Web3 is the next iteration in the evolution of the web/Internet – and it has the potential to be as disruptive and paradigm-shifting as Web2 was. The key themes of Web3 include decentralization, openness, and greater consumer efficiency.
Some of the key features of Web3 include:
The Internet as we know it has passed through several different stages before emerging in its present state. Web1, Web2, and Web3 are Internet service generations that differ in how users engage with the Internet.
Web3 is a Semantic Web. This suggests that instead of searching for content based on keywords or numbers, users will deploy AI to decipher the semantics (or meaning) of content online.
This would allow computers to comprehend and analyze data in the same way that humans do (instead of like machines). The Semantic Web's primary objective is to make it easier for users to discover, exchange, and integrate data.
In the early stages of the Internet, organizations and/or websites would issue users with a digital credential that they could use to access their service. Prior to social media, engaging and transacting online usually required either a unique website login or the use of email.
The rise of social networking sites triggered the next significant revolution in digital identity. One of the most extensively used digital identity models is the employment of an extendable digital identity linked to a centralized corporate organization like Facebook, LinkedIn, or Google, which collects data depending on your activity and exploration.
For many websites and online services, owning a Facebook or other prominent social media profile can therefore be all it takes to log in.
Web3 is based on blockchain tech. And one of the most extensively discussed use cases of blockchain and distributed ledger technology – aside from financial applications – is digital identity.
The fault-tolerance of the distributed data structure is one of the reasons for the optimism around digital identity & blockchain - the consensus is built, in such a way, that the failure of an invalid ID to verify doesn’t affect the genuineness of other credentials. If you want to have full custody of your digital identity, Web3 serves as the best tool for the Self-sovereign identity (SSI) system.
SSI is a digital identity management concept in which an individual or company retains total control over their accounts and personal data. Individuals who have SSIs can retain their data on their devices and use it for verification and transactions without relying on a central data repository. Users who have SSI have total control over how their personal data is stored and utilized.
Web3 has begun in earnest, and users can now regain control of their digital identities by adopting highly decentralized, interoperable, and self-sovereign apps. As we get to the next step, it is critical that we use Distributed Ledger Technology to overhaul identification and reputation management.
Users can protect their data and privacy by using decentralized identity applications built on blockchain. This makes digital identity more secure in Web3 than in its previous iterations.
SelfKey’s take on digital identity is embedded in its core fundamentals – the SSI concept is based on the idea that users should be at the center of their identity management process.
The goal is to escape the legacy systems of paper-based documents and move into a digital identity with privacy, security, transparency & individual rights.
SelfKey is also developing a bridge to a better world – one in which digitally signed verified identity claims, data minimization, proof of individuality, proper governance, and a user-centric identity system are all prevalent.
Users will be able to fully control, manage, and own their digital identities. Through a well-established open-source technological stack and transparent legal and governance architecture provided by the SelfKey Foundation, SelfKey is intended to be censorship-proof, fair, inclusive, agile, and lean. SelfKey can adapt to the changing demands of modern societies and the global Internet, taking an active role in the protection of fundamental identity freedoms.
The rise of the Internet has led to a transformation of our professional and personal lives, with technological innovations disrupting and ultimately gaining control over how we work and live. It is concerning knowing our data and identity are being followed online, and that we don't really have control over how they are managed.
With the emergence of Web3, next-generation digital identity management can become a completely decentralized peer-to-peer networking system in which users will have complete control over their digital identity rather than having it stored on a centralized server.
SelfKey is creating a digital identity system that is self-sovereign in nature and is designed to bring back control of identity to users, giving them full custody, reliability & trust that is secured by them holding their own keys. As our lives and societies become more deeply embedded in the digital, taking a proactive and innovative approach to protecting our identity is essential.