Diro would provide a user-friendly system for even those who are not technologically literate to own their own identity. This would prevent fake or false profiles and reduce and inhibit identity theft. A decentralized system, too, would make it very difficult to attack or compromise the database unlike the situation with centralized databases which service as single attack vectors. Centralization would be deadly to this plan, as any disruption of the centralized database, whether intentional or accidental, would impact a tremendous percentage of services, including those that might be critical for life. Of course, centralization also raises issues when it comes to geopolitical and diplomatic concerns, which decentralization skips entirely.
How Exactly Does Diro Work?
In short, Diro is attempting to create a ‘web’ of identities that are confirmed and verified by mass consensus that the person exists and that their information is correct. Users would publish public directories, much like social networks that currently exist, except with the intention of validating these directories against each other. The directories or phone books that work for identification are limited to four types currently, Coworkers, Family, School and College. Others will update phone books with a user as a contact, and that user will get Diro Rewards (later converted to tokens) for validating themselves as members of that phone book. As more and more users validate the phonebook, it becomes validated. The person who set up the original phonebook will also receive rewards as users validate themselves as members.
Diro would use these directories to create an identity score that would be based on factors such as the number of validated contacts in closer groups, the validity of those contacts, transactions recorded within Diro and legal verification through crypto-documents.
They have also considered bad actors and spammers, with a tiered penalization system that would likely reduce the impact of these kinds of users by eventually permanently banning the user from creating new phone books or adding new members if they continue to attempt to game or impact the system negatively.
Diro would be establishing a digital identity that is globally unique, non-synthetic, represents a single living person who owns and controls that identifier.
Blockchain would provide the backbone for this system, allowing for transparency and reducing the ability of bad actors to influence or attack the system.
The market is probably as large as possible for an online product: everyone who is online. The ceiling for users and providers is tremendously large, which provides a large amount of room for growth as this project proceeds.
Diro ITO Details
Diro intends to reach a broad base of investors from a variety of backgrounds, countries, and industries for this project, but are looking for active investors who can add value beyond simply purchasing tokens. They are legally restricted to accredited investors to US standards or similar. Due to the desire for a long term relationship with investors, vesting is over a 5 year period.
- Total Tokens – 10,000,000,000
- Tokens For Crowd-Mining – 7,000,000,000
- Pre-Mined Tokens for Distribution – 3,000,000,000
- Tokens available for Sale: 1.24 Billion
- Price Per Token = $.05 (Discount for early investors)
- Hard Cap – $50 Million
The pre-mined tokens for distribution will be used to reward those who have created the network and spur and maintain development and growth and to be sold to generate funding for the project.
Early adopters of the system, those who provide value via proof of identity, will be incentivized via a reward system that will be converted into DiroTokens out of the 7 billion DiroTokens held for this purpose.
Diro has a great idea and appears to have the technical considerations and political ramifications well in hand. Providing a single source identity is something of the holy grail for the internet at the moment and the team that can solve the myriad challenges facing that project are set to reap significant rewards. Diro has an interesting and unique take on identity and one that may well carry them through those challenges. Their research and proposals look strong and their advisor bench is impressive. If a group can solve this problem, Diro looks poised to do so.
As Diro appears to be well aware, this is a global game changer. Providing a theft-resistant, falsification-resistant identity for the world’s population will greatly expand the ability of online services, government and health services and more to serve a population that currently suffer horribly with fraud and waste. This reduction of fraud and waste would save billions of dollars a year by hardening services against fraud and theft of services. Even if not fully adopted, even relatively small adoption numbers would free up large amounts of money within nearly every industry that does business through the internet. These savings should make adoption by service providers something of a no-brainer and even slow adoption should pick up pace as more and more businesses realize the savings and reduced risk provided by Diro.
The holding back of 70% of the tokens as rewards for participation bodes well for Diro, as the lack of identified users would be a huge hurdle to overcome. That significant portion of the tokens held to build the user base bodes well for Diro to reach critical mass and become a successful project.