EMURGO Ventures announced an investment deal in AID:Tech to bring Web3 onchain reputation solutions to Cardano for “positive social impact.”
AID:Tech is a decentralized digital ID firm that builds Web3 reputation solutions for real-world utility. The firm operates a Proof-of-Reputation (PoR) protocol, which rewards people for their time and contribution.
“AID:Tech enables people to own, control and manage their Identity. Our technology enables users to build an Onchain reputation and get rewarded for their social efforts.”
What can the Cardano community expect from the team-up?
The investment in AID:Tech will support the development of the “Volunteeer and Earn” ecosystem, which includes a dedicated wallet, said EMURGO. This technology is based on decentralized identifiers (DIDs) via non-fungible tokens (NFTs).
Operating on the Cardano chain, the “Volunteer and Earn” program will build digital identity solutions to capture on-chain reputation, which will “empower those who volunteer at corporates, sports organizations, universities, NGOs, and charities.”
Participants of the program will be issued a certified NFT from the Cardano NFT marketplace Fibo. EMURGO’s Yoroi wallet will form the backbone of the “Volunteer and Earn” program to enable Cardano users to access the ecosystem.
Commenting on the EMURGO investment, AID:Tech CEO Joseph Thompson said the area of Web3 volunteer identity solutions is vastly underserved. He sees a massive opportunity ahead in plugging this gap.
“We have a huge opportunity to build a Web3 wallet for clients we’re working with, who have millions of volunteers. We see this space as a new paradigm shift in capturing previously uncaptured value only possible by decentralized identity in a Web3 wallet.”
Digital identities are the foundation for the digital future
Top four firm Deloitte recently published a report on digital identities, calling them “the foundation of our rapidly evolving technology-based and data-driven economy and society.”
According to the report, correctly implementing a company’s digital identity policy brings about greater “efficiency, revenue and transformational benefits” for staff and customers, increasing the likelihood of acquiring new business by 23 times.
However, despite the benefits of establishing a sound digital identity policy, many organizations overlook its importance and hinder themselves as society moves increasingly towards a digital future.
“Too many organizations are failing to put digital identity at the center of their business model and operations and, by this omission, are likely to miss out on the full benefits of responsible digitalization.”