Moca Chain Launches to Empower Users with Decentralized Digital Identity

Moca Foundation, the entity behind the MOCA token associated with Animoca Brands’ Moca ID and Mocaverse, is set to launch Moca Chain, a new blockchain focused on serving as a cross-chain identity layer and verification system. The MOCA token will function as the native token for this blockchain.

Animoca Brands cofounder and Chair Yat Siu highlighted the significance of Moca Chain during an X Space session. He explained that for crypto users, Moca Chain offers an alternative to sharing personal data with big tech firms like Google and Meta. This blockchain aims to empower users to own and control their digital identities, addressing the current fragmentation of digital identity across various platforms.

For businesses, Moca Chain provides a means to engage with target audiences without needing to access or store all of their personal data. Siu anticipates that more closed tech/data ecosystems, such as those operated by Apple or Meta, will eventually be compelled to open up, making Moca Chain a timely solution.

The blockchain’s testnet is scheduled to launch in the third quarter of this year, with the mainnet launch planned for the fourth quarter. Moca Chain is designed to be both EVM-compatible and chain-agnostic, as well as modular. It will offer decentralized data storage and employ technologies like ZK proofs, zkTLS, and an oracle for user identities to ensure data privacy.

Third-party issuers on the Moca Chain will act as verifiers of user identities, earning rewards for their services. This approach aims to provide a decentralized alternative to traditional single sign-on (SSO) offerings, which have become prevalent in the industry. While SSO solutions have streamlined onboarding processes for crypto firms, they often require users to link extensive personal data to their crypto wallets, a concern that Moca Chain seeks to address.

Although substantial regulation, similar to that implemented in the EU, would be necessary to reclaim data from big tech giants, the introduction of an easy-to-use, privacy-focused decentralized digital identity option is a welcome development. Moca Chain’s focus on user privacy and control over digital identities positions it as a significant player in the evolving landscape of blockchain technology.