Introduction to Faceless project

The payment scheme of the existing blockchain networks is based on blockchain addresses, which are usually random strings that are hard to manage. In contrast, traditional payment is usually based on human-readable identifiers (HRI) instead of random strings, which is for a good reason. When you pay your debts to your friends, you want the transaction record to be bound to your identity so that it can serve as proof later that your debt has been paid. To base the payment on one’s HRIs such as web 2.0 accounts remains a final mile to deliver before cryptocurrency and blockchain truly become mainstream and finally take over our daily life.

The existing HRI solutions such as various naming services usually focus on one specific blockchain ecosystem and fail to incorporate many existing Web 2.0 human-readable identifiers that users are more comfortable using in practice, such as their mobile phone numbers, social media accounts, email addresses, etc. A cross-platform payment scheme based on a generic HRI system will not only serve the purpose of bringing Web 2.0 users into the IC world but also taps into this immense market and helps realize the full potential of IC ecosystem.

Another feature of the existing blockchain-based payment systems that contradicts the Web 2.0 user experience is its lack of privacy. This is actually closely tied to another interesting application of Faceless protocol, i.e., regulatory-compliant payment. Due to the explosive growth of blockchain payment and its applications such as DeFi, NFT, etc, traditional financial institution is starting to migrate to the blockchain world. However, in order for the Cryptocurrency market to attract institutional money on a large scale, one has to address its regulatory concerns. The privacy issue is likely to play a central part in the regulatory compliance requirements. Faceless will provide a private payment scheme based on HRI and hence resolve the privacy issue.

Our protocol will become a fierce competitor in the sphere of regulatory-compliant payment. More sophisticated applications such as trusted decentralized finance (DeFi) can also be built on top of our system. For instance, one could build a credit system or unsecured lending and borrowing system based on one’s HRIs. Both institutional users and individual users will be able to use the finance services built on top of our protocol.

Our scheme is based on a combination of identity-based encryption (IBE) and zero-knowledge proof. Identity-based encryption scheme will allow the users to encrypt the payment information under the receiver’s identity instead of random blockchain addresses, and it will also allow the users to manage their multiple HRIs with one single master key, which is a significant usability advantage. On the other hand, we will apply the zero-knowledge proof and IBE scheme to protect the users’ financial privacy.

Thanks to the general support of IC developer grant program, we have been able to develop the prototype for the Faceless project, the demo of which can be found in this Youtube video: faceless ic demo - YouTube

For more details on our project, please check our deck: DocSend and white paper: DocSend.

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Great work on deck and white paper. How do intend to do the seed round?

Hey, thanks for your interest. We mostly focused on developing the demo for the grant recently but will start to talk to the VCs in the near future if the market condition allows.

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