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CategoriesQuestion
1. Business Model / Sustainability
  • What is the cost of writing to the ledger?
  • What is the cost of running a node?
  • Do I have to run a node?
  • Is there financial incentive for me to run a node?
  • Is the business model of the utility platform viable?
2. Product Governance
  • What is the minimum count of nodes of my utility needed to be considered as decentralized and censorship resistant?
  • Do I want the utility I use to have permissioned of public write access?
  • Do I want my Utility to have public read access?
  • Do I want permissioned or public nodes?
  • Does my utility need to be an open source project?
  • Who has influence on the product roadmap?
  • Who can make changes to the product?
3. Legal Governance
  • Do I have a particular legal entity structure needed around my utility?
  • Is there a need for my utility to meet localized privacy regulations?

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6 things you should know about blockchain utilities when pursuing a decentralized identity strategy

As part of it's mission to architect what is needed for Internet-scale digital trust, the Trust over IP (ToIP) Foundation has published a duel-architecture design that places emphasis on governance, but also the need for publicly available utilities to store pertinent information relating to the Issuers of Verified Credentials and the structures of these credentials. To achieve portable digital identities and equip people and organizations with trusted and secured credentials, it's important to consider the base layer of the stack. See below:

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Within the ToIP's Utility Foundry working group, we've been working alongside the community of utility project conveners to document their missions and requirements when forming their respective utility layers. Based on the initial research, here are 6 things you should know about utilities when pursuing a decentralize identity strategy for your business and respective ecosystems.

1. How much am I willing to pay to use a utility?

  1. Compare transactions types and fees (Sovrin example)
  2. Depending on ecosystem use case, you may need lots of transactions

2. Should I consider convening in the creation of my own utility?

  • What are complexities (managing consortium, legal entity formation)
  • Costs
  • Why private networks aren't better than databases

3. Do I need to run a node to use a utility?

  • Benefits of running a node
  • Example of Sovrin stewards
  • Costs of running a node

4. How can I evaluate existing utility options?

5. Do I need to consider data privacy laws (e.g., GDPR) in my decisioning?

6. Can I test a utility before committing to one?