Web3-as-a-Service
Web3-as-a-Service includes the following features, along with their intended objectives.
ID-Wallet
A digital identity and virtual authentication device that is easy to obtain, activate, and verify, possessing functionalities for identity authentication and transaction signing.
The primary aim of the ID-Wallet is to provide end-users with a unified authentication device, granting them the autonomy to decide precisely what identity information (including metadata) they want to share with other organizations, businesses, or communities.
Much like the "Sign-in with Google" feature, the ID-Wallet introduces "Sign-in with Web3Wallet", which is in compliance with OpenID Connect (OIDC) standards. The key distinction is that with ID-Wallet, users authenticate their own identity, eliminating the need for intermediaries like Google.
FT / NFT (Fungible Token / Non-fungible Token)
A unified digital finance and digital signature module across quantified systems, used for Tokenization and the issuance of NFTs.
It allows businesses, organizations, and communities to issue FTs or NFTs to end-users. This enables end-users to hold various identities or privileges, enjoy more personalized services, and exercise Data Ownership and Self-sovereign Identity by controlling the information they want to disclose within the NFTs held by them.
A built-in service thx! provides a handy way to allow people to send gratitude to each other.
Scoring / Social Credit (for good intention ☺️)
A module enables businesses, organizations, and communities to customize how end-users can earn community points or service scores. The customization can be done with building and deploying WASM binary with customized scoring logic inside of the guest function.
This promotes interaction between end-users and businesses, organizations, or communities, and implements various business models and applications. For instance, on Reddit, an end-user's karma is a reflection of how much its contributions mean to the community. How much karma someone has is publicly displayed on their profile.
The built-in thx! service incorporates the thx! Scoring feature. This universal scoring mechanism computes scores each time an end-user sends or receives a thx! token. By accumulating this goodwill, the system aims to promote a culture where individuals regularly express gratitude towards each other.
Layer-0 / Layer-1 Multi-layer Blockchain Network:
Instead of allowing a single business, organization, or community to operate an independent blockchain, it's more advantageous to let a group of entities establish a multi-layered network that can mutually verify without compromising transaction verification efficiency.
Essentially. the Layer-0 Blockchain Network, also known as Rootchain, supports block finalization of several Layer-1 Blockchain Networks, called Leafchains. This structure significantly improves the capacity for various applications (which can be processed in parallel) and ensures federated security across Layer-0 and the Layer-1 networks.
DAO (Decentralized Autonomous Organization
All the end-users, businesses, organizations, and communities with holding certain amount of THX (FT of THXNET. Mainnet Rootchain) and qualifications, will be able to exercise the right to participate in important decisions within the DAO process.
DAO facilitates the self-determination of essential configurations and operations in Layer-0 and Layer-1 Blockchain Networks in THXNET.
Every end-user, business, organization, and community that holds certain amount of THX (the Fungible Token of THXNET's Mainnet Rootchain) and meets certain qualifications can participate in the decision-making within the DAO process.
DAO introduces several advantages:
Decentralization: By not being controlled by a single entity or a centralized group, a DAO ensures that power and decision-making are distributed among its members.
Transparency: Every action or decision made within a DAO is recorded on the blockchain, ensuring complete transparency for all participants.
Security: DAOs, being based on blockchain technology, benefit from the inherent security features of blockchains, reducing risks of fraud and unauthorized interventions.
Community Empowerment: By allowing every member to have a voice, DAOs ensure that decisions reflect the will and needs of the community, leading to more user-centric outcomes.
Flexibility and Innovation: As the rules of a DAO are encoded in blockchain network, they can be adjusted if consensus is achieved, allowing for adaptability and continuous improvement.
The DAO aids in determining the key configurations and functions for both Layer-0 and Layer-1 Blockchain Networks in THXNET., leveraging these benefits to ensure an efficient, transparent, and democratic decision-making process.
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