Hugware® is getting an upgrade. Soon, the wallet will not only protect assets and documents but your identity too.
With many businesses turning to distributed ledger systems and dispersive storage, trust in a centralised organisation, especially in the financial sector, is diminishing. It is only a matter of time before this evolution spreads to big data. When that happens, individuals are going to want to take back control of how their data is being used.
There is a name for this philosophy, it’s called self-sovereign identity. It is an emerging concept that recognises the right of an individual to control the flow of information about their unique digital identity. Since this concept is still new, there are very few methods out there that put it into practice. UKISS is about to be one of the pioneers in this area.
We are expanding our ecosystem to include a self-sovereign identity framework that will manage decentralised identifiers and verifiable credentials. These are by far the most effective means of making identity information portable across multiple platforms without centralised storage. They can be seamlessly integrated with a vast number of applications requiring identity authentication and verification.
When implemented, individuals can control their digital footprint, avoid intrusive social media logins, protect themselves from identity theft, and even monetise their data. Consider it a bonus for cryptocurrency holders and confidential document owners, who will use our Hugware as a crypto wallet and file encryption tool.
A quick recap on the Hugware
Hugware is a Singapore-designed hardware wallet. It uses industry-standard encryption to protect private keys to crypto-assets and encrypted documents. Unlike many hardware wallets out there, this wallet does not require lengthy recovery phrases. The Authentication-Key lets you manage your private keys while the Rescue-Key helps to restore private keys in case you lose the Authentication-Key.
Soon-to-be DID Wallet
Expanding our ecosystem with the self-sovereign identity framework will make Hugware even more meaningful for users venturing into Web 3.0. It will have the potential to be a handy tool for individuals to use and simply authenticate their identity wherever they go, including the metaverse or DeFi platforms. It can also become a mode for two-factor authentication to verify identity without exposing the user.
Blockchain has enormous untapped potential. It can be used to manage decentralised identifiers and verifiable credentials. That is why UKISS is building a blockchain for the self-sovereign identity framework to come into play. This distributed identity system has the ability to empower the individual even further with opportunities such as a verifiable data marketplace, where they can monetise data with whoever and however they choose.
KISS to the moon
The expanded ecosystem will enhance the value of the KISS token as a virtual currency of the UKISS blockchain ecosystem. It will be the token of choice for transactions, governance, community incentives, rewards, staking, and liquidity.
UKISS aims to be the people’s choice for protecting their identity, assets, data, and documents in the easiest way possible. For us, security is a way of life.
More in our White Paper.