Identity Protocol Provider Onename to Transition Bitcoin

Onename, the open-source protocol provide that serves to create secure identities via the blockchain network recently announced that the platform will make the transition from Namecoin’s blockchain to bitcoin.

The co-founder of Onename Muneeb Ali warned the insecurity of Namecoin due to one mining pool’s dominant hold over the Namecoin mining network system. According to another co-founder of the company, Ryan Shea, China’s mining pool Discus Fish, happens to control over 60 percent of the whole Namecoin network’s power.

“A single mining pool has 67% of the hashpower on Namecoin. Namecoin is not decentralized and not secure,” commented Shea.

At this year’s Blockstack Summit, during the identity and security presentation, Muneed Ali revealed that Onename is planning to migrate all of their 30,000 users to bitcoin’s blockchain imminently.

The decentralized identity platform of Onename allows users to register and maintain a blockchain ID. This ID allows users to share the information via their websites, social media, as well as business cards.

“We are looking at it more as probabilistic identity, you connect a bunch of online presences, your Github or your Twitter, and it gives you a sense with a high probability that it is this person, but it’s not really verified by a government by a Social Security number,” said Ali.