Getaverse Project Analysis: Building a Full-Stack DID Reputation System to Further Empower Web3

Author: Getaverse

Identity is undoubtedly one of the most important elements in the online world. In the Web2 world, the centralized identity system is facilitating its orderly operation. Although it has certain drawbacks, it is indispensable. With the development of the Web3 world, we find that the lack of identity infrastructure and the inherent cryptographic characteristics of blockchain further lead to the absence of user identity profiles, resulting in fragmentation between sectors, tracks, and applications, making interoperability difficult.

The emergence of the DID concept (of course, it is not a new concept) is building an identity profile layer for the Web3 world in the form of middleware. We hope to further verify users' real identities based on DID, accurately locate genuine contributors to eliminate spam, establish an on-chain credit system, participate accurately in DAO governance, and support KYC and customized investment product services in DeFi, among others. DID is driving the Web3 world to continuously evolve toward new narratives.

According to a new study by Grand View, a U.S. market research and consulting firm, the global decentralized identity (DID) market is expected to reach $102 billion by 2030, with a compound annual growth rate of 88.2% from 2022 to 2030. This indicates that the DID sector is a highly promising emerging field, likely to bring numerous investment opportunities for investors.

From the current state of industry development, the DID sector has begun to take shape, forming several main sub-sectors such as identity authentication and management (BrightID, ENS, Spruce, Unipass, .bit, etc.), identity applications (CyberConnect, Lens Protocol, POAP, Project Galaxy, etc.), and underlying support and data labeling (Ceramic, Idena, etc.). Typically, single DID projects focus on and target a specific field, attempting to leverage their own composability in conjunction with other facilities.

Of course, aside from the projects mentioned above, Getaverse is one of the few that spans the three sub-sectors mentioned and can cater to multiple industry roles with a multi-layered DID ecosystem. From product design to ecological levels, it possesses certain advancements and trends. Additionally, according to the latest official news from Kucoin Labs, we can see that Getaverse is also one of the supported projects in the Astro Selection incubation program launched by Kucoin Labs, receiving support from three other co-incubators, including DoraHacks, Republic Crypto, and Odaily. The Getaverse ecosystem is expected to see significant growth in market development in 2023.

TL;DR

Getaverse focuses on the promising DID sector, encompassing multiple DID sub-sectors, and aims to provide a way to monetize and contract personal data and information value, further linking their value to the multi-layered development of the Web3 world. Specifically, its advantages include:

• Getaverse has built a unified identity platform and network based on soul-bound tokens (SBT) and designed a staking incentive model to bind to digital identity, ensuring anonymity and autonomy, creating the concept of a Web3 credit system.
• It has an open DID identity and API interface for connecting to the Web3 ecosystem, linking Web3 application ecosystems as infrastructure, enriching the conditions and methods for value acquisition between users and Web3 applications, and becoming a trusted traffic entry point.
• Based on users and a complete infrastructure, it aims to connect high-quality social channels between social, Web3, and the metaverse through the DID credit system, achieving true value attribution of Web3 user data.
• It has verifiable claim standards, allowing data consumers to pay for and use user data without compromising user privacy.
• It participates in ecological construction (such as becoming a trusted validator node, curator, DAO voter, data contributor, etc.), with rich ecological incentive measures, making it more advantageous in growth, incentives, and coordinating multiple interests.

Furthermore, in the long run, the use of DID infrastructure relies on the combination and coordination of various "components." However, due to system differences, different components may struggle to achieve interoperability and composability. Getaverse's multi-layered layout and design present an advantage over a single DID infrastructure ecosystem. If you are optimistic about the development of the DID sector, we believe Getaverse is one of the projects worth paying attention to.

1. Getaverse Product Fundamentals

About Getaverse

Getaverse is a blockchain credit system developed and deployed on multiple public chains. This system helps users establish highly composable decentralized identities by constructing a DID (Decentralized Identity) and Reputation System. Through this DID identity, users begin to build their own credit systems, participate in platform ecological applications, construction, and governance, and can improve their overall credit rating through activities, asset holdings, staking mining, voting governance, etc. Additionally, Getaverse is also helping Web3 developers design better products and opening API interfaces for Web3 projects.

