AccumulateAn Identity-Based Blockchain
Accumulate is a new kind of blockchain protocol that is organized completely around identities.
Accumulate is best described as a Network of chains. There is no single chain that can be considered the Accumulate blockchain. All data is held in subchains under an identity as well as tokens which are also held in subchains under an identity.
At Sphereon we specialize in Digital Identities as they are the key for creating trust in a digital world through Verifiable Credentials which enable data authenticity and accountability in a privacy-preserving way.
A blockchain organized completely around identities is extremely interesting for us and Sphereon is actively involved in the Accumulate eco system as advisors and developers.
An Identity-based blockchain
Digital identities, such as Accumulate Digital Identifiers (ADIs), can be assigned to organizations, people, devices or things. This enables us to create Digital Twins for everything.
Accumulate Digital Identifiers (ADIs) represent a decentralized identity solution that enables organizations, people, devices, documents or things to associate data and interact with each other in a secure, private, and streamlined way.
For example, a business may assign an ADI to each department, and each department may create a hierarchy of identities for officers, employees or contractors with different permissions or security levels.
Human readable addresses
Identities are stored as cryptographic addresses, but these are very hard to remember and error-prone.
Essentially, Accumulate takes these long public crypto addresses, that we all know and detest, then replaces it with a simple readable name that’s easy to see and understand. The once complicated 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2 now becomes Acc://Sphereon.
Multi-Chain architecture
Accumulate is best described as a Network of chains. There is no single chain that can be considered the Accumulate blockchain. All data is held in subchains under an identity and tokens are held in subchains under an identity.
Accumulate’s multi-chain architecture enables greater throughput. The interconnected network of chains results in 70,000 transactions per second (TPS), which makes it one of the fastest protocols.
Key Hierarchies
Key hierarchies enable enterprise-grade security. In Accumulate, users have the ability to rotate, recreate, and reassign private keys, upgrade or downgrade security (cycling keys), enable or disable “Multisig”, backup lower priority keys, and reassign key priority all without moving tokens or exposing sensitive information.
Rather than assigning a one to one relationship between an identity and a key, as most blockchains do between an address and a key, Accumulate associates a hierarchical set of keys with an identity in order to support common enterprise security requirements like key rotation and key recovery. The hierarchy of keys can also be used to support complex permissioning schemes.
Contact us when you're interested or want to get involved in this exciting and groundbreaking protocol.