We’re excited to announce the RiseID, a self sovereign professional identity minted during Rise’s onboarding for each contractor and business. We’re bringing an advanced payroll solution to businesses around the world, helping to create a new standard in payment, compliance and HR systems.
With the RiseID, individuals and businesses alike can now own a professional self sovereign identity on-chain to identify themselves, store key professional attributes, and much more. Rise is setting a higher standard in security and composability, the RiseID is a unique identifier that takes business hierarchy on-chain to a whole new level.
Let’s dive right into it.
What is the RiseID?
The RiseID leverages the ERC-725 standard which exists as a blockchain-based standard to describe a human, machine, object, or even groups. It is a unique smart contract that the user, whether an independent contractor, employee or business organization owns. It travels with its owner wherever the owner wants.
All RiseIDs are currently deployed on Arbitrum and owned by a user’s wallet. Characteristics of the RiseID are the following:
- Self Sovereign: the RiseID is owned by an individual or organization, not Rise nor any other party.
- Secure: it enables Rise’s Payroll Smart Contracts to identify a user and invoke unique transactions or rules based on key attributes.
- Limitless: it can store attributes such as KYC status, work history, pay history, certifications from bootcamps, diplomas from universities, and much more.
- Composable: Other applications can read the RiseID and its attributes. The RiseID can execute any on-chain smart-contract, enabling all blockchain protocols.
How does it fit in the Rise ecosystem?
In order to increase security, each blockchain interaction on Rise requires a signature from a wallet associated with a RiseID as an owner wallet or delegate wallet. As a virtual passport, the RiseID enables all users on Rise to identify themselves and interact with our Payroll Smart Contracts.
With the RiseID minted, organizations can start automating and streamlining payments to large and small teams across the world.
If a company/organization has multiple managers, their wallets/security keys can be added as delegates to the business’ RiseID. With this mechanism, different levels of authority can be given to managers and true team hierarchy can be created on-chain.
If a company/organization manages its treasury via a multisignature wallet (i.e. Gnosis Safe), it can add it either as an owner or as a delegate of its RiseID.
Payees, on the other end, may securely withdraw funds received thanks to their RiseID, whether that is in fiat or cryptocurrency.
Additionally, multiple attributes can be added and stored on the RiseID. These can be a KYC status, work history, payment history, diplomas, certificates, and much more.
How does it fit in the broader ecosystem? Call for partners
The RiseID is set to make HR, finance and compliance applications more composable. As the RiseID is owned by a user’s wallet, it can travel the web as it pleases its owner. Other applications, with the right system in place (more to come on this matter), are able to read specific attributes stored on one’s RiseID and implement it as part of their onboarding processes.
Below is a list of future-forward partners we’re looking for at Rise:
- Job Marketplaces
- Professional Networks
- Insurance Providers
- Credit Issuers
Please contact us if you’d like to explore use cases involving the RiseID.
Minting a RiseID
Once a user completes the KYC (Know-Your-Customer) process on Rise, they’ll be eligible to create their very own RiseID and start sending/receiving payments through our fleet of smart contracts.
Rise has integrated a number of crypto wallets to verify only the RiseID owner is able to interact with a Rise account. Creating a RiseID requires users to connect one of our partner wallets to ensure the owner has exclusive access to the corresponding Rise account.
Metamask, Coinbase Wallet, Mew, and Torus are just a few of the compatible wallets users can successfully connect to Rise. Non-crypto friendly folks, rest assured, you can generate a Rise Security Key and not have to get a crypto wallet to get going.
The RiseID is a key component of Rise’s infrastructure and is set to disrupt the way applications, decentralized and centralized, speak to each other. As we’re only scratching the top of the iceberg now, expect much more to come from the RiseID.
Want to learn more about Rise and how our service works? Read more about us on the Rise blog.