Exploring Obyte Use Cases (Part 2): Donations, Self-sovereign ID, and Investments

In the first part, we learned some interesting use cases that the Obyte ecosystem offers. Now, it’s time to look into more features. 

Create your own verified ID

In the realm of self-sovereign identity, Obyte provides a platform where individuals can create and manage their own verified IDs. With this model, anyone would be able to have definitive power over their own data across any number of authorities. Your information would be safe under your own control, and only you can decide what to share and what not to share.  

Through the attestation features, users can validate their identities and establish a trustworthy reputation inside and beyond the Obyte ecosystem. You can verify your real name, your email, your GitHub account, your status as an accredited investor, and more. The only thing you’ll need is your personal Obyte wallet and a verified attestor. They’re individuals, businesses, or bots (operated by individuals or businesses) trusted by both the user and whoever needs to verify them.

By using the built-in chat in the wallet, you can add your own attestor or an attestation bot to your contacts and just follow their instructions. Afterward, you could share only parts of your personal data with digital apps. For example, if they only need your age, that’s the only thing you’ll share. The rest will stay safely in your wallet.

Create your own tokens (without coding!)

Obyte offers an Asset Registry platform, allowing users to create and manage their own digital coins without requiring coding skills. These customized tokens can serve various purposes, such as loyalty programs, digital collectibles, or even representing real-world assets on the DAG. The Obyte Asset Registry opens up new opportunities for businesses and individuals to “tokenize” their assets and facilitate their distribution or exchange.

We have a great example from the real estate industry. A house, land, or building isn’t something that could be easily divided or transported. However, we could divide its ownership by creating a set of customized tokens with a fixed price. Then, small investors from all over the world would have access to this kind of business in an instant. If they buy a small portion of a tokenized apartment, they’d have the right to receive a proportional percentage if the property is rented or sold out. 

A smaller example of customized tokens would be family rewards. Parents can create a set of customized tokens for their kids to earn in exchange for good deeds and domestic tasks. Eventually, they could exchange those tokens for physical rewards —like arcade prizes. Now, if you want to create your own memecoin and try your luck in the wild crypto market, that’s also possible. 

Donate (and help to fight cancer)

Obyte also has two ways of donating to great causes, and not only money. In the first place, we joined the World Community Grid (WCG) in 2018, and our team has accumulated over 59.1 billion points with 804 permanent users so far. The WCG is a charitable digital project that lets anyone, everywhere, donate their spare computing power for scientific research purposes. 

 By using all the energy that WCG provides, numerous scientists can quickly analyze large sets of data and make simulations of events and treatments. For example, evaluating a candidate protein that could be an effective treatment for COVID-19. So far, the WCG has helped to find effective treatments for Zika, dengue, malaria, neuroblastoma cancer cells, HIV/AIDS, and other illnesses. Likewise, they’ve found new materials and methods to provide clean energy and water.

If you want to join from the Obyte wallet, you’ll receive symbolic WCG tokens in exchange for your idle power. And you’d be helping to improve the world, just by running an app on your device.

Cascading donations for developers

Kivach.org is also available for cascading donations to GitHub developers. In case you didn’t know, open-source software projects mostly lack proper funding. That’s despite all the efforts of volunteer developers, and all the uses and importance that these projects may have. 

For example, the library Core-js is a vital part of the infrastructure of at least half of the entire web. However, it’s been maintained by only its creator, Denis Pushkarev (known as zloirock) and it has a serious funding problem. A lot of other projects and developers are constantly using this tool, though.

A platform like Kivach could help with that. Here, the recipients of external donations can donate a part or a total of the coins to any other project(s) they want. Either because they use those tools for their own project (like libraries or frameworks) because they share the same ideals, or just because they like it. So, the donation can flow as a cascade across multiple repositories and collaborators.

Kivach uses attestations too, which can link any GitHub account to its owner’s Obyte address. The donor can use the native Obyte token (GBYTE) to donate or use the Counterstake Bridge to donate in USDC, ETH, WBTC, and any other supported token on Ethereum, BNB Chain, and Polygon.

Bet, invest, and profit

Besides spending money, you could also earn some money in the Obyte ecosystem. Prophet is a decentralized prediction market platform developed on Obyte, where users can make predictions (bets) and earn rewards based on the outcome of various events (like sports or coin prices). In addition, for those who are not into betting, it’s also possible to provide liquidity to every prediction market (bet) to earn the involved fees in the end.

Obyte's ecosystem also offers liquidity mining opportunities through Oswap.io and the OSWAP Token. Liquidity providers can contribute their assets to Oswap's liquidity pools, allowing users to swap between different tokens seamlessly. By providing liquidity to these pools, users earn rewards in the form of transaction fees and Oswap Tokens (OSWAP), which can be staked for governance participation and additional rewards.

By utilizing Prophet, participating in liquidity provision, and engaging in farming and governance activities through Oswap, users can maximize their profits. However, Obyte's ecosystem also offers a vibrant and rewarding landscape for those looking to dive into the crypto world and harness all its advantages. From digital identity and donations to customized tokens and smart contracts, Obyte has it all for everyone. 

Featured Vector Image by macrovector / Freepik