authbond

AUTHBOND (Authentic Bond Operating Network) tackles the issue of accountability in Web3 contracting, where pseudonymity can lead to delivery challenges. Traditional bid bonds are effective in mitigating risks of project defaults in conventional contracting but have not been widely applied in the Web3 space. AUTHBOND innovates by incorporating privacy-preserving Know Your Business (KYB) confirmations and bid bond deposits into reusable on-chain identities, enhancing trust and transparency in digital trade. The platform enables organisations to issue Requests for Proposals (RFPs) with defined selection criteria.
Applicants can import their business data and submit proposals, which are then linked to privacy-preserving ID-NFTs. These NFTs verify KYB completion and represent the bid bond, ensuring that only complete and verified proposals are considered. This process reduces the risk of financial losses and increases procurement efficiency. AUTHBOND leverages eIDAS 2.0-based identities and integrates with existing solutions like F6S and Privé, ensuring compliance with MiCA outsourcing regulations and establishing provenance for proceeds. The solution’s TRL-7 prototype, deployed for pre-production by PORTERS RPC Gateway, showcases its practical application. The use of privacy-preserving ID-NFTs by AUTHBOND incentivises honest data provision while protecting user privacy.
The platform also promotes trust through intermediated interoperability, benefiting the digital economy and virtual commerce in Europe. This approach democratises access to on-chain economies, allowing DAO contributors to use real-world identities for Web3 work opportunities. The solution offers significant socio-economic benefits by fostering economic inclusion and job creation through enhanced access to the digital economy. AUTHBOND’s focus on transparency, regulatory compliance, and ethical practices sets a new benchmark in digital identity and blockchain innovation, driving growth and attracting investment.
- Motivation for the project: AUTHBOND addresses Web3 contracting deficiencies by combating free-riding and enhancing financial security. Conventional Web3 contracting methods fail to meet MiCA regulations and verify identities. AUTHBOND integrates privacy-preserving KYB and bid bonds into on-chain identities, ensuring verified commitments and regulatory compliance, improving trust and efficiency.
- Generic use case description: AUTHBOND lets a DAO issue RFPs with identity verification. Contractors import business data, submit proposals, and undergo eIDAS 2.0 KYB via a solution on the TRUSTCHAIN platform. Verified contractors get ID-NFTs as bid bonds. Only complete proposals are reviewed, ensuring secure, efficient procurement.
- Essential functionalities: AUTHBOND includes eIDAS 2.0-compliant KYB verification, ID-NFT issuance for bid bonds, and smart contract-based fund locking. Contractors verify identities via Privé, submit proposals, and lock bid bonds in smart contracts. ID-NFTs ensure privacy, security, and verified engagement in decentralised procurement.
- How these functionalities can be integrated within the software ecosystem: AUTHBOND integrates seamlessly by leveraging existing identity verification tools, incorporating its smart contract framework for secure bid bonds, and ensuring compatibility with TRUSTCHAIN's decentralised platform. This enables smooth interaction with other Web3 services and enhances overall system functionality.
- Gap being addressed: AUTHBOND addresses the lack of accountability and trust in Web3 contracting by ensuring verified contractor identities and secure bid bond deposits. It eliminates risks of pseudonymous free-riding, enhances regulatory compliance, and provides transparent, efficient, and secure 2 decentralised procurement processes.
- Expected benefits achieved with the novel technology building blocks: AUTHBOND's novel tech includes eIDAS 2.0-compliant KYB verification, ID-NFTs for secure bid bonds, and smart contract fund locking. These innovations ensure privacy, enhance trust, improve regulatory compliance, streamline procurement, reduce fraud, and increase operational transparency in decentralised ecosystems.
- Potential demonstration scenario: A DAO issues an RFP via AUTHBOND, requiring contractors to verify their identities using eIDAS 2.0-compliant KYB. Contractors submit proposals and bid bonds as ID-NFTs. The DAO reviews verified proposals, awards the contract, and manages bid bonds through smart contracts, showcasing secure, transparent procurement.

Team

Ben Biedermann
As expert on decentralised identity and DAO contributor, who focuses on aspects of smallness. He currently reads for a PhD at the University of Malta and is the Project Owner of WIDE [OC1] and AUTHBOND [OC 3]

Matthew Scerri
Matthew Scerri is a technology consultant and
software developer with over 10 years of
experience in the emerging technology space,
including DLT.

Nicole Cassar
Nicole has over four years of tech sector
experience, in marketing, PR, blockchain advisory, and startups. She contributed to healthcare blockchain research and holds a BSc in Business Administration and an MSc in Blockchain and DLT.

Victoria Kozlova
Victoria Kozlova is a UI/UX designer and a
researcher with a background in sociology and
linguistics. She has been conducting research on underrepresented groups in blockchains and is dedicated to making Web3 more accessible..
Entity

acurraent UG (haftungsbeschränkt)
acurraent is a European innovation agency. It supports small and medium sized enterprises to re-structure, digitalise and expand. acurraent specialises in UX/UI, Web3 research and has experience in the digital identity and compliance sector.
Website: https://www.acurraent.com