Digital identity and authentication have only become more important as the crypto world grows. The rise of DeFi and decentralized applications has caused more of a push to figure out how privacy and security can be maintained without having to rely on centralized entities.
PhoenixDAO is one project aiming to build further on the digital identity and authentication space via a range of tailor-made solutions. Operating through a decentralized autonomous organization (DAO) and through dApps, the Phoenix ecosystem aims to have several products to help users manage, use, and build digital identities.
Phoenix’s Products & Possible Use Cases
As it sounds, Phoenix Authentication functions as a two-factor protocol to help verify DeFi application logins and approve transactions. Since it only stores keys on user devices, hackers are unable to break into a central database to gain access to sensitive information.
A user can build a digital identity with Phoenix and then verify their activity and sign in using Phoenix Authentication, with just the click of a button. Developers can also build their own two-factor authentication systems. Overall, the Authentication feature is a natural successor, in the words of the Phoenix team, to products like Google Authenticator.
Phoenix Identity is one of the main features of the entire Phoenix ecosystem. This tool lets users build and link virtual identities across a range of dApps, applications, and APIs. On and off-chain identity management is also possible thanks to the ERC-1484 standard.
The self-operating DAO is at the center of Phoenix’s plans to achieve a self-sustaining governance model with a 1 person 1 vote system. Users who have a valid Phoenix Identity can participate in many activities, including building standardized security tokens and engaging with the staking dApp. Users can either harness the V1.0 spot staking app or use the liquidity pool version in V2.
The Phoenix Payments solution is a collection of Ethereum-based smart contracts to foster payments without a third party. A user can turn to the Payments protocol to authorize credit, debit, P2P, P2B, and B2B transactions with one click. Payments are secured by the Identity and Authentication protocols, ensuring a DeFi solution with proper safeguards.
Phoenix’s Events dApp is an Eventbrite-style event management and ticketing platform designed to maximize revenue generation. Users who visit the Marketplace can secure tickets with cryptocurrency and send tickets to others. The Identity protocol ensures the authenticity of tickets and the validity of P2P ticket transfers. Created tickets are ERC721 tokens to foster simple purchase and transfer. Users can create a wallet (like MetaMask) and begin to create paid or free events or buy tickets on the Marketplace. There’s no censorship or barriers to buy tickets or build events on the Marketplace.
PhoenixDAO’s Upcoming Future
The above suite of products is just a portion of what the Phoenix team is working on. In addition to tools like the dApp store, V2 of the staking dApp, and the NFT marketplace, team members are busy with Layer2 enhancements and continue to test the DAO in beta.
The wide range of products and tools making up the Phoenix ecosystem gives users a potential opportunity to participate in the DeFi world and take part in the governance of other proposed products and potential decisions.