The Basic Identity Token (BIT) team participated in the recent ETHWaterloo hackathon, winning second place with their entry in our Storj Challenge competition, which was part of this hackathon. This blog will share some background on the BIT team and the app they built on top of Storj.
BIT’s inspiration is to increase accessibility to blockchain-based DApps
BIT allows users to easily access DApps
BIT makes DApps more consumer-friendly by providing access to the apps through their Facebook login. This simplification is the key to making blockchain-based platforms like Storj and Toshi accessible to the average person, who is likely unfamiliar with the complexities of blockchain technology. The BIT DApp login process automatically associates a user-provided wallet address with an identity token, which BIT generates by verifying the user´s identity through personal information from their Facebook profile.
One advantage of using BIT is that it contributes to reducing distributed-denial-of-service (DDoS) attacks and spam by using Ethereum’s core blockchain technology. This can best be explained by comparing this process to how we currently surf the internet. Users can access any website on the internet by entering the URL in a browser to render the web page. Malicious users may want to hinder traffic on sites by performing a DDoS attack, resulting in an overload of the web server which may lead to a crash of the site. Traditional websites are vulnerable to such attacks because they lack identity authentication to validate who is a legitimate user versus a spammer or user with malicious intent. BIT, on the other hand, allows decentralized websites and apps to integrate identity validation, eliminating the threat of DDoS attacks.
BIT technological stack includes Storj
BIT helps user retention with DApps
Blockchain and virtual token-based ecosystems are growing at an astonishing rate. However, the current barrier to entry is too high for a non-technical mainstream user, as this innovative technology based on complex cryptographic concepts is not easily assimilated. Regardless, many people rush into the space with little technical knowledge and can easily get discouraged from further participating. BIT removes this obstacle by providing people access to DApps via authentication, resulting in high user retention when using BIT-enabled DApps.
BIT authenticates user identity information
BIT prides itself to be very user-friendly. On almost any internet connected device, one can already connect to Facebook. BIT prompts the user to input an ERC20 compatible wallet address and then requests access to their personal information from their Facebook account. If approved, the user can access DApps like Storj, and gain access to perform actions within the app, such as uploading a file.
With BIT, people can take full advantage of blockchain technology using only a Facebook account. As shown by the BIT experimental fe…