Decentralized digital identities offer a hopeful replacement for the current as the Web3 world takes shape.
An exciting chance to emphasize the significance of trust and security in a digital world arises as the Web3 world develops. Users can manage their IDs and safely control their personal information with the aid of digital identity and credentials.
Digital identifiers can be anything that relates to a person and their identification, such as personal emails, phone numbers, cryptocurrency addresses, Discord accounts, bank logins, and national ID information.
Digital IDs have been around for a while and had a substantial impact on Web2, but as Web3 applications become more widely used, their significance will grow significantly.
In Web2, identities and passwords have spread like wildfire, with nearly every online service requiring them as login information. However, this strategy has produced a number of security issues, such as the storage of data on uncontrollable private computers with shoddy security. As a result, people have little control over their data and can only trust that it is secure.
Given their financial and technological means, one might assume that tech giants are more cautious with user data, but the truth is different. More than 500 million Facebook users' personal information, including their complete names, addresses, phone numbers, email addresses, and biographical details, were uploaded in 2021 by a member of a low-level hacking forum. This is the personal information of roughly 6.3% of the world's populace that has been exposed by hackers.
【How Web3 is altering online identity】
We have a chance to handle personal data differently as a result of the emergence of Web3 and the Metaverse. Web users now have total access and control over their data thanks to the development of decentralized identities (DIDs). These identities may occasionally be used to verify the reliability of web profiles, resumes, and other documents. This change to decentralized DIDs offers a promising replacement for the existing norm.
Web3 now provides improved security protocols and introduces the concept of self-sovereign identity, enabling immutable web interactions, thanks to blockchain technology.
According to Caria Wei, CEO of Nuvo, a platform for community involvement that requires proof of membership:
【Claim your wallet ID and do crypto on/off-ramp, effortlessly. Ready, set, XGo!】
【Decentralized ID (DID) enables people to safely manage and share their digital identities, and community involvement is essential for building trust, ensuring inclusivity, and encouraging technology usage.】
Nuvo is a decentralized credentialing and identification framework with a reputation-powered ecosystem that prioritizes privacy.
Through Nuvo, users can create their own unique online identity by minting their NuvoID using Soulbound nonfungible token (NFT) technology. With Nuvo's single sign-on features, customers can log in using any identifier of their choice.
For those who are not acquainted, a soulbound token is a non-transferable network token (NFT) that can be used to publicly verify a person's credentials, affiliations, and commitments. These tokens are added to the address of the individual but cannot be exchanged or sold. The token enables users to share their reputation with online groups such as organizations, employers, and educational institutions.
For newcomers unaccustomed to trustless settings, moving to Web3 may seem risky and lacking in security, but decentralized networks can be much safer. By utilizing its alliances and infrastructure technology, Nuvo enables users to create reliable decentralized IDs and have total control over their personal data.
The Layer-2 protocol Metis incubator launched Nuvo as Matrix RPS in June of last year (Reputation Power System). It changed its name to Nuvo earlier this year and updated all of its products to better serve end users, partner initiatives, and developers.
Both the front and rear ends of Nuvo's infrastructure are:
1、Developers can build domains, smart contracts, and decentralized applications (DApps) on its back-end platform, NuvoOne. Users can display their efforts and accomplishments by earning NuvoBadges, which are issued by NuvoOne.
2、Users can interact with the Web3 world using the front-end platform NuvoMe's three primary products, NuvoID, NuvoBadge, and Reputation Power.
The Nuvo ecosystem fosters membership involvement and develops a framework for online reputation by bringing security and privacy to personal data on Web2 and Web3.
【DIDs for groups and businesses】
DIDs will eventually be advantageous for businesses and service providers in addition to being a useful innovation for end users. DIDs enable users to control their online identities through a secure and reliable system, introducing a new paradigm for identity and access management. Organizations will gain from this technology in a variety of ways because it can increase user data security, lower identity management costs, allow greater access to resources, and improve organizational transparency.
DIDs can provide increased scalability due to their model, enabling businesses to simply add users to their networks without having to manually register each one. Additionally, DIDs can facilitate secure data exchange between users and companies, which is essential in the data-driven world of today.
Businesses can save money developing ID infrastructure and greatly lower the risk of data leaks or security threats by utilizing blockchain and Web3. Companies may have legitimate concerns about implementing new technology. But there is no denying that Bitcoin offers financial and security advantages. Being left behind might actually be the biggest danger.