Taipei [Taiwan]/ Noida (Uttar Pradesh) [India], May 4 (ANI/BusinessWire India): Web3, in its infancy, has brought significant flexibility and creativity to the internet finance system in less than a decade. An open and decentralized ecosystem without intermediate and centralized systems is to be built for empowering the individuals. However, today the web3 lacks primitives to represent a native social identity system to sustain the trusted trades generated by the real society, on which the economy truly values.
SBT (Soul Bound NFT) has been one of the recent innovations of building the native social identity to support ubiquitous activities that are generated by humans and their relationships. With experience in the SIM industry for 20 years, Taisys has announced the Proof of SIM protocol to introduce the mobile network into the web3 infrastructure, with "SIM Connected SBT" that is issued autonomously and transparently through Ethereum to a unique active SIM holder with zero knowledge proof.
"We believe the web3 identity should be born natively on the mobile networks, where humans as well as their relationships are interconnected as the reliable ecosystem that can be augmented to the web3 internet with social and political optimum. The Decentralized Society requires a focal point where members tend to choose by default in the absence of communication. SIM Connected Bound (SCB) Token represents the commonly characterized soul with the largest potential for scalability, which is able to proliferate and enrich the SBT ecosystem in the best way," said Jason Ho, Taisys Chairman & CEO.
With underlying global identifiers of the SIM and mobile devices, PoSIM protocol produces the Merkle proofs within the SIM chip where there is no possibility for external interception to ensure data privacy. Through the authenticated cellular connectivity, the Merkle proofs are attested by the PoSIM smart contracts on Ethereum network for issuing the SCB token. The onboarding journey to the users is secure and smooth with self-sovereignty and privacy preservation for creating a Sybil resistant DeSoc (Decentralized Society).
In order to bootstrap the ecosystem, a MetaDuet DAO program will be launched for early adopters with TAISYS SIM overlay technology in telco agnostic way. TAISYS SIM overlay is an OTT (Over the Top) technology for brining web3 cryptography onto the SIM, making the SIM a hardware wallet by default as well as the substrate to create their decentralized social identity without giving away phone numbers. The hardware technology has been widely used in the last 2 decades for Fintech development and financial inclusion. It is verified by Reserve Bank of India (RBI) for offline digital payment with feature phones, and it's also approved by Financial Service Agency in Japan as the Fintech Platform over SIM (FPOS) for smart phones.
"The future partnership with MNO/MVNOs for their SIM/eSIM integrated with PoSIM protocol will bring us to massive adoption. We will make SIMs the mainstream hardware wallets that provide connectivity, identity and security for the mobile cybercitizens to enjoy the interconnected web3 ecosystems with online privacy for transactions, self-sovereignty of user data and inclusion of individuals to the internet economy," said Yvonne Chen, Taisys CSO.
For PoSIM whitepaper, please refer to posim.io
For early adopter program, please refer to metaduet.io
Established in 2005, Taisys is a world leader in providing thin SIM solutions. With global patents, Taisys thin SIM is telco-neutral, handset-neutral, and service provider-friendly, which enables telecom, fintech and governments to extend innovative mobile services in a secure and convenient manner. Over 100 banking, M(V)NOs, government organization, and service provider partners have deployed high-security mobile services enabled by Taisys with more than 40 million end-users worldwide. To learn more, please visit taisys.io
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)