We see that Getaverse emphasizes digital content property rights and ensures that users gain value in a Decentralized Society - DeSo, and builds a metaverse ecological service platform based on the Web3 digital certification engine protocol.

Ecological DID Elements

The ecological DID elements of Getaverse include:

• Getaverse SBT (Soul-Bound Token)

The SBT system of Getaverse includes on-chain identity labels SBT and centralized identity labels SBT, which bring on-chain and off-chain data into the system. The on-chain identity SBT will construct clear and segmented user profile identifiers, which can limit voting rights for highly related addresses (e.g., those with "Uni minor holder" labels, "Sushi minor holder" labels), to reduce the possibility of witch attacks.

The centralized identity label SBT is expected to introduce Web2 identities into the system based on user and project on-chain interaction behaviors and some proofs (work, activities, skills, etc.) for certification, bringing a sense of honor to users and allowing projects to obtain more accurate user profiles.

Based on SBT labels, users will be granted reputation labels representing their contributions to projects, and Web3 projects can utilize these labels to analyze and develop products and conduct more effective marketing, such as airdrops.

• Event Credentials

Getaverse allows Web3 developers to customize event credential NFTs based on on-chain behaviors or off-chain events (such as proof of attendance), from creation to distribution rules, which can be used in various rights-related scenarios.

• DID

Getaverse DID integrates user on-chain and off-chain data through centralized identity label SBT, on-chain identity label SBT, and Getaverse event credentials, creating a new type of resume for users in Web3, serving as a bridge between on-chain behaviors and off-chain society.

This DID supports decentralized key management and allows community recovery. Users can curate a group of guardians, which can be individuals, institutions, or other groups, and successful recovery relies on trust relationships with the majority (similar to the password recovery method in Web2 applications). Of course, SBT recovery requires a qualified majority (random subset) authorization. Getaverse DID is improving the flaws inherent in cryptographic existence and enhancing the feasibility of DID with Web3 characteristics.

Getaverse DID plans to establish comprehensive social facilities on the platform in the future, such as discussion groups and topic sections. Project parties can utilize these facilities to create official group chats, update project dynamics in real-time, and spark user discussions through topic releases, further sharing traffic and tracking hot topics, serving multiple roles such as project parties and users.

• Data Control System

Getaverse implements data control and personal privacy based on Zero Knowledge Proof (ZKP), allowing Web3 developers to confirm user identities (usable but not visible) without needing to grasp all data information when obtaining user data authorization. Through the Getaverse data control system, users can also request access and authorization for various on-chain and off-chain data and Getaverse Score reputation ratings as needed.

• Credit Score System and Web3 Application Layer.

Getaverse provides open API interface functionality, allowing various innovative Web3 applications to integrate with Getaverse DID through API access to gain DID support for their ecosystems.

Competitive Analysis

Currently, the overall market of the DID sector is becoming more refined, mainly including identity layer, application layer, and credential layer, while different projects tend to focus on a single layer, mostly targeting Web3 users. We see that as the market develops, the frequency of use of these applications is decreasing, and overall development is sluggish.

We can compare the market performance of several major application representatives, including identity layer representatives ENS and .bit, application layer representative Lens Protocol, and credential layer tokens Layer3 and Galxe.

Identity Layer Representatives: ENS, .bit

From the data collected by the data website Dune, the statistics on ENS show that charts one, two, and three reflect the total number of ENS registered domain names, the monthly registration distribution of ENS over the past year; the total number of registered ENS addresses, and the monthly statistics of new registered addresses over the past year; and the number of first-time registered addresses, all of which are in a declining state (with a surge in ENS registered users only around the time of announcing incentives). Additionally, the number of users setting avatars (chart four) accounts for only about 2% of registered users, and the Avatar record set and Total Dweb (contenthash) set reflect the real user activity more.

The overall trend of .bit is similar to that of ENS, with the surge in domain generation around October 2022 attributed to the refund of registration fees for .bit domains. However, after entering December, the overall user registration growth rate of .bit was quite low.

