Coinbase Undertakes a Yearlong Project for Identity Management Solution
B Byrne, Product Manager of Coinbase Identity team, told CoinDesk the goal is for people to have more ownership of their online identities by linking Coinbase products with an integrated DApp explorer.
Coinbase has a 17-man team under Byrne incharge of looking into how it can achieve the goal of granting users more ownership of their information.
Last October the exchange raised $300 million during its Series E funding round. Emilie Choi, VP of Corporate and Business Development in Coinbase, said there are no plans, as of yet, to assign any of the funds to the Identities team, or other community projects.
Identity Solution Project
Byrnes explains that identity solutions can instantly impact users who are having difficulties in accessing ‘things’. If the project is successful, it will lessen the repetitive process of gathering and storing KYC information throughout different Coinbase products.
The starting point for the project experiment will begin with a small band of the platform’s wallet users who gain a benefit from having governance over their own data. After that, within 12 months, the team will expand to a larger group of DApp users.
Byrne and his team are in talks with groups who have the credentials in providing decentralized identity solutions. Among those are W3C Credentials Community Group and Shyft.
Information Authentication vs. Authorization
W3C’s Christopher Allen differentiated the word ‘authentication’ from ‘authorization’. Authentication is the association between a person and his digital information. On the other hand, authorization is permission to perform or accomplish various things.
Byrne then pointed out there is a lack of standard which identity solution companies can all agree with. A fragmented standardization will pose a challenge for Coinbase.
Online Identity Management is a Joint Effort
According to Joseph Weinberg of Shyft, standardization is important for online identity management. Even though he is skeptical on whether exchanges will allow users to have jurisdiction over their own data, he believes that companies can work together to grant users the right to choose how their data are handled.