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Accumulate Protocol Testnet Goes Live as New, Decentralized Way to Manage Digital Identity

Accumulate Protocol Testnet Goes Live as New, Decentralized Way to Manage Digital Identity
DeFi Devs, Lead Community Developers of Accumulate Protocol, Announce Completion of $2.8M Private Seed Round, Launch Enterprise-Ready, Quick Scaling Blockchain Primed for the Next Wave of DeFi

Accumulate Protocol, a high-performance blockchain for DeFi and managing digital identity, announced the November launch of their developer Testnet with a rollout of the protocol’s Mainnet set to come in the following months. The protocol’s lead community Developers, DeFi Devs, have also announced the completion of a $2.8M Private Seed Round to support the development of the DeFi-ready, low fee, quick-scaling blockchain.

The Accumulate Protocol bypasses the trilemma of security, scalability, and decentralization by organizing its blockchain entirely around digital identities rather than addresses, adding validation to every layer. Identities are defined not by a one to one relationship between a token and a key, but by a hierarchy of keys to support enterprise security practices like key rotation and recovery. In addition to its novel approach to digital identity management, the Accumulate Protocol offers low and predictable transaction fees at an average of $0.025 per transaction with high scalability at 70,000 transactions per second (TPS).

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“Today, the Internet builds trust in data by organizing it in centralized systems. When centralized systems are hacked, information is compromised and data is leaked, and billions of dollars of damage is done. Essentially, blockchain integrations key to DeFi depend on the same kinds of security and consensus building as the old infrastructure, i.e. leveraging p********, MAC addresses, IP addresses, Firewalls, etc. to secure key digital accounts and servers. Even many of the most popular decentralized blockchains and protocols are not immune from these broken legacy structures “under the hood,” compromising their ability to be truly trustless”, said Accumulate Lead Developer Paul Snow.

Most current protocols are focused on how to build on existing blockchains rather than how to manage interactions with institutions and validate ownership of financial instruments. While this approach works for trading tokens, once a blockchain interacts with regulators and banks, or processes transactions in the real world, e.g. rental property, it is forced to depend on a set of validators that enter that data into the blockchain. The Accumulate Protocol takes a pragmatic approach to DeFi by creating an entirely new framework centered around identity that allows individuals and financial institutions to validate authorship, manage their keys over time, build a multi-party consensus off the blockchain, and provide an audit trail for private market assets in its quest to become a permanent bridge to a new digital economy.

Each identity in the Accumulate Protocol is its own independent chain, and subchains, under the control of an ‘ADI’ (Accumulate Digital Identifier), provide different levels of support for keys, tokens, and data. A hierarchical key structure allows higher priority keys to be kept in cold storage and lower priority keys to be kept in warm storage for frequent or low value transactions. If a low priority key is lost or stolen, it can simply be restored from an administrative key. Nearly any application that currently uses digital identities would benefit from the security and flexibility that Accumulate Protocol’s ADIs provide, including inheritance distribution, company fund oversight, corporate governance, and supply chain audits.

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[To share your insights with us, please write to sghosh@martechseries.com]

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