According to a press release from Shyft on Wednesday, phase 1 entails the establishment of the Perseid base layer to begin onboarding smart contracts such as Shyft Network’s Financial Action Task Force (FTAFT) solution, as well as data and compliance criteria.
The initial phase of Bermuda’s national blockchain-based electronic identification program is setting sail, one of very few such initiatives anywhere.
A digital ID solution for citizens, businesses and government bodies, the Perseid e-ID project is being carried out in partnership with identity program Perseid Network and decentralized credential verification protocol Shyft Network.
Bruce Silcoff, CEO at Perseid, said:
“When e-IDs are used in conjunction with a compliance-based regulatory framework and paired with best-in-class technology solutions, e-IDs can create a digital identity authentication mechanism and bridge for the residents of Bermuda to permission the exchange of attested data attached to that e-ID.”
While Perseid will build the higher level identity management infrastructure, effectively taking the base-layer smart contracts and infrastructure of external partners to make a packaged deployment system for the government, Shyft is handling the underlying blockchain tech, according to its chairman Joseph Weinberg.
“All identities and all records are encrypted across Shyft’s public key infrastructure”, he told CoinDesk. “The core blockchain facilitates and coordinates all cross participants such as enterprises, institutions, services and citizens.”
David Burt, Bermuda’s prime minister, said in a statement that Perseid “can be a great showcase of how this technology can be applied to solve complex challenges facing the financial services industry such as reducing the burdens of compliance while exceeding global regulatory standards and expectations.”
The Atlantic island has taken a forward-looking approach to cryptocurrency and blockchain systems. It also announced Wednesday the ability to pay taxes in the Circle-led dollar-pegged stablecoin, USD Coin (USDC).
Bermuda isn’t alone in developing a blockchain digital identity platform. In September, Catalonia too began building an ID solution based on distributed ledger technology.
Bitcoin.com Acquires Blockchain Software Startup O3 Labs
JAPAN, TOKYO, October 21, 2019 – Bitcoin.com has announced the acquisition of blockchain startup O3 Labs, the Tokyo-based software company that specializes in developing gateways to the digital economy. The deal will see O3 absorbed into Bitcoin.com, forming a single team dedicated to creating tools for realizing the full potential of the Bitcoin Cash network. The two companies intend to work together to build the next generation of mobile financial services, which will bear the Bitcoin.com name.
The strategic acquisition of O3’s blockchain and app development talent will allow Bitcoin.com to create intuitive and easy-to-understand user experiences that tie together Bitcoin.com, partners, and community financial service offerings across web, mobile, smart devices, and beyond.
Stefan Rust, CEO of Bitcoin.com said: “With the O3 team joining Bitcoin.com, we look forward to accelerating services in our mobile applications serving anyone in the world with an internet connection, regardless of nationality, socioeconomic status, or access to traditional finance.
“This will give users the ability to manage, grow, and spend while doing business with whomever they want, whenever they want, without the need for traditional banks or financial intermediaries. Our mission is to make money work for everyone, building tools and products that help people access Bitcoin Cash, a global financial system that’s fast, affordable, and available to everyone.
“Bitcoin Cash provides open, borderless, permissionless, censorship-resistant, private transactions. These core principles are at the heart of every service and product we offer at Bitcoin.com. We have known its importance for a long time and now the entire crypto industry is beginning to see this as well. We welcome the O3 Labs team with open arms to join us on this incredible adventure.”
Bitcoin.com has been rapidly expanding its suite of services, most recently launching an anonymous peer-to-peer BCH trading platform and a cryptocurrency exchange to complement its existing Bitcoin Cash focused products. The company’s portfolio of services has expanded further under Stefan Rust, who assumed the role of CEO in August 2019, with Roger Ver assuming the new role of Executive Chairman. In September, the Bitcoin.com Wallet, which has accrued over 4.7 million wallets created, was integrated into the HTC Exodus 1 blockchain smartphone.
Bitcoin.com operates a major Tokyo office and maintains close ties with Japan’s crypto community. The O3 Labs team, founded by Apisit Toompakadee and Andrei Terentiev, is best known for developing user-friendly gateways for accessing leading blockchain networks.
Tools developed by O3 Labs include desktop and mobile wallets which enable users to purchase cryptocurrencies directly and an application platform for privately connecting to decentralized apps.