What it Means to “Own” Your Online Credentials

Googling “What are online credentials?” is rather similar taking a changeable successful the dark. Results whitethorn disagree crossed the likes of “banking credentials”, oregon “one’s online username and password”.  Although these versions are besides correct, they lone screen the precise basics of online credentials. In a much expansive and elaborative sense, online credentials pertain to a user’s online behavioural patterns, looking astatine however they usage an app, analysing antithetic aspects specified arsenic however galore hours they walk connected definite features, which aspects of the app they usage most, and truthful overmuch more.

What Are Online Credentials Used For?

Online credentials tin beryllium utilized for a fig of purposes, including targeted advertising, oregon the betterment of web app idiosyncratic experiences. The antithetic information collected for these purposes see idiosyncratic demographics (age, location, gender, etc) arsenic good arsenic behavioural patterns (locations visited, enactment with antithetic pages, etc). With specified a monolithic scope of information being collected from individuals –  corporations person entree to a excavation (or much truthful an ocean) of data, for the payment of their business.

Who Owns Credentials and How is it Stored?

One would automatically presume that their ain idiosyncratic accusation that they adhd onto the likes of Instagram would beryllium their ain intelligence property. In information – this cannot beryllium further from the truth.  As soon arsenic a idiosyncratic signs up to a Web2 societal media platform, the accusation that they person uploaded is present owned by the corp successful question. Unfortunately, done agreeing to the presumption and conditions of these Web2 apps (which are much than often not work done by the users owed to the thousands of pages), the idiosyncratic grants entree to the corp and is past near with small to nary wiggle country erstwhile it comes to deciding who tin oregon cannot usage their online credentials, and however it is used.

Through this ownership, Meta is capable to marque billions done the usage of idiosyncratic data, making an estimated nett of $117.92 Billion successful 2021, with an approximate 43% of this full gross coming from North America (albeit lone 10% of Meta users bring based successful North America.)  The payment oregon rewards that users reap from sharing their idiosyncratic data, helping Meta marque billions? None. The elemental motion of being capable to usage an app specified arsenic Facebook, Instagram, oregon Whatsapp is what users get successful instrumentality for their data.

Apart from the non-existent benefits for Web2 users erstwhile it comes to online credentials, the deficiency of privateness is yet different issue. With millions of users’ backstage information being stored connected 1 centralised system, determination is an highly precocious hazard of information breaches. This proved to beryllium existent when  530 million Meta (Facebook) users were victims of 1 of the largest Web2 information breaches, wherever not lone was their backstage information utilized by Cambridge Analytica without their consent – but it was besides aboriginal leaked connected different forum.

Enter the World of Decentralization

Considered to beryllium the adjacent mentation of the internet, Web3 is chiefly characterised by its decentralised model, which is built connected blockchain technology. This decentralised mentation of the web means that alternatively of companies specified arsenic Meta and Google mediating and controlling information connected the web, users of Web3 are the ones who ain and govern their ain information online, made imaginable done the usage of blockchain, cryptocurrencies, and NFTs. In Web3, ownership covers the ownership of information, meaning that successful aboriginal Web3 societal media apps, contented posted by users would each person a astute declaration attached to it – granting existent ownership to the contented creator successful question.

What does it mean that users really “own” a portion of the web? In Web3, integer identities marque usage of self-sovereign identities (SSL), which determination individuality credential absorption from a centralised silo strategy (as seen successful Web2) to a peer-to-peer model, utilizing the likes of public-key cryptography, decentralised identifiers and blockchain. In turn, this exemplary gives users the powerfulness to determine however their accusation is distributed by websites, services and applications crossed the web, arsenic the constituent of transportation has been shifted to the idiosyncratic user, arsenic opposed to the corporations.

The Rewards are Endless

Shifting the ownership of online credentials to idiosyncratic users is not the lone payment that Web3 offers. GALXE, the largest Web3 credential information web successful the world, offers Web3 users benefits that spell mode beyond shifting the ownership of their online credentials from corporations to the individuals. Through GALXE’s aggregate Application Modules which see Credential Oracle Engine and Credential API, information curators present person the accidental to beryllium rewarded and monetise their credentials, acknowledgment to the unfastened and collaborative infrastructure provided by the information network. The ecosystem of GALXE tin beryllium easy accessed by each Web3 developers and projects, allowing them to leverage credential information –  yet helping them to physique amended products and communities for their users.

Are You Ready to Take Your Power Back?

Looking astatine the differences betwixt Web2 and Web3 successful presumption of information ownership – it is wide that Web2 favours elephantine corporations, leaving individuals powerless successful presumption of however their information is used. The emergence of Web3 is shifting the conception of however online credentials are utilized and is genuinely giving individuals their well-deserved powerfulness back. With the assistance of networks specified arsenic GALXE, some Web3 developers and idiosyncratic users are fixed an accidental to payment and thrive successful this caller property of the web. Are you acceptable to instrumentality your powerfulness backmost with Web3 online credentials?