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As the world of Web3 emerges, decentralized
digital identities present a promising alternative to the current.
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As the
world of Web3 emerges, so too does an exciting opportunity to emphasize the
importance of trust and security in a digital world. Digital identity and
credentials play a significant role in helping users manage their IDs and
control their personal information securely.
Digital
identifiers can include national ID information, personal emails, phone
numbers, cryptocurrency addresses, Discord accounts, bank logins and anything
else related to a person and their identity.
Digital
IDs have been around for a while and have had a major impact in Web2, but their
role will significantly increase with the mass adoption of Web3 applications.
In
Web2, usernames and passwords have become ubiquitous, with almost every online
service relying on them as access credentials. However, this approach has
resulted in numerous security issues, such as storing data on private servers
beyond user control that may have inadequate security measures. Consequently,
individuals have limited control over their data and can only hope their
information remains safe.
One
might think that tech giants are more careful with user data, given their
financial and technological resources, but the reality is different. In 2021, a
user of a low-level hacking forum posted the
personal data of more than 500 million Facebook users, including their full
names, locations, phone numbers, email addresses and biographical information.
This is the personal data of about 6.3% of the world’s population leaked by
individuals who are hacking for fun.
How Web3 is changing digital identities
The
emergence of Web3 and the Metaverse presents an opportunity to change how we
approach personal data. With the advent of decentralized identities (DIDs), web
users can have complete visibility and control over their data.
In some cases, these identities can serve as a means of establishing the
legitimacy of online profiles, professional credentials and more. This shift
toward decentralized DIDs presents a promising alternative to the current
standard.
Thanks
to blockchain technology, Web3 offers better security protocols and brings the
idea of self-sovereign identity that allows immutable interactions across the
web.
Caria
Wei, CEO of Nuvo, a proof of membership community engagement platform
explained:
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“Decentralized ID (DID)
allows individuals to manage and share their digital identity securely while
community participation is crucial in establishing trust, ensuring inclusivity,
and promoting adoption of the technology."
Nuvo is
a privacy-first, decentralized credentialing and identity framework with an
extensible reputation-powered ecosystem.
Through
Nuvo, users can mint their NuvoID, which uses Soulbound nonfungible token (NFT)
technology, to cement their online identity as their own. Nuvo offers single
sign-on capabilities, enabling users to sign in through whichever identifier
they choose.
For
those unfamiliar, a soulbound token is
a publicly verifiable and non-transferable NFT representing an individual’s
credentials, affiliations and commitments. These tokens are added to a user’s
address but cannot be sold or transferred. The token helps users share their
reputation with online communities, including employers, academies,
organizations and more.
Migrating
to Web3 may seem risky and lacking in security for novices unfamiliar with
trustless environments, but decentralized networks can be much safer. Nuvo
leverages its infrastructural technology and partnerships to let users create
solid decentralized IDs and have complete control over their personal
information.
Nuvo is
an econode incubated by Layer-2 protocol Metis, and started in June last year
as Matrix RPS (Reputation Power System). It rebranded earlier this year to Nuvo
and updated its whole product suite to better accommodate developers,
partnering projects and end users.
Nuvo
has a back-end and front-end infrastructure:
- Its
back-end platform, called NuvoOne, enables developers to create domains,
smart contracts and decentralized applications (DApps), and issue the
NuvoBadges, which allows users to showcase their contributions and
achievements.
- The
front-end platform NuvoMe lets users engage with the Web3 world through
three main products: NuvoID, NuvoBadge and Reputation Power.
The
Nuvo ecosystem brings security and privacy to personal data on Web2 and Web3,
promoting membership engagement and creating a framework for digital
reputation.
DIDs to benefit companies and organizations
Besides
being a valuable innovation for end users, DIDs will ultimately benefit
companies and service providers as well. DIDs introduce a new paradigm for
identity and access management by enabling users to manage their online
identity via a secure and trusted system. Organizations will benefit from this
technology in many ways, as it can provide more security over users’ data,
reduce costs associated with centralized identity, enable greater access to
resources, and enhance organizational transparency.
Thanks
to their model, DIDs can offer increased scalability, allowing organizations to
quickly and easily add users to their networks without manually registering
each one. Also, DIDs can enable the secure exchange of data between users and
organizations, which is indispensable in today’s data-driven world.
By
utilizing blockchain and Web3, companies can save expenses associated with the
development of ID infrastructure and significantly reduce the risk of data
leakage or security threats. Businesses might be nervous about adopting new
technology, and rightly so. But the security and monetary benefits that
Blockchain brings are undeniable. The real risk might be the one of being left
behind