation and improvement of VName.
- In case an increase in the withdrawal limit is necessary, said increase will be submitted to a vote where all the NAME holders will participate. The system will be through a simple majority.
- To create a withdrawal limit increase poll, at least 15 days since the last poll must elapse.
- To reduce the risk of voting fraud, each token holder that has voted will get their tokens frozen 1 hour before to 1 hour after voting finishes.
- The date and duration of polls will be announced at least 48 hours in advance, otherwise, they cannot be created.
- The withdrawal poll will be considered valid if a minimum of 20% of the holders of NAME participates.
- The project closure poll will be considered valid if a minimum of 70% of the holders of NAME participates
- VName team is the only party able to create withdrawal limit polls. Any token holder is able to create a poll for dissolving the company. In this case of closure, the funds will be sent to the accounts of the token holders based on their participation.
The DAICO smart contract uses a Poll Factory Smart Contract to create Drafts and Polls.
THE NAME TOKEN
The NAME token protocol based off the ERC-20 and ERC-223 standard called COALITE, This protocol allows the user to call the transfer function for NAME and send the adequate amount of tokens to the VName contract, which then accepts the sent tokens and verifies the nickname only if the right amount was sent.
In the event that an incorrect amount is sent, the VName contract will revert the transfer preventing the tokens from being taken out of the user’s balance.
The purchase for verified nickname will be done via the use of VName tokens under the NAME code. Investors are informed that this financing mechanism DAICO, will be the complement of the one already used where 10% of NAME were acquired by private investors.
The issuance of tokens will be of NAME 300,000,000 that will be divided:
- 10% was acquired by private investors.
- 10% in incentives to generate strategic alliances with the blockchain wallets and exchanges.
- 10% will remain in the hands of the founders of VNAME.
- 5% will be used for bounty programs.
- 3% destined to advisors.
- 62% destined to the DAICO.
VName decentralized technology will bring low transaction risk estimating the potential market because of the rapid increase of acceptability of the new era transformation globally. Transaction must take place with these various address on various exchanger platforms with tokens which also varies too.
A Soft Capital of NAME 60,000,000 must be achieved, reaching the equivalent as the total sale of the Pre-Sale. When investing in VName, the investment made by the token holders will be used for business development. After identifying the main areas that will make up the business and estimating their budget, the token holders are informed that the use of their investment.
For more information, please visit:
ANN Thread: https://bitcointalk.org/index.php?topic=3716162
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1847143