The entire innovation being churned out by the XSL Labs is based on a decentralized system and the protocol will be deploying its DApp is called ONE. ONE will help enhance the interoperability of all services that will use SDI.
French-based blockchain-based digital identity startup XSL Labs is developing a digital identity solution that is set to restore power to owners of data in a decentralized manner. The solution dubbed the Secure Digital Identity (SDI) is the brainchild of Georges Tresignies, founder of the French YouTube channel Slash Coin, and Ludovic Ryckelynck both of whom decided to develop an alternative way to secure data following a 2018 meet-up.
Both discovered the prevalent rate of data hack on centralized data servers of exchanges, educational institutions, and others and decided to create a system that can respond to this threat. The system was what resulted in the development of the SDI and the entire ecosystem with which it is set to operate.
The system will seek to decentralize data security so as to make the prospect of hacking each individual data owner’s private keys look unattractive to cybercriminals.
XSL Labs SDI: Core Features and Uniqueness
The SDI solution utilizes public-key cryptography, coupled with other efficient technologies to protect the identity of users on the internet. As a blockchain-based innovation, the SDI will first be deployed on the Ethereum Network, which will then be transferred to the Flare network in Phase II of its development, and after attaining a high level of stability.
The final destination of the SDI Protocol is XSL Labs’ own blockchain network dubbed the Pulsar. Coupled with the SDI’s utilization of a public blockchain, the data security system will also be built on a Verifiable Credential System that can be issued by third-party issuers including KYC issuers, institutions, and companies amongst others. These Verifiable Credential System can be updated on a regular basis.
As detailed by the XSL Labs team, the creation of an SDI will be carried out using a Smart Contract that will fully regulate the identifier’s life cycle and the parameters associated with it. Amongst the unique benefits of the SDI system is that it will be the limitation of data dispersion, allowing each user to control what data to be shared at any point in time.
While the team is committed to developing other solutions the SDI technology can help address, it will be launched with the primary tenet of significantly improving the security of personal data. The SDI is also built to work with KYC protocols, which when integrated together, can help to maintain data integrity.
Utility of SYL Tokens and DApp Integration
The entire innovation being churned out by the XSL Labs is based on a decentralized system and the protocol will be deploying its DApp is called ONE. ONE will help enhance the interoperability of all services that will use SDI.
Through ONE, other developers can also build their own unique SDI applications. The DApp will include an SDI control panel, a history of user identity data use, and a wallet to manage SYL tokens. Amongst other features, the DApp will leverage a virtual store tagged the SYL Library, with smart contract enabled functionality at its core to prevent monopoly.
The system will be made functional through its network token, the SYL Tokens, a token that will help facilitate all transactions on the network. Amongst the use cases, the SYL tokens will offer includes its proprietary use as a medium of exchange, for ensuring the coherence of transactions on the network and its eventual use for the XSL Labs’ proposed Cortex project. The project will seek to reward users who choose to share their data with advertisers or other agencies in need of the data.
The SYL tokens are currently undergoing an ICO which started in 2020, following which the SYL will be issued in 2021. The total SYL meant to be in circulation is capped at 10 billion.