Metadium

Metadium is the next-generation identity protocol layer built on a public identity blockchainwith “trustless trust.” Metadium supports a decentralized digital identity, and the vision is to create a free world via self-sovereign identity.

Metadium is trying to fix the current identification system and offers the assurance of minimal disclosure of personal information. The META token is the native token used on the Metadium platform.

As per the whitepaper, Metadium is based on the concept of self-sovereign identity. Self-sovereign identity (SSI) allows individuals to have sole ownership of their online and offline identities. It also allows control of the sharing and distribution of personal data without an intermediary. The SSI ecosystem is implemented through blockchain technology, which ultimately provides individuals with ownership of their data.  

Furthermore, identity is divided into two categories in Metadium: a mundane identity and a virtual identity. The mundane identity shows how external identities define a subject with definite, objective, and material-based data in the physical world. The virtual identity possesses an individual’s online presence and activities. Here, individuals can build their preferences, habits, and characteristics in the virtual world.

The mundane identity and virtual identity are not mutually exclusive. For example, traditional banks, a component of mundane identity, can be assessed using applications via virtual identity. 

At Metadium, to consolidate a complete identity from the informational array, a link is established between mundane identity and virtual identity. This helps achieve the aim to give individuals access to manage, protect, and use their identity wherever, whenever, and however they wish.

Additionally, Meta ID is used as a next-generation solution by connecting an individual’s mundane identity and virtual identity. Meta ID contains internal features of a subject and a KYC-compliant identity based on a reputation system. 

Features of Metadium

Trustless Trust

Metadium is powered by blockchain using “trustless trust.” “Trustless” means that no central authority can control the process. Metadium offers a virtuous identity ecosystem that uses a protocol called baseline, to provide a distributed trustworthy identity online without the need of a central authority. 

Decentralized PKI

Public key infrastructure works as an advanced system of identity maintenance managed solely by a central authority (CA). CA often causes data ownership and credibility issues. Therefore “trustless trust” was introduced, which contains identities without wasting money and effort. Metadium’s decentralized PKI allows individuals to trust the integrity of virtual identity. 

Regulations

Regulatory authorities questioned blockchain, as it supports “trustlessness.” In response, Metadium enables blockchain without compromising the essence of trustlessness. Incorporating “trustless” blockchain into the regulatory process reassures individuals in the mass adoption.

Attestation and Verification

Often considered the same, attestation and verification are two different things. Verification is done more cognitively, while attestation requires third-party notaries or publicly accredited intermediaries. Verification is necessary to add value to a relationship identity or Identity of Things, whereas attestation is needed for more crucial information requirements.A variety of certificates, such as the right to perform or possess, also need attestation. Metadium allows both attestation and verification procedures in order to build a holistic identity via Meta ID.

Two-Factor Authentication

Metadium’s authentication offers secure and convenient device authentication through blockchain technology. The benefits of two-factor authentication are simplicity, security, speed, and ease.

Metadium was launched in 2018. The CEO of Metadium is Justin Park. He is a former venture capitalist at Gobi Partners and GS Shop. He was the CEO of Smilegate SEA, a subsidiary of Korean game company Smilegate. Justin introduced MEMS technology to Korea during his time at Kionix as country manager.

Meta consensus algorithms use a modified raft consensus algorithm with proof of authority (PoA). Raft is a consensus algorithm that solves the problem of bringing multiple servers to agree on a shared state even in the case of failure. PoA is a practical solution for blockchain networks. Here the block validators are not staking coins but their reputation instead.

Meta ID can be created by users anytime without boundaries. Also, the requester of a user’s Meta ID can read the private data only with the user’s consent to view the information. The Metadium protocol supports the recovery of Meta ID to prevent unwanted usage of anyone’s identity.

There are two pillars of Metadium blockchain that are supporting Meta IDs and DApps:

Community Pillar: Governed by delegators voted in by the community

Block Producer Pillar: Governed by authorities proven to secure the network

Also, the META token is used at the network protocol layer in the following capacities:

Transaction fees: Transaction fees are required for every on-chain activity, and these fees are collected when META is transferred upon DApp and smart contract execution. A smart contract is just like a regular contract; however, instead of being drafted on paper, it is run in the form of protocols on the blockchain.

The reward for block producers: Rewards are provided in the form of META to the block-producing nodes in return for their contribution toward securing the network.