Introducing 2WAY.IO

 

During the first 300 days of 2015, at least 60 data breaches were registered in the US financial sector, which lead to an unnecessary spillage of 5,056,581 records. During that same time there were at least:

– 243 breaches at US businesses — 16,080,257 records leaked;
– 49 breaches within US educational institutions — 754,100 records leaked;
– 50 breaches in US government/military — 33,818,493 records leaked;
– 227 breaches in US healthcare sector — 119,929,106 (!!!) records leaked. [1]

If each of these 175,638,537 leaked records would represent a single US citizen (total of 322,077,000 US citizens [2]), it would mean that 1 out of every 1.83 US citizens’ personal and sensitive data has been leaked … this year.

Credit card numbers, social security numbers, etc. were never developed with the Internet in mind. Other identifiers simply aren’t well-suited to be used for online identification, verification, authentication, authorization, etc.

When looking at biometrics, there are truly nifty tricks to secure them. However, when those systems do get hacked, at some point we’ll run out of fingerprints to replace.

When we use online services, we basically always rely on other people to handle our private communications and store our sensitive data. By doing so, we voluntarily give away control over our personal data.

 

“The way we code the Web will determine the way we live online. So we need to bake our values into our code. Freedom of expression needs to be baked into our code. Privacy should be baked into our code. Universal access to all knowledge. But right now, those values are not embedded in the Web.”

— Brewster Kahle (Founder of the Internet Archive)

 

2WAY.IO is developing a purely peer-to-peer base layer protocol for trust (identity & reputation), to add the missing layer of trust to the Internet. Decentralized identity & reputation can also enable or be complementary to: name services, authentication solutions, public authorities, decentralized communication systems, decentralized monies, smart contracts, Ricardian contracts, the Internet of Things (IoT), and many other interesting subjects.

Our software is open source, and privacy- & security-by-design. For (web) developers, it will be easier to build secure user-in-control front-end applications, and for both developers and users to run their own back-ends (read: lightweight supernodes [3]). Thanks to public-key cryptography and APIs, this protocol can operate without the need for a Trusted Third Party (TTP), or blockchain-related technology, while maintaining blockchain compatibility & agnosticism.

In our upcoming series of articles, we’ll elaborate on what we’re doing and how we’re doing it, as well as a conceptual overview of the software itself. Hopefully this inspires you to do great things with it, because that’s what it’s for!

 

Next article: Introduction to the Series

You can also follow and contact us on twitter (@2wayio).

 

Ref.:

[1] http://www.idtheftcenter.org/images/breach/ITRCBreachStatsReportSummary2015.pdf
[2] http://www.census.gov/popclock/
[3] https://en.wikipedia.org/wiki/Supernode_%28networking%29