MYKEY and Chainlink Collaborate to Explore DID Scenarios
Tags: Featured, Eos, Smart Contracts, Announcements, Ethereum

MYKEY — a non-custodian smart wallet and a self-sovereign identity portal — is honored to announce a collaboration with Chainlink, the market-leading decentralized oracle network. As the most trusted and proven oracle solution in the market, Chainlink provides MYKEY with secure and reliable connections to real-world data and legacy infrastructure. This allows the KEY ID self-sovereign identity protocol to be extended into various real-life scenarios based on the web of trust model, such as retail payments, electronic signatures, and biometrics. At the same time, Chainlink allows MYKEY to service as a data provider to smart contracts needing Decentralized Identity (DID) data solutions.

Why Chainlink

Upon extensive research into oracle solutions and how they mesh with our current and future DID implementations, we found that Chainlink was the only oracle solution able to satisfy our need for high data quality, provably secure oracle infrastructure, and progressively high-security guarantees when it comes to data privacy.

Chainlink’s unique external adapter capabilities allow us to access data from APIs and legacy systems that require credentials. Without oracles that can handle credentials, we could not interface our DID solution with existing infrastructure or access premium data from respected data providers.

Chainlink also supported by provable secure oracle infrastructure, including hundreds of nodes and even stronger security guarantees for its 30+ security reviewed nodes. The nodes can be combined into decentralized oracle networks with aggregated consensus to ensure no one node is a single point of failure. Similarly, nodes can aggregate data from multiple sources or from multiple callbacks to the same source to ensure no one data point is the single source of truth.

Finally, Chainlink offers progressively greater security guarantees in regard to data privacy, specifically through the use of trusted execution environments (TEE). MYKEY plans to explore how to leverage Chainlink’s TEE-based oracles to ensure our DID solutions are completely confidential with respect to user privacy.

Chainlink Provides MYKEY Access Off-Chain Resources

MYKEY has identified three areas where Chainlink oracles can be used to connect with off-chain resources to augment the function of our system.

Retail payments

Chainlink can help applications interface with existing payment systems such as Paypal or other payment methods. Our goal is to allow MYKEY users to use Paypal to pay for network fees, such as purchasing a fiat-based credit that can be drawn upon. This reduces and simplifies the use of MYKEY network resources, which are spread out across multiple-chains.

Digital signatures

Chainlink can give MYKEY and other applications better connectivity to digital signatures on the blockchain. Currently, third-party applications can only fetch a user’s public key and account information through blockchain itself, which adds limitations to development.

Instead of third-party applications having to directly interact with the blockchain, they can use Chainlink oracles to relay digital signatures to the blockchain, as well as to read digital signatures on-chain. Third-party applications using MYKEY can also obtain data from Chainlink to facilitate business development.

Biometrics

Accessing more biometric vendors through Chainlink can enhance the security of MYKEY’s custodial business. Specifically, MYKEY users with assets held by third-party custodians can be directly verified through third-party login verification methods. However, to prevent the loss of the recovery phrases attached to the self-sovereign account, users can leverage a third-party biometric verification platform to assist in the backup of recovery phrases. For example, when the user’s account cannot be restored, the user is allowed to verify their identity through a third-party biometric platform, which reinstates the user’s access to perform asset operations.

MYKEY as DID Data Provider to Smart Contracts

MYKEY can use Chainlink to export its smart wallet and DID data to other smart contract applications. Some of the use cases it opens up, include:

Approved User — Verify if the user is using MYKEY

Identity Verification — Provide a MYKEY account’s public key and security status

Asset Evaluation — Assess the financial value stored in a MYKEY account.

Long term, we plan to explore more how trusted execution environments can be implemented as privacy-preserving oracles that source DID data without revealing anything about a user’s identity, even to the oracle itself. Chainlink’s work on Town Crier, the first and most widely known TEE-based oracle, demonstrates their advanced knowledge on such capabilities

“Chainlink’s ability to make available a vast amount of off-chain resources, mixed with their focus on developing secure solutions that align with real-world processes, allows MYKEY to expand into a variety of new use cases as both a data provider and a more functional smart wallet. MYKEY will use Chainlink to start integrating with key Web 2.0 and Web 3.0 infrastructure, creating a much more advanced and secure user experience for our smart wallet users.” — Geroge Sheng, CEO of MYKEY

About Chainlink

If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to us here! We can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow us on Twitter or Reddit.

Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.

About MYKEY

MYKEY (mykey.org) is a smart wallet deployed on multiple public chains and is dedicated to providing an infrastructure for blockchain mass adoption. As a decentralized multi-chain wallet, MYKEY allows blockchain developers to develop and operate applications for digital asset storage, trading, wealth management, and gaming, in conjunction with KEY ID to create a diversified platform for crypto users.

About Us

KEY GROUP: https://keygroup.me/

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