Metadium is a blockchain-based identity platform that aims to build a user-centric digital identity ecosystem. The project launched in 2018 and utilizes a native cryptocurrency called META to facilitate identity verification, data ownership and exchange within the Metadium network.
The core premise of Metadium is that individuals should have control over their own digital identities and personal data, rather than having it stored and controlled by centralized third parties. To achieve this, Metadium uses blockchain technology and smart contracts to enable self-sovereign identity management.
Key Features of the Project
Some key features and goals of the Metadium platform include:
- Decentralized digital identities — Users control their own identity data and who can access it.
- Interoperable identity verification — Metadium IDs work across platforms and applications.
- Data ownership and control — Users decide what personal data is shared and stored.
- Self-sovereign identity — Full user control over digital identity without third party interruption.
- Multi-factor authentication — Advanced identity verification using biometrics and other factors.
- Secure record keeping — Tamper-proof records of identity claims and data sharing.
How Metadium Works
The Metadium network is built on a customized version of the Ethereum blockchain, designed to enhance identity management capabilities. It uses a consensus mechanism called Proof of Authority (PoA), where approved validators maintain the network and verify transactions.
Users on Metadium can create a digital identity, store identity information and documents, and choose what data to share with third parties. Smart contracts facilitate and control this exchange of verified identity claims.
The META token has two main utilities:
- Transaction fees — META is used to pay network fees for actions like creating an identity, issuing claims, validating identities, and sharing data.
- Staking — META token holders can stake their coins to become validators and take part in governing the network. Staking provides incentives for participation while enhancing decentralization.
Various technologies and standards enable Metadium’s identity system to function effectively:
- Decentralized identifiers (DIDs) — User-controlled unique identifiers not tied to any central authority. Enables pseudonymous yet verifiable identities.
- Verifiable credentials — Digital credentials like licenses and certificates that contain identity claims signed by the issuing authority.
- Zero knowledge proofs — Privacy technology that allows identity claims to be cryptographically verified without revealing any information beyond the claim itself. Selective disclosure of personal data is possible.
- Biometrics — User’s biometric data like fingerprints and facial scans are stored privately and linked to their Metadium ID for strong multifactor authentication.
Real World Use Cases
Metadium aims to provide digital identity solutions for both individuals and enterprises. Some potential real-world applications include:
- Logins and verification — Replacing traditional usernames and passwords with Metadium IDs for login, backed by biometrics for security.
- Financial services — Securely sharing verified identity information for faster account onboarding at banks, exchanges, and other financial providers.
- Education — Storing digital academic credentials like degrees and transcripts and selectively disclosing them to employers or institutions.
- Online gaming — Verifying gamers’ identities while keeping their privacy and personal data secure. Preventing cheating and fraud.
- Ride sharing — Passenger identity verification for transport providers like Uber and Lyft.
- Supply chain — Tracking authenticity and origins of products through a digital trail linked to verified supplier identities.
- Medical records — Patients can control access to their medical history and share it securely with insurance providers or different hospitals and clinics.
- Travel and immigration — Digital visas, travel documents, and immigration papers can be issued and verified seamlessly through Metadium IDs.
As more services integrate with Metadium for identity management, users will be able to take advantage of seamless, secure, and private access across platforms.
Project Development and Roadmap
Metadium was founded in 2017 by data privacy expert Professor Jiseong Kim and blockchain experts Samuel Kim and James Kim. Funding was obtained through an initial coin offering (ICO) which concluded in January 2019, raising over $30 million USD.
The testnet version of Metadium launched in May 2018, followed by the mainnet launch in November 2019. Key milestones achieved so far include:
- Mainnet launch with staking and voting features.
- Mobile wallet apps on iOS and Android.
- Integration with Samsung Blockchain Keystore for simplified onboarding.
- Self-sovereign data vault for encrypted document storage.
- Decentralized file storage through IPFS and STORJ.
- Decentralized domain registration service.
Going forward, the roadmap focuses on driving enterprise adoption and network growth:
- Onboarding more validating nodes and increasing network decentralization.
- Developer tools like SDKs and APIs to simplify integration.
- Layer 2 solutions for enhanced scalability.
- Cross-chain interoperability between Metadium and other blockchains.
- Industry-specific identity frameworks tailored for aviation, construction, manufacturing, etc.
Metadium provides a promising platform for decentralized digital identity — one which places ownership and control firmly in the hands of users. By leveraging blockchain technology, users can securely share pre-verified information with trusted parties and minimize risks around data collection or surveillance.
As the project matures and expands partnerships, Metadium aims to become a key infrastructure layer for identity in the digital economy. Wider adoption would also mean individuals have a safe and portable identity solution that works seamlessly across various services and contexts.