Last year at LeWeb I talked about four areas that we are looking at closely to make investments in. One of them is identity. I said this at the very end of my talk:
I predicted that there would emerge a “bitcoin like protocol” for identity. And we’ve been looking for that.
One thing we realized along the way is that this could be built on top of bitcoin or another blockchain. And so earlier this year we made a seed investment in a startup called OneName that is building exactly that. On Wednesday of this week, OneName announced a bunch of things, including our investment, and my partner Albert wrote about OneName at usv.com.
Now many will say “well Facebook, Google, and Twitter handle that pretty well for me” and they would be right. But are you really comfortable with Facebook or Google operating the identity layer of the Internet? I am not. And I think over time less and less of us will be.
But the answer isn’t another startup controlling the identity layer of the Internet either. The answer is a distributed ledger of identity that is open and not controlled by any entity. And that sounds like an application for a blockchain if there ever was one.
I have cleared my identity on the blockchain and it is here. I have verified it on Twitter and Facebook and you can send me bitcoins through it. It’s not much today, but in some ways it is everything. Because everything can be built on this and our hope is it will.
To date about 20,000 people have cleared their identity on the blockchain via OneName. My hope is that number will be in the millions within the next year. If you want do do that today, go here and get started.