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# System prepended metadata

title: Private Money V2

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# Private Money V2

Organizations and Institutions are bad arbiters of truth by themselves.

W3C specifications like Decentralized Identifiers and [Verifiable Credentials](https://www.w3.org/TR/vc-data-model/) offer a neutral infrastructure for distributed AccessControl networks using Public Key Infrastructures (PKIs) and/or Web of Trust systems. Issuers (centralized or decentralized) can issue Verifiable Credentials containing attestations required for entering network/zone specific PrivacyPools.

One setup I’ve been thinking about recently is a "Double Gated Entry" protocol that would utilize the current zero-knowledge stack, EVM Object Capabilities and a JIT AccessControl System that consumes trusted Verifiable Credentials.

The idea relies heavily on [Delegatable](https://github.com/delegatable/delegatable-sol) - an EVM Object Capabilities framework architected by Dan Finlay and Rick Dudley.

## Double Gated Entry (Privacy Pools w/ JIT AccessControls)

The Double Gated Entry MVP would use **Verifiable Credentials** in combination with Delegatable to issue time/block constrained **AccessControls** for public **PrivacyPools**.

The premise of the Delegatable smart contract framework is to scale on-chain AccessControl using off-chain Delegations/Invocations; enabling chainable multi-party signatures. 

What’s interesting about the framework is fine-grained AccessControl enforcement not available in native EVM transactions. For example timestamp and/or blockNumber constraints can easily be added to a multi-party-signing setup i.e a User can be authorized to execute a transaction in 2-3 hour window, and afterwards the signature will be invalid -  the complete opposite of today's unbounded permissions.

**Example:**
- TrustAnchor issues Credential to Alice
- Alice shares Credential with AccessControlGateway
- AccessControlGateway validates Credential and issues JITAccessControl to Alice
- Alice invokes JITAccessControl on PrivacyPool consuming AccessControlGateway packets

**TrustAnchors** in this example would issue KYC compliant Verifiable Credentials. 

**AccessControlGateways**, using a public key infrastructure, could easily lookup what TrustAnchor(s) are following open standards for KYC compliant Verifiable Credentials.

**PrivacyPools** using on-chain governance, can be configured to accept JITAccessControl packets from trusted AccessControlGateways.

For example Coinbase, ConsenSys and Kraken could create a Verifiable Credential consortium known to prove \*non-baddy\* status. Anyone can run AccessControlGateways consuming the Credentials issued by the this Open Web3 Consortium. And PrivacyPools can partner with AccessControlGateways, depending on their unique jurisdictional requirements.

The splitting of responsibilities (issuing/consuming of Verifiable Credentials) is both convenient technologically and culturally (governance) because it can be implemented to respect neutrality, while limiting liability for Corporations providing essential AccessControl infrastructure.

Additionally, a peer-to-peer verifiable credential issuance network could also established; eliminating reliance on only centralized authorities being arbiters of truth for access to PrivacyPools.

