uPort, an Ethereum-based identity verification project, wins blockchain competition

Rage Review : 31 projects were showcased in the Demo Day of the largest blockchain competition of the International Blockchain Week, 17 of which were Ethereum-based projects, and the final winner was uPort, an Ethereum-based blockchain identity verification project. There are other projects that won the Best Creative Award, such as WeiFund, a crowdfunding platform based on Ethereum by Consensys; Qtum, the first UTXO model based on a smart contract platform; and Cosmos, Tendermint, which realizes interoperability between blockchains. With Cosmos, users do not have to trade currencies through third-party exchanges. Instead, they can use a dedicated internal blockchain communication (IBC) protocol to trade directly between blockchains through the Cosmos center.

Translation: Nicole

During the International Blockchain Week, ChainB held the largest blockchain competition Demo Day. 17 of the 31 projects were based on Ethereum, and the final winner was uPort, a blockchain identity authentication project based on Ethereum.

Rouven Heck, co-founder of Uport, said in an interview with CCN:

“We are very excited about the huge response uPort has received over the past two days at DEVCON2. Winning Demo Day is a great recognition from the community and the value of the work we are doing to the ecosystem. We are also looking forward to integrating some of the exciting projects from the past few days.”

uPort solves a lot of public chain usability issues, such as private key management, by creating permanent identity information through a blockchain-based identity protocol that can be integrated into other projects. If the phone is lost, the identity information can be retrieved through identity recovery.

In addition, official agencies, such as passport offices, can ensure the correctness of identity information and sign contracts through Ethereum public keys.

Four other projects received the Most Creative Award, starting with WeiFund, an Ethereum-based crowdfunding platform that allows independent filmmakers, artists, entrepreneurs, etc. to raise funds through smart contracts, effectively reducing fraud because funds are released gradually and incrementally.

The above projects are all from Consensys, and they focus on integrating Ethereum-based projects. For example, many of them use MetaMask, perhaps uPort, or WeiFund.

Jesse Grushack, co-founder of another Consensys project, Ujo Music (which did not win the award), told CCN at Demo Day:

“This is a great example of a project that shows what’s next in crypto. We’re very happy to be part of the Consensys project and even happier that Consensys won the award.”

Not all projects are based on Ethereum. Chief Operating Officer Patrick Dai said that Qtum is a new type of blockchain project that combines both Bitcoin and Ethereum blockchains. In an interview with CCN, Dai said:

“Qtum will be the first UTXO model based on a smart contract platform. Unlike Rootstock, Qtum uses the same incentive-based proof-of-stake mechanism as the consensus protocol, and Qtum supports EVM. We divide blockchain contracts into smart contracts and master contracts. With real-world data feedback, you can build master contracts on QtumChain. At the same time, we will provide identity information through the Qtum blockchain. Qtum can bring value to both the Bitcoin ecosystem and the Ethereum ecosystem.”

They have already established a strategic partnership with PwC China and recently signed a service agreement with the world’s largest freight company for another of the team’s projects, VeChain, which can better manage the supply chain by reducing fraud and theft by adding blockchain capabilities.

Another winner is Tendermint’s Cosmos. Tendermint CEO Jae Kwon said:

“One of the biggest challenges with digital currencies today is that they all exist in isolation from one another. The Cosmos core is a blockchain with many sidechains, but the use of proof-of-stake and proof-of-work can significantly reduce costs, increase speed and scalability, and improve security.”

It is reported that Cosmos realizes interoperability between blockchains. Therefore, the transfer of Ethereum and Bitcoin does not need to go through exchanges.

“With Cosmos, users don’t have to go through a third-party exchange to trade currencies. Instead, they can trade between blockchains directly through the Cosmos hub using a specialized Inter-Blockchain Communication (IBC) protocol.”

We’ll follow up with future posts, but today we want to congratulate the winning projects and look forward to more to come. Tomorrow (or later tonight in the US and Europe) is a big day. The Blockchain Summit kicks off, and this time there’s a live stream! Countless household names will be on stage, and there will be many announcements from the biggest blockchain projects.