6. Decentralized Identity

6.1 Wallet-based ID

Users access their accounts through the private keys they hold. When creating an account, the user is given a key dedicated to the corresponding wallet. Holding this key means that the user has complete control over the account, and they can log in, trade, transfer, etc. The wallet ID is converted into a user ID via the BSC Name Service , thus associating the user name with the wallet address.

NFT-based ID

ONLY NETWORK uses NFT technology to certify users' registered IDs and save the NFT-based IDs to the blockchain to ensure information consistency. Unlike centralized registration, NFT technology is highly coupled with the P2P network, which is in line with the distributed scenario required by ONLY NETWORK and is relatively efficient. NFT-based ID effectively solves the problems of user conflicts and transaction repudiation.

NFT-based Chatroom

ONLY NETWORK'S chatroom uses NFT technology to implement the access mechanism. The room creator and members each hold an NFT representing access to this chatroom. When a user creates a chatroom, ONLY NETWORK will NFTize the chatroom information and then save the information to the blockchain, which prevents the chatroom information from being modified arbitrarily. When a user needs to join a chatroom, the user can buy the NFT from one of the members and ONLY NETWORK will update the information of the chatroom, thus avoiding the risk of leaking data inside the chatroom due to the illegal possession of NFT.