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Mar 08, 2022

Techbullion Released - Welups’ Future Opportunities or Challenges on Decentralized Identity Management

Welups Released Article on Techbullion

Over the last ten years, giant tech companies like Microsoft, IBM, Google, etc., have continuously spent time researching and developing identity management projects since our lives are increasingly linked to the internet, and we are often subject to unauthenticated, pseudo, and fraudulent information.

Hence, Decentralized Identity has recently picked up steam.
 

Take, for instance, supposedly 2.5 billion Facebooks’ users received credentials proving their identity, whether this would be a chance or a challenge for security and information privacy concerns.
 

If social networking platforms, including texting, cyber or virtual communications, are widely adopted with identification; perhaps, our society will be safer. The online transactions will be provided with greater security that fraudulent will be eliminated. 
 

A decentralized Blockchain Platform is quickly emerging as a critical component of the ecosystem that enables eKYC verification. For more than a decade, various startup firms and technology initiatives have been established to provide the community with eKYC and decentralized identification solutions using the Ethereum blockchain platform. However, owing to a setback in the technical environment, these initiatives were unable to be completed effectively.
 

Welups Blockchain applies 3.0 Blockchain-based on DpoS (Delegated proof of stake), and foremost representatives participating in decentralized digital identity blockchain are authorized to authenticate personal information, ensuring the information is never modified or deleted. A notable feature of DPoS is its ability to validate transactions and encourage blockchain organization that competes with other Proof of Work (PoW) and Proof of Stake (PoS) models. 
 

At the present, Welup’s node networks are expanding, with third parties participating in ensuring authenticity, and relevant IDs will be kept in a transparent way as a result of this expansion. The Welups testnet is fully operational, exhibiting the capabilities of blockchain 3.0. The testnet is intended to allow for the testing of new blockchain developments without interfering with the operation of the main network. In addition to allowing developers to test their applications without incurring gas charges, the Welups testnet acts as a prelude to the mainnet’s launch later this year.
 

For individuals, forms of national identifiers such as passport numbers and birth certificates supposedly were built on blockchain Welups; as a database of records, it could not be altered, nor could it be tampered with because it was intentionally designed to be highly resistant to modification and frauds. 
 

The ID number will be verified by Super Nodes (Welups’ network representative), signified by a verified badge, and stored on a blockchain database. The more participation of Super Nodes, such as government organization, incorporation, competent authorities, social network platforms or information technology applications, the more it enhances the integrity of your ID number.
 

Once you are in the world of the internet, your ID will overcome the digital access barriers, enhance your credibility in digital transactions, and it-itself protects your personal information by an encrypted algorithm for numbers at utmost safety on the decentralized blockchain. 
 

With several years of research and development on blockchain and decentralized identity management, Welups Blockchain’s mission is to become a center of decentralized ID number generation, a foundation that supports third parties in developing Dapp and leverages the decentralized identity to be widely used in the world of internet.
 

As part of the WELUPS ecosystem, it has a variety of applications that help the chain run smoothly and efficiently. The WELUPS cryptocurrency, on the other hand, is intended to give banks and payment providers a safe means of trading internationally. It is possible to identify a person’s assets and link to other platforms using Welups, a smart Blockchain. This creates a wide ecosystem.
 

The WELUPS Ecosystem also includes global non-financial-transaction asset verification and encryption driven by Blockchain Technology and Digital ID. It takes a significant effort to build a decentralized Internet and infrastructure. Welups Blockchain provides quick asset encryption and digital banking services via the use of a digital wallet, making it ideal for investors and traders. The platform offers services such as an identity social network, a digital bank, credit supply, and other services that allow users to connect transactions from all over the globe.
 

Welups blockchain core 1.0 was introduced on the Mainnet version on August 16th, 2021. From 2022 to 2023, Welups will release the blockchain core 2.0 on identity management solutions to accelerate the authentication swiftly and efficiently and provide thorough R&D alternatives and community applications plus the ecosystem.
 

Welups network also creates a single Welups coin ($WELUPS), a native coin, to operate the blockchain system by generating, locking and connecting blocks, it verifies transactions, creates smart contracts, and is an exchange base for millions of tokens on Welups blockchain network.
 

Welups Bridge is a connection from one chain to others such as Ethereum, BSC or Tron, which can accelerate this Dapp participation in identity verification more efficiently in the future. 
 

Welups Blockchain is a technology solution platform, a base of decentralized identity management, and its journey is still challenging to join global networks and be recognized internationally.
 

LBank, XT.com, Hoo, Digifinex, Indoex, and Latoken have all added the WELUPS currency to their digital asset trading platforms. 
 

Likewise, Welups coin ($WELUPS) is expected to increase tremendously in the future, ushering in more opportunities to investors, financial firms and global investment funds.
 

Together with Welups blockchain, creating a secure and efficient identity verification for 8 billion people globally. Welups is a promising alternative to current decentralized networks because of their high-performance scalability. Welups uses blockchain identity management, NFTs, and digital-asset management to deliver a genuinely decentralized internet, e-commerce, and life services.

 

About Welups:

Welups is a Dubai-based organization and the first blockchain-based Identity platform in the digital world for identity verified social media applications, digital banking, credit services, entertainment and all of the other key services for a future society in the digital world. The platform has been designed and structured to be compatible with a broad variety of other technical solutions.
 

Welups is specializing in innovations in the area of Blockchain Identity Management, NFT, and digital asset management. This is due to the project’s commitment to enabling the establishment of a totally decentralized internet, e-commerce, and life services.
 

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