What is Ofid?

Ofid

Website

Whitepaper

OFID is a blockchain-based decentralized identity verification platform that offers low-cost identity verification services to users. Built on the blockchain technology and augmented by features such as encryption and authentication, OFID significantly enhances security and privacy while removing inefficiencies. Not only does it provide reliable IDV services, but it also rewards users participating in the ecosystem.

What is the problem OFID wants to solve? 
Personal data plays a crucial role in various aspects of our day-today-activities. However there are many issues with Personal Data, such as increased costs, multiple verifications of the same PII, securely managing PII identity fraud, personal privacy threat, no business model and no economic model.
In an ideal verification system, individuals exercise superior control over their personal data, digital identity and online privacy, and would receive better compensation for providing access to their personal data. And it will now be easy to exchange contrasting features of personal data with validators and government agencies in order to increase efficacy and trust among people, private and public sectors.

The OFID Platform
User
OFID platform brings an IDV ecosystem that makes it easy for end users to share PII data while being rewarded for the same, and to satisfy at least the following requirements:
* Transparency: Individuals expect to know what data is being captured about them, the manner in which such data is captured or inferred, the uses it will be put to and the parties that have access to it;
* Trust: Individuals’ confidence that the attributes of availability, reliability, integrity and security are embraced in the applications, systems and providers that have access to their personal data;
* Control: The ability of individuals to effectively manage the extent to which their personal data is shared;
* Value: Individuals’ understanding of the value created by the use of their data and the way in which they are compensated for it.

Service Provider
* Casts off trivialities of verification while lowering operational costs.
* Reliable validators boost authenticity of the service providers.
* Personal data can inspire service providers to bring innovative products to the market.
* As there no necessity for the service provider to store sensitive personal data, IT infrastructure costs are reduced.

Validator
validators can turn their years of hard work in building PII databases into revenue generators by selling the attestations without actually sharing the PII databases.

Operator
Operators can:
* Maintain User’s Identity Database (including primary and secondary identity data). Operators can design and develop their own apps.
* Develop Validators, Create Whitelists, & Make Ranking Rules.
* Maintain the List of Legitimate SPs, in order to prevent illegitimate activities from happening such as phishing attacks to obtain user’s identity data.
* Have the right to access OFID Cloud to Store Information.

Token Utility
OFID platform rewards all stakeholders of the identity ecosystem for their efforts with the Token.The more usage of Token, the more valuable the tokens should be.
How the token are rewarded to users, validators and operators:
Users will acquire OF Tokens as a kind of incentive when registering new accounts on the platform, and they will also get OF Tokens as a bounty when engaging in every use case of OFID. Moreover, users need to pay  Tokens when using value-added services, developed by the platform in the future.
When an SP submits an application to Validators through Operator, requesting for an identity verification service, the SP needs to pay User and Validators in the form of OF Tokens. At the same time Operator receives token as a fee.

The team
Richard Liu, Co-Founder & CEO
Previously worked at Shenzhen Huazhenglian Shiye Ltd., and engaged in the design of Chinese ID certificates. He has a patent license related to Mobile Storage Device and Data Transmission System.

Alex Yi, Co-Founder
Previously worked at PDX Technologies Inc., iSoftStone Holdings Ltd. (NYSE: ISS), Tarena International Inc. (NASDAQ: TEDU), and ASIAINFO-LINKAGE, Inc. (NASDAQ: ASIA).

Yangwei Li, Chief Scientist
Expertizing in the distributed account and private key security management. He got his Master Degree from Peking University with a major in Information Security, mainly focusing on Operating System Security and Trusted Computing. As the inventor of “core-alternative channel”, he obtains the national invention patent license for Peking University.

Water Liu
Chief Blockchain Architect
Previously worked at IBM, Sina Corp., CMCC, Entertainment Digital Information Network SciTech. He graduated from the University of York with a Bachelor Degree in Engineering.

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