.bit New Registered Users and Curve Chart

This indicates that many users do not have a pressing need for short domain names, and their actual usage scenarios are limited. In cases where they overlap with blockchain address functions, they represent low-frequency needs and usage.

Currently, the main application layer representative: Lens Protocol

From Lens Protocol, as one of the most well-known application layer DID projects, its early market performance is commendable (but the user scale advantage is not obvious). Currently, we see that the number of users with profiles (registered accounts) and active users (usage frequency statistics) is not good (the overall market growth is weak), so we cannot help but notice that the results achieved by simply targeting the user end in the early stages are not very favorable.

Credential Layer Application Representatives: Layer3, Galxe

Layer3 and Galxe are major representatives in the credential layer application platforms. Based on these platforms, project parties can issue tasks and provide rewards for users who complete tasks. From Galxe's daily active data, the platform's daily active peak reached over 18,000 in April 2022, but after April, with the market downturn, the daily active frequency and transaction frequency (Clam rewards) have been declining.

Layer3 and Galxe have similar overall market positioning, but there is a significant gap in market performance between the two. However, both exhibit similar trends in the overall market.

From the above charts, we can conclude that these platforms have a high-frequency application foundation and user base potential, especially Galxe. Although they have the potential to become data layers and build user identity profiles (providing broader services for protocol ends), they have not yet developed in this direction, but this is certainly a new trend in the field. Starting from both protocol and user ends is more likely to maintain high-frequency activity.

In fact, from the demand side, we believe that the DID sector is currently not a direct demand for users (it may be in the long run), but more of a need for application scenario project parties. However, from the overall development trend of the current DID sector, more of these protocols target the user end rather than the protocol end.

The overall market trend of cryptocurrency is determining user activity, and in the early development of the overall DID sector, the lack of actual application scenarios means that the use of DID applications is infrequent. Balancing the protocol end may lead to higher frequency application scenarios.

From Getaverse's system elements, it spans several sectors, including identity authentication and management, identity applications, underlying support and data labeling, and application layers. Users can not only obtain DID identities based on Getaverse, leveraging credit value and data value on-chain, but also receive rights incentives (such as serving as curators, DAO governance, validator nodes, etc.).

Moreover, Getaverse can also serve protocol end users, such as Web3 developers and Web3 applications, by providing trusted traffic and user data/targeted users through its ecosystem, accelerating project ecological development and generating continuous high-frequency application scenarios.

Ecological Roles

The Getaverse ecosystem includes several important roles, and those who contribute to the construction of the network are expected to receive excellent contribution rewards. These include:

• Data Providers (Curators)

Curators (data agents) need to purchase the income rights of datasets (on-chain, off-chain labels, and event credentials) through GETA tokens (the income rights price follows a joint curve) and provide data to demanders (API users) to earn income. This income right can be traded in the market and has a price difference. Each dataset will include a revenue stream, which will be proportionally distributed to the curators of that dataset, with early participants in the system facing lower costs for acquiring income rights. This incentive mechanism will encourage more users to become curators to provide services.

• Data Consumers (API Users)

API users are data demanders in the system, such as Web3 applications, developers, etc. They typically require data through paid queries of datasets, etc., and no longer need to download and process the complete ledgers of one or more public blockchain networks through services provided by curators. This means that data consumers have a lower threshold for obtaining data, and they will also have higher activity to promote data liquidity in the system.

• Trusted Validator Nodes

Trusted validator nodes are the operational nodes of Getaverse, serving as the core of Getaverse and its ecosystem, responsible for maintaining the operation of Getaverse. All data in the Getaverse ecosystem will be transmitted, stored, encrypted, and protected by nodes. Governance of the Getaverse ecosystem can also be proposed, voted on, and governed by node operators. Trusted validator nodes are open to all users, and anyone can purchase the operating rights of nodes and earn considerable contribution income.

• DAO Governors

Governors stake tokens to nodes, and after staking, they can vote on governance proposals for Getaverse DAO. On the other hand, staked tokens will also earn a portion of inflation rewards and fees.

• Committee Event Nodes

For off-chain labels and off-chain event credentials, trusted validator nodes will perform data verification and store data on-chain.

