Andrea Dalla Val: Ew Consensus Protocol in Blockchain Replacing Proof of Work and Proof of Stake

2 mins read

Our project introduces a new consensus protocol in blockchain replacing proof of work and proof of stake. While providing a green new ecosystem to all blockchains it also creates a universal basic income for all individuals of the planet

Tell us about yourself?

Andrea Dalla Val has a degree in civil engineering from Parma University, and an MBA from AGSM Sydney.

After beginning his career as an entrepreneur he has been always very passionate about innovative technologies and he developed a number of AR and Fintech applications; he joined the blockchain community in 2015 when he bought his first bitcoins and became obsessed about it ever since.
Andrea incorporated crypto related businesses in UK, Dubai, South Korea and consulted some of the major crypto exchanges around the world.

After studying blockchain protocols for a long time, in 2021 Andrea designed the proof of identity network which was inspired by the dream of democratising blockchain and making cryptos available to all.

If you could go back in time a year or two, what piece of advice would you give yourself?

I haven’t understood life enough to give a piece of advice, it would probably fail.

What problem does your business solve?

it creates a new consensus protocol in blockchain for all cryptos, effectively scraping the polluting proof of work and the undemocratic proof of stake. Also it incentivises individuals to participate in blockchain because it distributes a global income to every participating individual.

What is the inspiration behind your business?

the failure of current blockchain of being decentralised, the lack of adoption of current crypto, the fact that blockchain is currently undemocratic and just the playground of speculators.
Current blockchain based on proof of investment (PoW and PoS) fail to attain a decentralised network because eventually a limited number of corporations acquire the majority of the stakes or of the mining power; proof of identity distributes one and only one unit of voting power and associated rewards to each individual and so achieves a decentralised network made of a multitude of single individuals.

What is your magic sauce?

our consensus protocol is the only one trustless, i.e. there is no authority controlling the network, the blockchain is entirely owned/controlled by its participants.
Other similar proposal fail to achieve the same because their protocol always includes the presence of a centralised authority which needs to be trusted in order to ensure the fairness and security of the system.

What is the plan for the next 5 years? What do you want to achieve?

The roadmap is: running an ICO in Q1 2022, releasing a minimal viable product in Q3, starting the distribution of Global Income Coin to each participating individual, duplicate open source cryptos (like Bitcoin) under the proof of identity network Q4, completing full implementation of the system 2024.
Maybe not in 5 years but in 8-10: I envisage all cryptos run under the proof of identity consensus protocol and the global income coin adopted by a big number of individuals on the planet.

What is the biggest challenge you’ve faced so far?

The biggest challenge in the proof of identity is to achieve a fully trustless network while preserving the privacy of the participants and security of the system. To attain the goal, we have designed a system in which each individual holds the encryption key of his biometric data, while in the blockchain an incomplete part of it is publicly stored. This enables a network in which each participant is proven as a unique human but nobody knows who these humans are and no central authority holds their encryption keys.

How do people get involved/buy into your vision?

Contribute to our ICO, or fund our project directly. You can find our social channels on our website, or simply drop us an email to: [email protected]

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