Trade Reports

ORE Network: A Cross-chain Open Source Identity and Account Protocol

Blockchain technology has the potential to improve global financial markets’ transparency and fairness while also saving firms time and money. This technology has the potential to open up a whole new universe of possibilities, but only if it is made accessible to everyone, everywhere.

Because there are hundreds, if not thousands, of separate chains, each with its own purpose and unique key pair, blockchain technology is difficult to use. It’s absurd to expect ordinary people to comprehend this complication, let alone employ fragmented technology in their daily lives.

This barrier to entry is preventing widespread blockchain adoption by organizations and individuals. The current quo is being challenged by the Open Rights Exchange (ORE).

The Future of Identity

The Open Rights Foundation thinks that providing a straightforward means to register and authorize an identity on the blockchain — not just one blockchain, but all blockchains — is the first step toward mainstream adoption.

Global financial markets become accessible, personal information remains protected, and more financial inclusion is possible thanks to an easy-to-use login and authorization experience. The options and possibilities are virtually limitless.

To that goal, they’ve created the Open Rights Exchange, a blockchain that connects identities across a variety of blockchains, including Ethereum, Polkadot, Algorand, EOS, and others, utilizing a single, safe, and universal account called ORE ID.

With today’s hardware, the Open Rights Exchange can expand to billions of identities and non-fungible tokens (NFTs) — and will extend far beyond that with future technological advancements. The de facto standard for connecting consumers and businesses to the blockchain will be this simple-to-use, massively scalable solution.

ORE ID is a single sign-on solution that connects several blockchains with an email address or social media presence. Users can already be onboarded to blockchains by generating wallets with their existing user accounts.

This solves both the major user experience problem of managing crypto wallets and the problem of organizations and individuals onboarding onto the blockchain, which is costly and cumbersome.

At the same time, this improves business and individual security by allowing people to manage their own identities and assets.

Building With the Open Rights Exchange

Applications created on the Open Rights Exchange can link to the off-chain environment and work across many blockchains. Instead of having pools of capital compartmentalized on separate blockchains and off-chain accounts, consumers manage all of their assets and rights through a single account.

ORE not only makes cross-chain IDs possible but also cross-chain DeFi and NFTs.

The interoperability of the ORE Network allows for cross-chain decentralized finance (DeFi) and, eventually, a combination of DeFi and traditional finance.

The Open Rights Exchange also assures that NFTs are scarce and owned. NFTs will be owned on different blockchains at the same time, reducing fraud.

Over time, the value of a cross-chain protocol that can also connect to the off-chain world will skyrocket. The world is getting increasingly computerized, and more assets are being brought on-chain. Much of this transformation will be fueled by the Open Rights Exchange.

A New Approach to Identity

Big firms in areas like eCommerce and social media store massive amounts of data about their users. These enormous organizations not only control a large quantity of personal data that they store in centralized storage facilities, but they also profit from sensitive data that they do not possess.

In a society that is becoming increasingly digital, an intelligent and ethical infrastructure for managing identity, assets, and rights on the internet is required.

The Open Rights Foundation, in collaboration with AIKON, established ORE ID — a universal blockchain identification and authorization platform — on top of the Open Rights Exchange to balance the needs of common users while maintaining security.

Enabling Multi-Chain DeFi

Decentralized Finance (DeFi) was born out of the necessity for a more secure form of data security and identification, allowing users to manage their funds directly without the intrusion of centralized organizations.

One of the major issues in DeFi right now is that capital pools are segregated to individual chains and side chains, making layer transfers time-consuming and complex.

Users can verify their assets on one chain to use as collateral on a DeFi platform on another chain without needing to bridge or wrap those tokens beforehand, thanks to the Open Rights Exchange.

This will expand the world of decentralized finance to a new level, benefiting both businesses and individuals.

Securing Simple NFT Management

The growing popularity of non-fungible tokens (NFTs) has generated an immediate need to issue, trade, and manage NFTs in a secure and simple manner.

We’ve already seen copycat NFTs emerge, lowering the perceived scarcity of the original NFT and requiring chain-of-ownership verification.

The Open Rights Exchange debuted in 2017 with the ORE Instruments NFT Protocol. Enterprises can employ on-chain NFTs to regulate off-chain API access with this technology. These NFTs are a critical component of a digital wallet’s long-term vision, which can store a user’s public keys, assets, and access privileges. Every day, we’re trying to make this vision a reality through a long-term, cross-chain approach that is open source and public, rather than controlled by centralized monopolies.

The Future Is Here

With today’s hardware, the Open Rights Exchange can expand to billions of identities and NFTs, and will extend well beyond that with future technological advancements.

This simple-to-use, massively scalable solution has the potential to become the de facto standard for connecting consumers and businesses to the blockchain today and in the future.

However, despite the work that the Open Rights Foundation has already done — in collaboration with AIKON and the community — to empower businesses and consumers to utilize blockchain technology, there is still more to come.

Project Roadmap

Ethereum, Algorand, EOS, and Telos have all already adopted ORE ID. Polkadot and WAX integrations are currently in the works. So far, more than 40,000 ORE ID accounts have been generated, with agreements in place to create hundreds of thousands more.

Everipedia was the first company to use ORE ID in 2019. ORE ID has been used by Republic.co and Meld to onboard customers from non-crypto markets into their tokenized security and gold markets, respectively. Ai.market has chosen ORE ID for user onboarding, while Alliance Block is leveraging ORE ID to develop their decentralized capital markets infrastructure.

Republic and AIKON have both chosen ORE Vault to handle their digital assets.

Seasoned Team of ORE Network

ORE Network was founded by a group of highly qualified experts, entrepreneurs, smart contract developers, project managers, and crypto enthusiasts with experience in a variety of fields.

The ORE Token Powers Your Universal, Secure Blockchain Identity

Blockchain technology’s power is limited to those who understand it and can develop with it, which excludes a big portion of the world’s population. Blockchain technology should be similar to the internet in that it should be open and accessible to everyone, regardless of industry expertise.

The ORE Token removes this barrier to entry by offering a simple login experience that uses well-known social login alternatives, allowing both businesses and individuals to rapidly begin utilizing the power of various blockchains.

The ORE Token is the native digital asset on the Open Rights Exchange (ORE) blockchain, which is an open-source, permissionless, and decentralized blockchain that can handle identities and digital assets across many chains.

The ORE Token is an important part of ORE ID, a platform that allows corporations and ordinary people to log in to any blockchain, including the Ethereum blockchain, Algorand blockchain, and others.

ORE Tokenomics

The ORE Protocol and all applications created on it are powered by the ORE Token. Organizations and corporations wishing to onboard users will contain a modest amount of ORE Tokens in new ORE accounts.

A modest amount of ORE Tokens must be paid to the network for adding keys or re-keying accounts, signing transactions, minting or transferring NFTs, on-chain validation and signing, and transferring ORE tokens or claiming incentives.

The network’s fees are split among three parties:

  1. Account Creators
  2. Account Holders
  3. Node Operators

The Open Rights Foundation, in partnership with the ORE community, will establish the distribution’s final specifics.

Where To Find ORE Token?

Because there are hundreds, if not thousands, of distinct blockchains around the world, each requiring a unique login to access and establish your identity on that blockchain before you can do anything productive with it.

ORE ID establishes a single password that can be used to log into any blockchain using the ORE Token as your single identifier.

Get ORE Token

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