![\"name-zooko.png\"](\"http:\/\/blockzombie.com\/blog\/wp-content\/uploads\/2014\/06\/name-zooko.png.png\")
<\/a>When you look at all the \u201cBitcoin 2.0\u201d projects; the metacoins, decentralised exchanges, crypto-equities, and the menagerie of financial instruments and markets, one problem emerges at the root: identity. We already rely on many identity systems but they all involve an entrusted third party. For decentralised, zero-trust consensus networks backed by blockchains, identity must also be decentralised or it will be the weak link.<\/p>\nNamecoin<\/a> is an early recognition of this need and a valiant attempt to tackle the problem of names but strategic weaknesses in the implementation and a lack of dedicated project support raised doubts as to whether Namecoin was a viable solution. More recently, Namecoin has seen a revival and there are several other projects such as Keyhotee<\/a> that attempt to enable a strong identity management system where people can create and build a reputation that is attached to a globally unique profile that they fully control.<\/p>\n The necessity and potential for such a system is high across almost every significant project in the crypto space. Controlling one\u2019s identity information is a cornerstone of privacy. Avoiding scammers and impersonators is crucial to managing counter-party risk.<\/p>\n What\u2019s more, if the invention of Bitcoin enables a solution to this problem, then it will not only have solved The Byzantine General\u2019s Problem<\/a>, but also unravelled another impressive cryptographic enigma: disproving Zooko\u2019s Triangle<\/a>. That\u2019s two dazzling cocktail party conversation topics for the price of one!<\/p>\n","protected":false},"excerpt":{"rendered":" I was recently asked what\u00a0the number one problem that I believe Bitcoin will solve by the end of 2015. Prediction is very difficult, especially about the future\u00a0(as physicists\u00a0say to a round of hearty guffaws at\u00a0Danish\u00a0cocktail parties). Remittance to the developing\u00a0world … Continue reading