Governance refers to the ability of a provider to add business and legal policies into an ecosystem that improve adoption, safety, and compliance, while enabling some providers to monetize their ecosystem in a sustainable way. While governance is a massive topic, Trinsic’s implementation is lightweight and is designed to enable the minimum amount of overhead needed to effectively bootstrap an ecosystem.
The case for governance¶
Adding the right amount of governance to your product can enable both faster growth and lower risk.
For example, you can grow faster when you remove the need for verifiers to maintain their own list of trustworthy issuers—especially in an ecosystem with dozens of issuers that may come and go. This is an important way some successful providers have monetized their ecosystem.
Risk in your ecosystem can be reduced by imposing rules that must be met before credentials can be issued or verified inside or outside of your ecosystem. For example, you can improve safety for the users of your wallet by restricting their ability to share sensitive data with unverified 3rd-parties (or warning them beforehand).
Anatomy of governance¶
One of the core building blocks of our governance implementation is the interoperable Trust Registry specified at the Trust Over IP Foundation. We contributed to the original specification and later open-sourced our implementation so the broader community can benefit from these features.