Important Role of Trusted Validator Node Operation Mechanism

Trusted validator nodes are the operational nodes of Getaverse, serving as the core of Getaverse and its ecosystem, responsible for maintaining the operation of Getaverse. All data in the Getaverse ecosystem will be transmitted, stored, encrypted, and protected by nodes. Governance of the Getaverse ecosystem can also be proposed, voted on, and governed by node operators, with a total of only 50,000 nodes.

Nodes can compare publicly available identifiers with identifiers submitted by users in their declarations. After verifying users using the identity verification methods provided by public chains, the declarations themselves can be verified by trusted parties (validators), ultimately yielding a pass or fail verification result, earning verification rewards (GETA token rewards) in the process. It is reported that 55% of the total GETA tokens (i.e., 2.75 billion tokens) will be rewarded to Getaverse node operators, and the tokens will not be destroyed, with node output halving each year until exhausted.

The decentralization of the verification mechanism means the decentralization and delegation of ecological rights. The more verification nodes in the network, the theoretically higher the decentralization and security of the network.

Nodes consume network resources during operation, and the resource support obtained by nodes will be related to their credit scores. If users do not pay node fees on time within 24 hours, their node output will be suspended. During the suspension period, the user's credit will be depleted. If the user's node fees remain unpaid for over 72 hours, the node will be taken offline. Users can pre-store the network fees required for nodes in their node accounts for automatic deduction by the system. After the GETA token is launched, users can use GETA tokens to purchase nodes, and the GETA spent on purchasing nodes will be permanently destroyed and will no longer circulate. Trusted validator nodes will be a major mechanism for the deflation of GETA tokens within the system.

Becoming a trusted validator node not only allows for earning system token rewards but also provides whitelist rights, invitation rewards, ecological governance, and DAO dividends, such as receiving NFT drops and token rewards based on their reputation scores as node operators and ordinary community members.

From the operational conditions of nodes, Getaverse nodes can be downloaded on Windows, Mac, and Linux. The operation of these nodes is not as resource-intensive as traditional cryptocurrency mining, and users can run our node software on home computers, meeting the following minimum requirements:

• 4 GB RAM
• 2 CPU cores
• 60 GB disk space
• x86/x64 processor
• Stable internet connection

In terms of cost thresholds, there is a total of 50,000 Getaverse nodes in the entire network, with the first 5,000 nodes priced at 1,200 USDT each. After that, every additional 1,000 nodes will see a price increase of 200 USDT based on the original price, meaning the price of the 20,000th node will be 4,200 USDT. Compared to the cost threshold of some currently mainstream node operations, such as Ethereum's 32 ETH, Getaverse nodes are more accessible, and the returns are expected to be higher (fewer early nodes, high verification demand in later stages).

Currently, in the Getaverse incentive node test network, the number of registered trusted validator nodes has exceeded 9,700, with over 9,600 effective nodes participating in the test network, and nearly 63 million wGETA tokens have been distributed as rewards, which can later be exchanged for the mainnet token GETA at a certain ratio. Additionally, the Getaverse official node guardian program is still ongoing, aiming to further expand Getaverse's decentralization and ecological influence.

2. Current Market Development Status

Currently, the governance token GETA of Getaverse has not been listed on any trading platform (and the financing status has not been disclosed). In terms of progress, after launching the incentive node test network, the Getaverse DID platform was launched on March 22 (deployed on multiple EVM networks, such as ETH, BNB Chain, Polygon, etc.). Users registering on Getaverse will receive a DID identity, through which they can begin to build their own credit systems and participate in platform ecological applications, construction, and governance.

On the Getaverse DID platform, users can improve their overall credit rating by participating in activities, holding assets, staking mining, voting governance, etc. To complement the platform launch, Getaverse also launched the Iliad event and conducted the first SBT airdrop, which users can participate in on the Getaverse official website.

As users participate in activities to obtain SBT, they will experience personal digital identity while using SBT applications to manage complex social activities in Web3.0 and perform data analysis, ultimately achieving user-controlled identities, ensuring digital content property rights, and realizing the goals of a Decentralized Society - DeSo. Within six days of the DID platform launch, the number of SBT claims has already exceeded 20,471, and ID users have also surpassed 7,011.

