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Onename Goes Super Opensource and Decentralized with $1.5 Million Funding

Last Updated March 4, 2021 4:41 PM
Drew Cordell (@DrewjCordell)
Last Updated March 4, 2021 4:41 PM

one nameThe Openname protocol was built by Onename and allows users to create an identity, verify it, and use it across the internet. The service acts like a digital passport and allows people to easily send Bitcoin to users of Openname. Onename has announced super decentralization of the Onename protocol by giving up their monopoly on users. Users of the protocol will be able to select a provider for authentication purposes, thus making the authentication process decentralized. Onename has also raised $1.5 million in funding.

Also read: The Upcoming Decentralization Singularity

In addition to the decentralization, Onename will also be open sourcing the Openname directory so that developers can build upon the infrastructure. The decentralization and open source changes were announced on Onename’s blog:

We believe the future of identity will be decentralized, and for any identity system to be truly decentralized, no entity can have a monopoly over registering users or displaying their profiles. Anyone should be able to claim a username and fill out their profiles either using a provider/registrar of their choice or on their own without any third party.With the new openname directory we’re open-sourcing, anyone can display Openname profiles on their website, and we’re hosting one such directory atopenname.org. Further, we’ve open-sourced server-side tools like a highly-scalable server for resolving usernames to profile data and python tools for registering names and updating profiles. These are the same libraries that power the backend infrastructure of Onename and we’re very excited to open them up to other developers.

Onename also received funding from Union Square Ventures, the venture capital firm that maintains assets totaling over $650 million dollars. Union Square Ventures has funded companies such as Twitter, Kickstarter, and Coinbase. With the $1.5 million in funding raised by the seed round, Onename will have the funding needed to continue to develop their Openname platform.

Onename: Decentralization of user data

By decentralizing the service, Onename empowers users to choose their service providers and empowers them to make their decisions. Onename is taking a stance for decentralization by giving up their monopoly on the service. Onename has been developing Openname Auth, a service that will allow users to be in control of their data and sign into sites with a password-less authentication process. Users would be able to choose register their user name and get hosting from a provider of their choice. The Openname Auth protocol will allow users to login by entering their Openname username and approving an authentication request on their computer or mobile device. Openname Auth will empower users and allow them to be in control of their data rather than having to store anything on a website. Openname Auth is the next step in the decentralization of the internet.

Openname Decentralizition
Openname Decentralizition

Onename’s decision to become opensource and decentralized will pave the way for infrastructure growth, expansion, and further decentralization of the way users interact with websites. By creating a digital passport, users can go from site to site without having to store sensitive information on sites they do not want to, and choose which applications can interact with their data. With successful seed funding and the decision to go open source and decentralize the protocol, Onename is in a great position for significant growth and expansion.

What do you think about the decision to go open source and decentralized? Comment below!

Images via Onename and Shutterstock.