The very first thing that involves thoughts when pondering of Web3 could be the likes of NFTs, the metaverse or blockchain expertise. Though all of those ideas do fall underneath the umbrella that’s Web3, extra options comparable to credential information networks additionally match into the image, which play an integral half within the development of Web3.
Again to Fundamentals
The present construction of the web (as we all know it in the present day), typically labelled as Web2, permits for user-generated content material to be posted on a variety of totally different channels. Versus the primary model of the web that was stagnant and restricted to “learn solely”, the web has moved to a construction which permits customers to generate their very own content material in addition to work together with it, comparable to one posting a picture to their social profile, whereas different customers like, remark and share the content material.
With expertise ever altering at fast speeds, Web3 is believed to be the subsequent step within the transition of the net. Usually dubbed as “the way forward for the web”, Web3 is a decentralised model of the net, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one area. With this being mentioned, Web3 affords a magnitude of internet variations which will be learn, written or owned, permitting customers to have monetary stake and management over on-line communities that they belong to. One of many largest and presumably most disregarded elements that differentiate Web3 from Web2, is the credential information networks that stay on Web3.
Wait, What are Credentials?
In technical IT phrases, credentials discuss with the verification of 1’s identification on-line, much like that of an ID card or passport, however on the internet. Nevertheless, this on-line identification does solely pertain to 1’s username and password, however fairly the behavioural patterns which are particular to the person. “How a lot time does a person spend on a particular app earlier than going onto the subsequent?” and “Which options of the app do customers use most?” may very well be widespread questions that organisations may ask when wanting to determine optimise the person expertise and create seamless apps.
Historically talking, credential information of customers is saved on a centralised server of the web site in query. For instance, if a person creates an account on Meta (beforehand often called Fb), their private information (along with the information of all different customers) can be saved on Fb’s central server. At first look, this may increasingly not appear to be a problem, nonetheless, the chance of private information being breached is extraordinarily excessive, with 2021 seeing 530 million Fb customers private information being breached.
Web3 To Save The Day
With the excessive danger of credential information being breached in Web2 – it’s time for Web3 to save lots of the day. The decentralised format of Web3 permits for information to be saved throughout a variety of “scattered” ledgers, known as blockchain expertise. By utilising blockchain expertise for information storage – the potential of one hacking and having access to this information is decreased considerably, with some believing it to be close to unimaginable to crack. Not solely is the potential for information to be compromised a lot decrease in Web3, however the information possession is now not within the fingers of central organisations comparable to Meta or Google. This new age expertise permits customers to personal and management their very own information, because of the ability of credential information networks.
The Ins and Outs of Web3 Credential Information Networks
The most important Web3 credential information community on the planet, Project Galaxy, permits Web3 builders and initiatives to leverage credential information with a view to assist them construct higher merchandise and communities. By way of Venture Galaxy’s open and collaborative infrastructure, information curators have the chance to be rewarded when their credentials are utilized in Venture Galaxy’s a number of Utility Modules together with Credential Oracle Engine and Credential API.
The intention of Venture Galaxy is to permit customers to take possession of their very own information, having the chance to monetise via curating digital credentials, and contributing to the information community. This ecosystem can be made doable via their open and collaborative information community that’s accessible to all Web3 builders.
However Wait, There’s Extra
The idea of credential information on Web3 appears to be making waves, with Ethereum co-founder Vitalik Buterin engaged on a brand new undertaking often called “Decentralised Society: Finding Web3’s Soul”, the place a totally decentralised society will be created via Soulbound NFTs or Tokens (SBT). These SBT’s are non-transferable types of identification (within the type of tokens), which can enable people to confirm their data and identification utilizing blockchain expertise. Info that can be verified via SBT’s features a lengthy record comparable to academic background, medical certificates and extra.
Though the concept of SBT’s could appear to be far-fetched for now, Venture Galaxy is already on the forefront of this idea. Already in use by over 500 companions, non-transferable credential based mostly NFTs are already supported by Venture Galaxy, which works on the very same premise as SBT’s.
The place To From Right here?
Up till now, the present state of the web has been not solely stagnant but in addition has seen points referring to the security of customers private information. The chances of Web3 giving individuals the ability to manage and personal their private information is seeking to turn out to be a actuality via Web3 credential information networks. Venture Galaxy and the idea of Soulbound NFTs/tokens are taking centre stage on this new revolution of credential information security. Will credential information networks comparable to make the transfer to Web3 doable, by giving customers the empowerment to personal and management their very own information on open, collaborative networks? Is that this the way forward for the web? Solely time will inform…