Your crypto wallet is the key to your Web3 identity
Digital identity has been a hot topic since the early days of the internet. Web2 bridged the gap between people’s offline lives, online identities, and creative and consumption habits, giving way to a seamlessly integrated Internet experience designed to be as personalized and targeted as possible. As a new phase of virtual interaction and digital identity looms on the horizon – one even more interconnected than Web2 – we need to rethink personalization and ownership by considering what worked and what didn’t. didn’t work in the Web2 world.
Although there is no model for the Web3 identity procedure, we can predict the trajectory that digital identity will follow in the metaverse. This trajectory is already taking shape.
Everything you know, decentralized
Virtually every aspect of the internet as we know it is ripe for decentralization. Chat and messaging services are private and encrypted, browsing is incognito, and transactions occur between individual bank accounts (albeit through an intermediary) – all signs point to a user-controlled system and addressing the individual rather than the collective.
The rise of the internet isn’t the first time we’ve seen this progression either. The radio started as a series of AM stations, gradually expanded to include FM, then developed satellite capabilities that provided universal access to a variety of stations. Web3 and the way identity works there basically correlates with satellite radio. Thus, in the history of modern communication systems, the arc leans towards decentralization.
In this new space, a person’s crypto wallet will be key to establishing a presence in the metaverse, whether it’s serving as a gateway into games or helping them build token collections. non-fungible (NFT) to enable it to do business. Crypto wallets will be connected to everything users are already doing on the internet and all future online activity.
Related: Web3 is crucial for data sovereignty in the metaverse
The future of ID (entity)
People familiar with traditional markets may be confused, intimidated, and even discouraged by the crypto-based property revolution. But it is the means (identification) and not the ends (identity) that change.
A user’s crypto wallet will function as a key, accessing all of their domains, real estate, NFTs, and other virtual properties. If they lose this key, they will have to wait for its duration to expire to renew it. That said, the wallet will become such an integral part of everyone’s online identity that a total loss is unlikely to occur, and some companies are actively developing solutions to combat such losses.
Identity will not change by itself, but also in relation to ownership. For example, crypto wallets will participate in the purchase of web domains. Third-party supervisors such as the Internet Corporation for Assigned Names and Numbers (ICANN) will no longer have sway over users’ ability to purchase a top-level domain (TLD) or create a subdomain from one. -ci, and users won’t have to ask for permission to do it themselves. Ownership of domains will once again become permanent; even typing a subdomain from a previously owned TLD will grant a user indefinite ownership of that subdomain.
All this will only be possible through a crypto wallet. With the hype we’ve seen around the metaverse and NFTs, Ethereum and other wallet addresses will be the primary way to amass virtual wealth.
Related: Identity and Metaverse: Decentralized Control
But what about Web2?
All of this is not to say that Web2 will become completely or instantly obsolete. It will not erase, but it will be integrated into Web3 spaces. Domain ownership, for example, will become backwards compatible with ICANN standards, meaning that individual owners will gain the same legitimacy as in the past by acquiring a domain through ICANN.
Services like PayPal will naturally continue to exist: these accounts will eventually be connected to a wallet address instead of an email address. This shift is already happening across financial platforms and traditional retailers.
Simplified and accessible
Given the possibilities of crypto wallets, the future of domain buying and digital identity will combine a collective benefit mindset with individual ownership. It will revolutionize the way we identify ourselves online. Domain Name Service (DNS) records, which are used to map URLs to IP addresses, have so far been required for resolvers, but this resolution will occur natively in a fully realized Web3 environment. Similarly, many additional steps needed in the Web2 ownership and identification processes will be rendered unnecessary.
These changes will eventually lead to immutable proof of identity on the blockchain. Once a user purchases a property, whether it is a domain or an NFT, they will own it; no organization can remove or alter this property. The main focus is accessibility across the metaverse. We need to develop systems that promote sustainability, practicality, and utility to create an Internet that works for everyone.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Michel Calce is the founder and CEO of DecentraWeb. He is Chairman of HP’s Advisory Board and works with many Fortune 500 companies. Michael gained notoriety in 2000 for launching one of the most publicized DDoS attacks in history at the time, taking down Yahoo, eBay , CNN and other leading sites. Since then, Michael’s mission has been to raise awareness of cybersecurity and make the internet a safer place.