Introduction

**Introduction**

Decentralized Identifiers (DIDs) form the foundation of a verifiable, decentralized digital identity, creating a new paradigm for identity management known as self-sovereign identity (SSI). This approach puts individuals in control of their personal data and how it's used across various services and locations.

MyID aims to establish a cross-chain identity protocol within Web 3.0. The objective is to aggregate identities linked to diverse blockchain and off-chain accounts, thereby representing the owner's credibility and reputation.

MYID allows users to aggregate identities from different chains. It introduces unique mechanisms of identity matching and staking. The former involves a blind matchmaking process with randomly selected anonymous identities. The matched DID is then offered to the buyer in exchange for $MYID tokens, MYID Network's native currency.

Ecosystem

Identity Staking refers to the process whereby an identity owner uploads a snapshot of their identity document and DID to the blockchain's identity pool, and grants read permissions to the validator node. In doing so, they qualify for staking and matching rewards in subsequent blocks. The identity document is encrypted and stored in a decentralized database, such as IPFS or an on-chain key-value store, while the DID is stored on the chain.

By coupling identity staking with identity matching, we establish a fundamental economic model for the identity-based network that operates without selling user data. This model benefits not only identity stakers and matching buyers, but also DApps connected to MYID which receive match fees as identity contributors. This strategy allows MYID to incentivize greater participation in the future of Web3.