Blockchain Founders Group invests in digitalsocial.id to enable a trustworthy online reputation
We are excited to announce that digitalsocial.id has become our most recent addition to our investment track record. digitalsocial.id is a novel, user-centric identity management solution that enables people to build a measurable reputation.
Why we invested in digitalsocial.id
In today’s interconnected world, digital identity and reputation are increasingly important, especially with the rise of decentralized applications (dApps). These apps facilitate direct transactions between individuals without intermediaries, making digital identity and reputation even more significant. The dApps market is predicted to reach $368 billion by 2027, with a CAGR of 56.1% between 2020 and 2027, according to Emergen research, while the decentralized identity market, valued at $0.65 billion in 2022 , is projected to grow at a compounded annual rate of 90.3% until 2030, according to Grand View Research.
However, the importance of digital identity has created new challenges, including a lack of standardization and interoperability in the Web3 space. This lack of standardization and interoperability creates confusion and fragmentation in determining the trustworthiness of an identity. From a business perspective, the emphasis on privacy means rising trust issues, as they cannot assess the reputation and trustworthiness of wallet owners. From a user perspective, the multitude of protocols and platforms make it challenging to establish a solid reputation without having to go through the standard AML/KYC process, which may reveal unwanted data to business providers. Overall, there is a need to create a trustworthy digital identity and reputation management system that benefits both parties.
How digitalsocial.id does it?
digitalsocial.id addresses the challenge of establishing trust in web3 by utilizing a non-transferable reputation. Their solution bridges the gap between complete anonymity and verifiable trustworthiness of digital identities by incorporating the social identity on-chain, which enhances the credibility of anonymous on-chain interactions by providing an irreversible proof-of-credibility. Users can take ownership of their digital reputation and leverage it to earn incentives when engaging with other online platforms. Meanwhile, businesses can benefit from having reputable users on their platforms without the need for tedious verification processes.
Here is how digitalsocial.id makes it easy to build and leverage a digital reputation:
- Users interacting with integrated partner platforms of digitalsocial.id can track their activities and leverage good deeds on the internet to better their digitalsocial.id reputation score. The more data points they include in their overall score, the better their rating.
- Aggregated reputation scores are stored in digitalsocial.id’s Social Attestation Tokens (SATs) which are non-transferrable NFTs, commonly known as Soulbound Tokens. The digitalsocial.id’s hub will be the central point of interaction with digitalsocial.id where users can build their score as well as access partners that accept the score for incentivized services.
Take a look at how digitalsocial.id incentivizes good online behavior with curated partners such as charity platforms:
The digitalsocial.id team possesses a broad range of expertise in both business and technical skills, combining sales and marketing knowledge with web3 development know-how. Simon Molitor, co-founder and CEO, has a vast background in sales and business development across different industries, successfully combining his technical understanding with exceptional business acumen. Pierre Stoll, co-founder and CMO, is a marketing expert who spearheaded various marketing initiatives and headed his own marketing agency for over four years. Mohak Malhotra, CTO, is an accomplished Web3 developer with experience working for major tech companies and has won several awards in blockchain hackathons (including ETH Lisbon and ETH Dever). Together, the digitalsocial.id team aims to foster trust for anonymous interactions on Web3 and promote positive behavior. Learn more about digitalsocial.id on their Website, LinkedIn and Twitter.
Contact: Simon Molitor, co-founder, firstname.lastname@example.org
About Blockchain Founders Group
BFG Blockchain Founders Group is a company builder and early-stage venture capital investor. Our team comprises academic and regulatory drivers of the blockchain economy, serial entrepreneurs, and venture capitalists. We love to work with outstanding entrepreneurial talents and bring to bear the full support of our network to make them succeed. Follow us on LinkedIn, Medium, Twitter, and YouTube.
About BFG Superstars Program
The BFG Superstars Program is a crypto incubation program for pre-seed ideas and a place for blockchain talents and co-founders to meet and launch crypto startups in 2 to 3 months. Each cohort will launch 5+ crypto startups with different blockchain-based solutions. At the end of the program, selected startups will receive funding amounting to $60,000. Find more information about the program here.
Contact: Max Zheng, Director of Investments, email@example.com