Description
Introduction to authbond
authbond, tackles the issue of accountability in Web3 contracting, where pseudonymity can lead to delivery challenges. Traditional bid bonds effectively mitigate risks of project defaults in conventional contracting but have not been widely applied in the Web3 space. authbond innovates by incorporating privacy-preserving Know Your Business (KYB) confirmations and bid bond deposits into reusable on-chain identities, enhancing trust and transparency in digital trade.
The platform enables organisations to issue Requests for Proposals (RFPs) with defined selection criteria. Applicants can import their business data and submit proposals, which are then linked to privacy-preserving ID-NFTs. These NFTs verify KYB completion and represent the bid bond, ensuring that only complete and verified proposals are considered. This process reduces the risk of financial losses and increases procurement efficiency. authbond leverages eIDAS 2.0-based identities and integrates with existing solutions like F6S and Privé, ensuring compliance with MiCA outsourcing regulations and establishing provenance for proceeds.
Using privacy-preserving ID-NFTs by authbond incentivises honest data provision while protecting user privacy. The platform also promotes trust through intermediated interoperability, benefiting Europe's digital economy and virtual commerce. This approach democratises access to on-chain economies, allowing DAO contributors to use real-world identities for Web3 work opportunities.
Motivation
authbond addresses Web3 contracting deficiencies by combating free-riding and enhancing financial security. Conventional Web3 contracting methods fail to meet MiCA regulations and verify identities. authbond integrates privacy-preserving KYB and bid bonds into on-chain identities, ensuring verified commitments and regulatory compliance, improving trust and efficiency.
Potential Demonstration Scenario
A DAO issues an RFP via authbond, requiring contractors to verify their identities using eIDAS 2.0-compliant KYB. Contractors submit proposals and bid bonds as ID-NFTs. The DAO reviews verified proposals, awards the contract, and manages bid bonds through smart contracts, showcasing secure, transparent procurement.
How We Will Use the Funds
The platform is currently in its initial development phase, with development costs already covered. Our commitment to a user-centric approach involves integrating our target audience early in the development process to ensure their needs and feedback shape the platform. Therefore, we will use the funds primarily for user research and community engagement.
Current Team Members
- Ben – CEO & Project Management
- Matthew – Full Stack Developer
- Nicole – Marketing & Business Development
- Vika – UI/UX Design & Research
Past Contributors
Dr. Joshua Ellul, Centre for Distributed Ledger Technology at the University of Malta – Project Coordination