Galactica.com introduces the Identity Virtual Machine (IVM), an infrastructure technology designed to make actionable identity a central component in decentralized applications (dApps) across the Web3 ecosystem. While the Ethereum Virtual Machine (EVM) operates on public address balances, the IVM can compute over normalized, encrypted private data. This innovation addresses a core challenge in Web3: keeping the balance between transparency on decentralized ledgers and the privacy needed to manage sensitive personal information.
The Identity Virtual Machine: Powering Web3 identities
IVM is the beating heart of the identity stack, the set of technologies enabling Web3 Reputation. IVM functions as the “identity computer,” allowing a mathematically verifiable consensus of nodes that neither know one another nor have access to the underlying data.
Unlike traditional blockchain systems that use public addresses, the IVM enables decentralized identities that securely store private information. By leveraging advanced cryptographic technologies such as Fully Homomorphic Encryption* (FHE) and Zero-Knowledge Proofs (ZKP), Galactica.com’s IVM facilitates secure, verifiable identity computations without compromising the underlying data.
This technology has far-reaching implications. It allows for the creation of useful, programmable, and secure Web3 identities.
A useful Web3 identity means that a user can derive a Web3 Reputation from his or her own personal data points. This Reputation provides utility, such as proving criteria, gaining access, or monetizing data.
The Web3 Reputation is context-dependant and its definitions varies to the entity looking at it:
- For a credit institution, Reputation is your credit score. If it’s good, it could get you access to undercollateralized lending
- For the attention economy / KOL world: your Reputation could be your social influence
These identities are not just digital representations but can actively be used for various purposes, such as Reputation management, financial transactions, and access to services. Importantly, users retain control over their data, choosing when and how to disclose it.
*Galactica partnered with Zama, the leader in FHE technology, to enable FHE on the Galactica Network. More info here.
Web3 Identity and Reputation: The Core of Data Sovereignty
A Web3 identity consists of data points individuals generate during their online interactions. These data points, when structured within programmable decentralized ledgers, form the foundation for what is known as Web3 Reputation. Web3 reputation allows users to utilize their data for practical purposes, such as proving identity or qualifications, without needing third-party intermediaries.
This concept is crucial because it addresses the limitations of current Web2 systems, where centralized entities often exploit personal data. In contrast, Web3 enables users to control and monetize their own data. With Galactica.com’s IVM, users can compute reputation functions over their private data—whether related to financial transactions, social influence, or participation in specific activities—without exposing the underlying data.
For more information about Galactica’s WEB3 Identity Stack, you can refer to this comprehensive research article.
Telegram Integration: A Seamless Path to Adoption
Recognizing the need for ease of use in driving technology adoption, Galactica.com has chosen Telegram as the platform for the first large-scale deployment of the IVM. With over 700 million monthly active users, Telegram offers an accessible and familiar interface that can accelerate the integration of Web3 identities into everyday digital experiences.
The integration focuses on creating a Telegram MiniApp (TMA) that utilizes the IVM to provide a secure, privacy-preserving identity layer. Users can upload, verify, and selectively share their data, enabling various Web3 applications such as private credit scoring, targeted advertising, and decentralized financial services (DeFi). This integration ensures that user data remains under their control while facilitating efficient and transparent value exchanges within the Telegram ecosystem.
Galactica.com’s Solution: A Secure and Private User Passport
Galactica.com proposes a private interoperable user passport that is directly integrated into Telegram. This solution allows users to securely store and verify data types such as KYC details, social media activity, gaming achievements, and financial records. With users’ consent, advertisers or decentralized applications can utilize this data to offer personalized services, improving engagement and maximizing value for all stakeholders.
The solution leverages advanced encryption technologies, including FHE, ensuring that sensitive data remains secure, even during computations. This is crucial for use cases such as credit scoring, where private financial data must be protected.
In summary, Galactica.com is pioneering a transformative approach to identity in Web3 with its IVM. By integrating with popular platforms like Telegram, the company is making Web3 identities accessible, secure, and actionable for a wide range of users. The IVM not only enhances privacy but also empowers individuals to take control of their digital identities and data in a decentralized future.
- Learn more about the IVM: https://galactica.com/news/galactica-IVM
- Galactica.com Official Website: https://galactica.com/
- Follow Galactica.com on X: https://x.com/GalacticaNet