According to previous official news from Kucoin Labs, Getaverse is one of the supported projects in the Astro Selection incubation program launched by Kucoin Labs, and it also receives support from three other co-incubators, including DoraHacks, Republic Crypto, and Odaily.

Additionally, other institutions and platforms are providing resources as partners, including Ava Labs, BENQI, Icetea Labs, Vertu, CDH Investment, IOBC Capital, Matrix Capital, Republic Capital, NGC Ventures, Lifeform, Coinweb, TRGC, Maven Capital, Kairon Labs, etc.

According to the latest incubation weekly report released by KuCoin Labs: Getaverse has participated in a three-week incubation course organized by KuCoin Labs, engaging in in-depth discussions with mentors from KuCoin Labs, BENQI, Maven Capital, and others. Getaverse was also selected as the best project of the week alongside the MetaFi project Exverse.

KuCoin Labs stated: KuCoin Labs assessed the investment opportunities of Getaverse from multiple aspects, including market, team background, and collaboration capabilities. Getaverse provides a platform that allows users to log in to different chain protocols with an aggregated identity by integrating on-chain and off-chain data. It is more user-friendly and adds some social elements, making the user experience more interesting.

More importantly, we appreciate the credit assessment system, which can be regarded as the flagship part of the entire project. Currently, most DID projects focus on the narrative of domain names or are one-stop aggregators of wallet addresses. Although Getaverse also focuses on creating an aggregated identity, it considers the important credit assessment for DeFi activities.

Moreover, as discussed in the background section, we believe it is necessary to integrate DeFi and Metaverse/gaming activities, and Getaverse's products can serve as a bridge. We hold a positive view of Getaverse's potential while identifying some track areas that could assist Getaverse in achieving better results.

By participating in the "Astro Selection" incubation program operated by KuCoin Labs, Getaverse has received extensive guidance from mentors in the KuCoin Labs incubation program, covering areas such as technology, partnership development, token economics, and more. This program will help Getaverse enhance user experience in product, marketing, security, and launch more innovative products.

With the launch of the Getaverse incentive node test network, the Getaverse team can focus more on developing credit system products and collaborating with more Web3 projects to accelerate the development of the Getaverse ecosystem. This means that in 2023, with more support from marketing and media resources, Getaverse will gain more market exposure.

Additionally, Getaverse currently has over 50 cooperative projects covering Web3 infrastructure, DeFi, NFT, GameFi, SocialFi, Dao, and other track projects, such as .bit, Port3, Link3, Element, TwitterScan, ATTA, Dtools, NFTSTAR, Nawarat, and Ave.ai. In the future, Getaverse will invite more Web3 projects to settle in, enabling interconnectivity of users and user data, establishing a trusted traffic platform for Web3, empowering the healthy development of the entire project ecosystem, and facilitating application implementation.

3. Token Economics

Token Distribution

The total supply of Getaverse tokens is capped at 5 billion, and the distribution plan is designed to incentivize trusted validators to maintain the accessibility and sustainability of Getaverse.

The distribution of GETA is as follows:

Seed Round: 5%

Institutional Round: 10%

IDO: 1.5%

Team: 10%

Ecological Contributors: 10.5%

DAO Foundation: 8%

Trusted Validator Nodes: 55%

Currently, the token has not been listed on any exchanges and is in the early market stage. In this network, the incentives for trusted validator nodes account for the highest proportion (55%), while other parts with concentrated holding risks are locked for 6 to 10 months, with a linear release period of 24 to 36 months. The system is expected to alleviate the selling pressure from these parts through inflation.

Token Application Scenarios

1. Staking and Governance: GETA is used for voting and governance in the Getaverse DAO. GETA stakers can propose and vote on changes related to the Getaverse ecosystem, methodologies, and the distribution of fees charged by the protocol. Additionally, stakers will earn an extra annual interest rate of 3% to 15% supported by the Getaverse DAO fund.

