How Web3 Will Aid in a New Era of Credential Data Ownership and User Empowerment

The archetypal happening that comes to caput erstwhile reasoning of Web3 mightiness beryllium the likes of NFTs, the metaverse oregon blockchain technology. Although each of these concepts bash autumn nether the umbrella that is Web3, further features specified arsenic credential information networks besides acceptable into the picture, which play an integral portion successful the progression of Web3.

Back to Basics

The existent operation of the net (as we cognize it today), often labelled arsenic Web2, allows for user-generated contented to beryllium posted connected a fig of antithetic channels. As opposed to the archetypal mentation of the net that was stagnant and constricted to “read only”, the net has moved to a operation which allows users to make their ain contented arsenic good arsenic interact with it, specified arsenic 1 posting an representation to their societal profile, portion different users like, remark and stock the content.

With exertion ever changing astatine accelerated speeds, Web3 is believed to beryllium the adjacent measurement successful the modulation of the web. Often dubbed arsenic “the aboriginal of the internet”, Web3 is simply a decentralised mentation of the web, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised concern into 1 space. With this being said, Web3 offers a magnitude of web versions which tin beryllium read, written oregon owned, allowing users to person fiscal involvement and power implicit online communities that they beryllium to. One of the largest and perchance astir disregarded aspects that differentiate Web3 from Web2, is the credential information networks that unrecorded connected Web3.

Wait, What are Credentials?

In method IT terms, credentials notation to the verification of one’s individuality online, akin to that of an ID paper oregon passport, but connected the web. However, this online individuality does lone pertain to one’s username and password, but alternatively the behavioural patterns that are circumstantial to the user. “How overmuch clip does a idiosyncratic walk connected a circumstantial app earlier going onto the next?” and “Which features of the app bash users usage most?” could beryllium communal questions that organisations mightiness inquire erstwhile wanting to fig retired however to optimise the idiosyncratic acquisition and make seamless apps.

Traditionally speaking, credential information of users is stored connected a centralised server of the website successful question. For example, if a idiosyncratic creates an relationship connected Meta (previously known arsenic Facebook), their idiosyncratic information (together with the information of each different users)  volition beryllium stored connected Facebook’s cardinal server. At archetypal glance, this whitethorn not look similar an issue, however, the hazard of idiosyncratic information being breached is highly high, with 2021 seeing 530 cardinal Facebook users idiosyncratic information being breached.

Web3 To Save The Day

With the precocious hazard of credential information being breached successful Web2 – it’s clip for Web3 to prevention the day. The decentralised format of Web3 allows for information to beryllium stored crossed a fig of “scattered” ledgers, referred to arsenic blockchain technology. By utilising blockchain exertion for information retention – the anticipation of 1 hacking and gaining entree to this information is decreased significantly, with immoderate believing it to beryllium adjacent intolerable to crack. Not lone is the imaginable for information to beryllium compromised overmuch little successful Web3, but the information ownership is nary longer successful the hands of cardinal organisations specified arsenic Meta oregon Google. This caller property exertion allows users to ain and power their ain data, acknowledgment to the powerfulness of credential information networks.

The Ins and Outs of Web3 Credential Data Networks

The largest Web3 credential information web successful the world, Project Galaxy, allows Web3 developers and projects to leverage credential information successful bid to assistance them physique amended products and communities. Through Project Galaxy’s unfastened and collaborative infrastructure, information curators person the accidental to beryllium rewarded erstwhile their credentials are utilized successful Project Galaxy’s aggregate Application Modules including Credential Oracle Engine and Credential API.

The purpose of Project Galaxy is to let users to instrumentality ownership of their ain data, having the anticipation to monetise done curating integer credentials, and contributing to the information network. This ecosystem volition beryllium made imaginable done their unfastened and collaborative information web that is accessible to each Web3 developers.

But Wait, There’s More

The conception of credential information connected Web3 seems to beryllium making waves, with Ethereum co-founder Vitalik Buterin moving connected a caller task known arsenic “Decentralised Society: Finding Web3’s Soul”, wherever a afloat decentralised nine tin beryllium created done Soulbound NFTs oregon Tokens (SBT). These SBT’s are non-transferable forms of individuality (in the signifier of tokens), which volition let individuals to verify their accusation and individuality utilizing blockchain technology. Information that volition beryllium verified done SBT’s includes a agelong database specified arsenic acquisition background, aesculapian certificates and more.

Although the thought of SBT’s whitethorn look to beryllium far-fetched for now, Project Galaxy is already astatine the forefront of this concept. Already successful usage by implicit 500 partners, non-transferable credential based NFTs are already supported by Project Galaxy, which works connected the nonstop aforesaid premise arsenic SBT’s.

Where To From Here?

Up until now, the existent authorities of the net has been not lone stagnant but besides has seen issues relating to the information of users idiosyncratic data. The possibilities of Web3 giving radical the powerfulness to power and ain their idiosyncratic information is looking to go a world done Web3 credential information networks. Project Galaxy and the conception of Soulbound NFTs/tokens are taking centre signifier successful this caller gyration of credential information safety.  Will credential information networks specified arsenic marque the determination to Web3 possible, by giving users the empowerment to ain and power their ain information connected open, collaborative networks? Is this the aboriginal of the internet? Only clip volition tell…