October 04 2018 / hackathon

Sponsoring ETH SF Hackathon API Prize: Bloom Protocol API Overview

Shannon Wu

Bloom is sponsoring the API prize for the ETH SF Hackathon. We’ve built a strong developer ecosystem, supporting development on the Bloom Protocol.

Starting this Friday evening, come join us for a fun weekend of creativity and development.

When: October 5 - October 7
Where: Palace of Fine Arts

What is the Bloom Protocol API?

Bloom Protocol is an end-to-end protocol for decentralized login, identity, and credit scoring. With Bloom Protocol, you can implement compliant financial systems without sacrificing user privacy or risking data breaches. You don’t have to take custody of a user’s personal data, or rely on a centralized system. The user holds the only keys to release their data and you can be sure the data they are sharing has been independently verified.

You can verify a user’s identity, reduce the risk of fraud, and build compliant financial applications. You can do this without taking custody of a user’s personal data, or without relying on central systems. This data never hits Bloom’s servers and is completely decentralized.

In the decentralized world, verifying a user’s phone number, email, or identity is a challenge. Who stores this data? Is it safe? Will a user want to release this information? Bloom Protocol solves these challenges by creating a fully decentralized attestation system.

Similar to an endorsement on LinkedIn or an entry on a user’s credit file, these “attestations” are written to a user’s “BloomID”. A user claims a BloomID, and completes these attestations via the Bloom Protocol dApp or via a signup form on your application. Then, you can check the authenticity of these verifications using the Bloom Protocol Attestation Kit.

Win Exciting Prizes:

Best Use of BloomID For Login: Use BloomID to allow a user to login to your application, receive a prize of $2,000 + Bloom Patagonia Sweaters & T-Shirts
Best Use of Bloom Protocol in Identity: Use Bloom Protocol’s KYC for ID Verification, receive $2,000 + Bloom Patagonia Sweaters & T-Shirts
Best Use of Bloom Protocol in Lending: Allow a user to get a loan and process at least 1 on-chain loan. $10,000 + Bloom Patagonia Sweaters & T-Shirts

What You Can Build Using Bloom Protocol:

Examples of features that Bloom Protocol API currently supports:

Log in a user using BloomID
Check if a user has a verified email
Check if a user has a verified phone number
Check if a user has verified their social network accounts
Perform identity verification and KYC
Ask the user to release certain information (e.g. phone number or email address)

Some Applications That Can Be Built Using Bloom Protocol:

A KYC Compliant Escrow Service — Trade crypto or fiat between two parties and know the identity of the person who you are trading with.
A Decentralized Loan Marketplace — Allow anyone in the world to post a request for a loan, allowing the lender to review their Bloom Protocol attestations without having to go through a financial institution.

Often times, people tackle huge problems in crypto rather than focus on bite-sized products that can actually get quick user adoption.

Here are some examples of applications that could likely be built in the span of a hackathon:

Qualification Tests for Freelancers — Take a test, write the results of that test to a BloomID. This would be used for decentralized job boards, job applications, etc.
References on a BloomID — Current letters of recommendation from employers can easily be faked. With a BloomID written reference, you can cryptographically prove that the persons manager actually wrote the letter.
Loan Reporting —Issue a small, uncollateralized loan. Write their repayment history to their BloomID (with their permission).
Student ID’s: Universities can store digital versions of their student ID, enabling students to purchase food, open doors and more through mobile. Schools can provide attestations . This enables a more seamless mobile experience for students and enables more secure campuses.
Building Access — Most building access mechanisms require a keyfob or similar physical device that is easily lost and adds extra bulk. Many garage door openers now have APIs for controlling them via apps.
Verified Dating — A Tinder or Bumble-like dating app where a user’s identity has been verified behind the scenes. Users know they are interacting with a real person, and can exchange verified contact information when ready.

Leveraging Bloom Protocol in fun ways for consumers can also yield creative, interesting ideas:

On-Chain Relationship Status — Write a users relationship status to their BloomID. If a couple does this, and a dating app checks this, we can cryptographically show that someone is taken or single!

MakerDAO + Bloom Protocol

Bloom Protocol is able to add a compliance and KYC layer on top of other decentralized applications, making them less risky and significantly improving financial compliance.

For example, MakerDAO has developed a number of use cases that would work seamlessly with Bloom Protocol.

Fiat Loans: Allow someone to take a fiat loan by collateralizing their crypto. With Bloom Protocol, someone could make a collateralized lending service based on MakerDAO’s CDP infrastructure and Dai Stablecoin. (eg: They take custody of someone’s CDP, and issue fiat, holding the Dai as collateral.)
Trading CDP’s: Decentralized P2P marketplace for CDP’s that are about to expire using Bloom Protocol to verify your trading partner
Compliant CDP’s: A Compliance layer on something like EasyCDP that would make it work, and more compliant, even inside regulatory environments like the United States
Peer to Peer Fiat/Dai Trades: Leveraging Bloom Protocol to build a Fiat <> Dai Gateway (either LocalBitcoins style or as a marketplace) — Bloom Protocol would make this complaint by providing KYC and Sanction Screens on the trading partner.