2. Curating Datasets: Each dataset in Getaverse will have a revenue stream, and curators can buy and sell their dataset income rights using GETA. As the price of income rights rises along the joint curve, curators can also choose to sell the income rights back to the joint curve in exchange for GETA.

3. Paying Index Fees for Data Consumers: dApp developers aiming to query/index Getaverse ecological datasets will need to pay fees in GETA.

4. Improving Credit Scores to help them gain priority and quotas for dApp IDOs, Airdrops, etc.

5. Paying Trusted Validator Node Fees.

6. After the GETA token is launched, users can use GETA to purchase nodes, and the GETA spent on purchasing nodes will be permanently destroyed and will no longer circulate in the market.

Project History and Roadmap

From the overall development progress of Getaverse, its main focus is on technological development while also promoting the market. Currently, the development events that Getaverse has achieved include:

Getaverse Data Network 1.0 Launch

On-chain Labels Launch

On-chain Event Credentials Launch

Discord Event Participant Credential Creation Discord Bot Launch

Telegram Event Participant Credential Creation Telegram Bot Launch

Twitter Event Participant Credential Creation Twitter Bot Launch

Off-chain Labels Launch

Off-chain Event Credentials Launch

DAO Governance Initiation

Integrating more data sources based on governance proposals

Getaverse Data Network 2.0 Launch

Getaverse Platform Launch

Wallet Port Access

Digital Identity System Launch DID

Genesis Node Deployment

According to its roadmap plan, some basic functions will be launched throughout this year, including:

Q1 2023:

Activating multifunctional API interfaces

Launching Web3 applications based on community voting

Connecting with the Metaverse world

Q2 2023:

Providing an open workstation

Offering customized platform services

Starting official node operations for the next round of fixed investments

Initiating external strategic investments

Establishing dNFT format DID Metaverse

Opening API interfaces to allow all Metaverse projects

Access to Getaverse Credit Protocol

Q3 2023:

Starting dNFT format mapping of DID identities and accumulating credit protocols

Opening an externally implantable interface to allow all Web3 projects to build on the Getaverse Credit Protocol to improve address-based user analysis systems

Providing analysis of quality user behaviors

Q4 2023:

Accelerating the promotion of a blockchain social system based on the Getaverse protocol

Completing real application scenarios for digital users

Implementing Getaverse DAO to establish a strong governance body for the blockchain society

Ecological Development Potential

From the perspective of Web3 infrastructure, whether in blockchain or cross-chain bridges, there exists a triangular dilemma, and decentralized identity also faces a triangular problem: privacy, decentralization, and resistance to Sybil attacks. Most projects still need to choose between two of the three (early on, using a single cryptographic address as user identity without user profiles).

When people attempt to solve the problem of resisting Sybil attacks (such as KYC), they sacrifice privacy and increase reliance on other forms of identity recognition, which neither protect privacy nor decentralize.

We see that the development of zero-knowledge proof technology (ZK) provides a pathway for privacy protection. ZK allows users to disclose only the information needed by the verifier, while the development of on-chain credit will provide solutions to Sybil attacks. Currently, there are not many projects in the DID sector applying ZK, and projects focused on on-chain credit are also rare.

Getaverse has established a data control system based on ZK, which can authorize data without disclosing information. At the same time, Getaverse Score provides a foundation for building on-chain credit, meaning that Getaverse helps different on-chain systems provide user profiles through multi-layered means, potentially breaking through the triangular dilemma from another perspective.

From the current development status of the DID sector, different blockchain systems have their own DID ecosystems, making interoperability difficult. This means that DID has not yet solved its essential problems. Getaverse is expected to establish an ecosystem through multi-chain integration, breaking down the inherent barriers of blockchain and fully leveraging data and credit value.

Although currently, DID ecosystems represented by ENS and MetaMask have reached a certain scale, they have limitations and security issues (especially MetaMask). The data layer collaboration solutions represented by Ceramic Network have certain advantages in on-chain dynamic file storage but still require additional support in building DID ecosystems.

This means that due to the imperfect system, no DID system has yet accumulated a certain network effect. As a project encompassing application, identity, and credential layers, Getaverse, although currently in its early stages and not yet validated by the market, has considerable development prospects.