Octan Network
Search
K

SBT & 1ID account

Decentralized Identity and Data Management Solution.

Account Abstraction, Soulbound & 1ID account

In the rapidly growing world of Web3, building trustworthy identities and managing personal data across multiple chains and Dapps are challenges. Octan tackles it by innovating Octan 1ID to provide a secure and reliable solution for the Web3 identity, portfolio and fragmented data management problems.

What is Octan 1ID?

Octan 1ID utilizes the cutting edge technologies (Account Abstraction, Soulbound token, decentralized identity and zero-knowledge proof) to develop a 2in1 solution for Web3 identity and portfolio management which is secured and completely controlled by users.

What is Octan Soulbound Token (Octan SBT)?

Soulbound token (or Web3’s soul) is a concept introduced by E. Glen Weyl, Puja Ohlhaver and Vitalik Buterin and in a paper “Decentralized Society: Finding Web3's Soul”. Inspired by Soulbound token (SBT) concept, Octan SBT is proposed and implemented by Octan Labs to enhance Web3 identity utilization and management by carrying user reputation, behaviors, and contributions across multiple blockchains and dapps. Moreover, techniques of decentralized identity and zero-knowledge proof are investigated to provide a more secure and privacy-enhanced solution for user credential certificates.

The role of SBT in Octan 1ID

While Octan 1ID serves as the central Web3 identity & portfolio management platform, users can mint SBTs as Web3 identity tokens to bind their credentials or associate their Reputation Score with each SBT they own. Each Octan SBT can carry a Global Reputation Score (RS) and Category RS, depending on user wish.
With SBTs, users' reputation scores are always up-to-date, a reliable and comprehensive demonstration of user’s onchain behaviors and contribution, making the Octan Network a trusted platform for reputation scoring.
Ready to take control of your digital identity? Visit the Octan 1ID site and mint your Octan SBT now

Account Abstraction or smart account contract

Account abstraction (AA) is an emerging new technology that allows users to interact with blockchains in a more user-friendly way. It does this by abstracting away the underlying complexity of blockchains and providing a simpler, more intuitive interface for users.

Some benefits of account abstraction (AA) are:

  • allows users to make transactions without paying gas fee (which is sponsored by developers).
  • enable Web2 authentication techniques (signing by username & password, 2FA, biometrics) to be implemented on AA smart account contracts.
  • allows users to recover AA smart accounts if they lose private keys or login credentials. The recovery can be done by social methods (e.g. with help of family members or close friends).
Account abstraction is still a relatively new technology, but it has the potential to significantly reduce friction of using blockchains, hence onboarding more Web2 users to Web3.

The role of Account Abstraction in Octan 1ID

Account Abstraction (AA) contracts, developed by Octan Network, are extra utilities on Octan 1ID, offering users an advanced and convenient method to manage their crypto assets with notable benefits ever:
  • Non-custodial, so users completely control their assets,
  • Equivalent security as EOA wallets,
  • Social recovery in case of losing private key,
  • Transfer tokens without paying gas fee,
  • Adding Web2 authentication (signing by username/password, 2FA, biometrics).

Applications of 1ID

End-users can show their position in the Web3 space through the total reputation score carried in their SBTs. Projects seeking to acquire potential quality users can directly access SBTs' reputation information through smart contracts without disclosing their privacy credentials. Additionally, developers of Web3 identity tools can index SBTs to store user reputation in Web3 profiles as verified information. In extra, SBTs may help users to mint certificates of credentials (KYCs, social accounts, emails, etc) onchain.
1ID users can deploy their own AA contracts (via Octan non-code framework) to control their assets, manage their portfolios, and make transactions without paying gas fee. Moreover, they can add Web2 authentication (signing by username/password, 2FA, biometrics) and social recovery methods.