Your Web2 identity has been all about linked email addresses and social media accounts. Now that Web3 is becoming a significant focus within tech, here’s why crypto wallets will be the new key to ID.

Digital identities have always been a touchy topic since the inception of the internet. Web2 applications have created a bridge by linking users’ offline lives with their online identities – connecting their creative and consumer habits, creating a more integrated internet experience customised for the user’s specific needs and likes.

A new way of virtual interaction and identity is becoming the hot topic, one more connected than the standard we know as Web2 – a new way of personalization and ownership which didn’t work in the past. While currently there is no industry standard with regard to Web 3 identity procedures, we can forecast that digital identity in the metaverse will follow – one which is already taking shape, as we speak. 

There are so many applications that can work better through decentralization, be it; messaging services, browsing the internet and most of all transactions, although still being mediated through a middleman. A system where the user is in control focused on the individual rather than the masses. First, it was Radio, then the internet – some may Web3 and the way identity functions within it roughly correlate to satellite radio. 

In this new upcoming world, a user’s Web3 wallet will likely be the key to their presence within the metaverse, acting as a gateway into games, and building NFT collections to allow doing business. Wallets will be connected to all the users’ online activity, or so it seems. 

There are sceptics of course, but the crypto-based ownership module will only act as the base technology, while the product, the Identity, in this case, will not change. The Web3 wallet acts as a key to the individual’s assets: domains, real estate, and other virtual properties. If the individual loses the key, they’ll have to wait until its term expires to renew. If a users’ Web3 wallet becomes this integral, the total loss will be unlikely to happen – with companies actively developing solutions to combat such losses. 

A user’s identity will not be transformed but will be related to ownership. For example: A crypto wallet will have a means in the purchase of web domains in this instance. Third-party supervisors like the Internet Corporation for Assigned Names and Numbers (ICANN) will no longer hold sway over users’ ability to buy a top-level domain (TLD) or mint a subdomain off of it, and users will not have to request permission to do this themselves. Ownership of domains will become newly permanent; even minting a subdomain off of a previously-owned TLD will grant a user indefinite ownership of that subdomain.

Will Web2 become obsolete? 

Of course not. It will be incorporated within Web3. Compatibility is integral for the growth of Web3 – for example, land registry through Web3 will become backwards compatible with the local land registry department, meaning individual owners will still attain the same legitimacy as they did in the past by acquiring through the Land Registry. 

Conclusion

So many possibilities for individual ownership – revolutionising the way we identify online will be done through Web3 identity technology. Changes occurring will result in immutable proof of identity of the blockchain. For example; once a user purchases a property, be it a domain or an NFT, they own it; and no organisation would be able to tamper or retract that transaction, and ownership. Sekuritance is currently building ntNFTs, and a BETA version is currently being used by select businesses and individuals interested in the product. One may find more information on said ntNFTs here.

Visit www.sekuritance.com today, and find out how we can help you implement a fast and effective onboarding system that gets results.

About Sekuritance

The Sekuritance RegTech platform provides a single platform for every eGRC need, including end-to-end AML/CTF, CECL, FCPA, vendor management, beneficiary onboarding, investor check, card processing MFA checks, blockchain wallet checks, cyber-risk assessments, and other RegTech or Business Process Management requirements.

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