Our upcoming governance update has unique concepts to empower our community. One of the critical concepts is ‘one person, one vote.’

Our upcoming governance update has unique concepts to empower our community. One of the critical concepts is ‘one person, one vote.’ We want to provide equal opportunity for our community members to be recognized for their contributions to AirDAO. We must ensure that the few holding large amounts of AMB tokens cannot concentrate voting power to achieve this.

Crypto projects typically use wallet-based, token-voting mechanisms for governance, and anonymity is deeply ingrained into the culture. Tying votes to an individual person is an inherent challenge in a decentralized, permissionless world. Based on these priors, we needed a KYC-type product to achieve ‘one person, one vote’ — enter Fractal ID. 

Fractal ID is a crypto-native digital identity verification system designed to cater to the unique needs of web3 products and blockchain ecosystems. It’s a blockchain-agnostic decentralized identity system with over one million users and is trusted by over 250 leading web3 projects needing a proof-of-personhood or KYC solution.

The identity verification process is simplified by enabling Fractal ID users to authenticate their identity once and reuse the verification across multiple crypto projects, eliminating the need to repeat the process. Privacy and data control are priorities in crypto, and Fractal ID enables verification without access to the underlying personal data.

The verification process takes just a few simple steps: 

To begin the verification process, head to AirDAO’s governance portal.

Begin the verification process by clicking “Start Face Scan” after creating your profile.

Enter your email address on Fractal. Check your email and follow the link provided to log in to Fractal. If you've previously verified using Fractal, log in using your existing account to avoid duplicating the face scan.

Take a moment to review and accept the terms and conditions.

Verify your identity by capturing a 5-second 3D selfie using your device's camera. A unique encrypted hash of your facial features will be generated.

Fractal will now verify your identity and issue your encrypted credentials. The credentials are securely stored and can be used to verify your identity without directly revealing your personal information.

After completing the Fractal ID verification process, you can mint a Soul-Bound Token that will prove your identity within the AirDAO ecosystem.

How to verify your identity using Fractal ID

https://staging-testnet.airdao.io/staking

https://staging-testnet.airdao.io/explorer

Discover AirDAO's decentralized leadership

https://staging-testnet.airdao.io/governance

https://staging-testnet.airdao.io/ambassador

Get in touch if you have feedback or need help

https://staging-testnet.airdao.io/contact-us

Discover news articles, governance insights, events, and more

What’s coming to the AirDAO ecosystem in 2024

https://www.linkedin.com/company/airdaoio

Crypto wallets come in many forms, from hardware wallets like Ledger & Trezor, to mobile apps like Trustee Wallet, to browser extensions like Frame or MetaMask.

A private key is cryptographic code represented as a string of letters and numbers, similar to a password. In cryptocurrency, private keys are used to sign transactions, approve interactions with smart contracts, and prove ownership of a blockchain address. Crypto wallets store your private keys, keep them secure and accessible and allow you to send and receive cryptocurrencies.

Crypto wallets come in many forms, from hardware wallets like Ledger & Trezor, to mobile apps like Trustee Wallet, to browser extensions like Frame or MetaMask. Hardware wallets are typically USB devices connected to your computer via a cable. Hardware wallets contain private keys and are password secured, and you must enter your password to sign transactions and interact with smart contracts.

Mobile wallet apps offer crypto users a user experience similar to banking apps in that you control your funds through a mobile application. Typically, mobile apps are less secure than using a hardware wallet. Browser extensions, like Frame or Metamask, reside in your internet browser and offer higher ease of use, with the downside of being less secure, than a hardware wallet.

Multisig wallets distribute control. With multiple signatures to transact, funds are still secure even if one of the multisig signers is compromised. 

A multisignature wallet — commonly known as a multisig — is a type of cryptocurrency wallet that requires a predefined number of signatures or approvals before a transaction executes (e.g., two of three or three of five keys). You can think of a multisig like a vault requiring multiple keys to open.

Traditional cryptocurrency wallets only use one private key to access and manage funds and a single signature for transactions. Because multisig wallets require multiple private keys to access funds, the wallet is more secure from hacking and theft. Organizations and businesses that manage large amounts of cryptocurrency commonly use multisig wallets, and Decentralized Autonomous Organizations (DAOs) also use multisigs to manage their treasuries.

Multisig wallets distribute control. With multiple signatures to transact, funds are still secure even if one of the multisig signers is compromised. Multisig wallets benefit organizations that require multiple stakeholders to sign off on transactions — increasing transparency, oversight, and accountability. They also benefit individuals that own large amounts of cryptocurrency and want increased security.

Multisig wallets are more complex to set up and use than single-signature wallets.

They are also less flexible than single-signature wallets and require coordination between multiple key signatories to execute transactions.

In conclusion, multisig wallets are critical tools for cryptocurrency users to increase security over their funds. They also provide transparency and oversight for organizations that hold large amounts of cryptocurrency. However, multisigs have drawbacks, as they have complexities that single-signature wallets do not have.

Blockchains use a variety of consensus mechanisms to secure their networks and validate transactions.

Blockchains use a variety of consensus mechanisms to secure their networks and validate transactions. Bitcoin, the first cryptocurrency, uses a Proof of Work (PoW) consensus mechanism (Nakamoto Consensus), with specialist computers called miners using processing power to solve complex mathematical problems to validate transactions into blocks and receive block rewards in return—a process commonly referred to as mining.

Proof of Stake (PoS) blockchains differ from Proof of Work as they do not rely on mining to secure their networks—instead, they use a concept called staking. The implementation of staking may vary depending on the blockchain; typically, users put their tokens into validator nodes that process transactions into new blocks and, in return, receive staking rewards for helping secure the network and ensure its stability. Staking rewards contain a share of the transaction fees generated by the networks’ users and new coins generated through the inflation of the total token supply.

There is usually a minimum token requirement to run a validator node, and staking pools allow users with smaller token holdings to pool resources to participate in staking and compete against larger nodes set up by individual users. The chance of validating a block is proportional to the maturity of the node and the amount of staked tokens, and nodes with more significant stakes that have been staked for longer often have a greater chance of validating blocks and receiving rewards.

Staked tokens act as collateral to ensure the legitimacy of new transactions validated onto the blockchain, and many Proof of Stake networks employ ‘slashing’ mechanisms to penalize bad behavior. For example, if transactions within a block are deemed invalid, then a portion of the tokens staked by the validator node that processed the block are forfeited.

There are multiple benefits of staking vs. mining; for example, staking is less energy intensive than mining as it does not require a high amount of processing power to validate transactions. Staking also has a lower entry barrier, as expensive miners do not have to be purchased to participate, and staking pools ensure an easy way to participate in the network.

How to verify your identity using Fractal ID

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