The SelfKey whitepaper published in 2017 encapsulates the vision of a self-sovereign future, and the current SelfKey ecosystem can be considered its initial implementation.
The SelfKey ecosystem, comprised in part by the KEY token, the SelfKey Wallet, and the SelfKey Marketplace, provides users with a secure and decentralized way to store and manage their personal data and digital identity.
The SelfKey Wallet enables users to store their personal data and documents securely, while the SelfKey Marketplace lets users purchase a variety of business and financial services using KEY tokens.
The SelfKey ecosystem assigns top priority to its users' personal data, allowing them to take control of their data and identity and significantly reduce the risk of oversharing.
Over the years, crypto has influenced changes in sectors like finance, the arts (NFTs), gaming, etc. Many crypto-based products such as DeFi and NFTs have offered unique values to their users.
The Metaverse is probably the latest entrant into this list of crypto-related products. Although not a direct product of crypto, the future of the Metaverse could be shaped by crypto and dApps.
The Metaverse has already taken crypto as well as the Internet by storm. Tech giants like Facebook (which recently renamed itself to Meta, short for the Metaverse) and Twitter (NFT avatar project) are already working to bring their users the Metaverse experience.
The Metaverse and Web3 are driven by users as owners. Web3 and the Metaverse will likely evolve into once-in-a-lifetime technological advancements.
The Metaverse is a product of Web3, and the popularity and acceptance of the Metaverse are expected to rise continuously over the coming years as more Web3 products get rolled out.
Web 1.0 refers to the first iteration of the Internet (in the 1990s), whereas Web 2.0 refers to its current iteration.
Web 1.0 offered very few value opportunities for users, as expected for a breakthrough technology in its initial days. With Web 2.0 (the social media era to the current iteration), most value users can gain from the Internet is associated with a centralized bias, as the majority of the Internet has effectively been either created or taken over by tech giants.
But, Web3 is fundamentally different from its previous iterations, and on the back of the Metaverse and crypto, Web3 can bring remarkable value for its users.
However, similar to Web 1.0 and Web 2.0 products, Web3 products are also still lacking direction when it comes to identity management and identity security.
In a future dominated by Web3 products like the Metaverse, proving and securing user identity will likely be critical. Web 2.0 users have suffered extensively because of rampant issues like identity thefts and Sybil attacks, the impact of which has been painfully evident over the last decade.
The centralized design of most Web 2.0 products has often allowed its users to be exploited through data breaches and oversharing of personal data. However, Web3, with decentralization at its core, aims to protect its users from such exploitation.
Web3 products will aim to improve on the faults and inadequacies of Web 1.0 and Web 2.0. Web 2.0 was largely defined by the social media era. Social media platforms like Facebook, Twitter, Reddit, etc., have allowed their users to build, connect and grow with their communities. However, this has come at a hefty price, making user identity and personal data unsafe on the Internet.
All of the social media platforms that have defined Web 2.0 were centralized entities that showed little inclination to prioritize their users’ personal data. Furthermore, some of these platforms even monetized the user data for a profit.
As a result, the centralized infrastructure of Web 2.0 technologies will be an element that Web3 applications will seek to improve through decentralization.
Instead of being simply a ‘good-to-have’ feature, decentralization might become an essential property for all Web3 applications. This could ultimately position crypto as an integral part of Web3.
SelfKey's vision to help users regain control of their identity and personal data by not storing sensitive data on centralized servers is a perfect example of decentralization.
The mission statement for SelfKey 2.0 is to become your KEY to the Metaverse. As the Metaverse gains prominence, SelfKey will help users secure their identity on it.
As mentioned earlier in this article, users of the Metaverse and similar Web3 products will seek to keep their identity more secure as compared to Web 1.0 or Web 2.0 users.
A user on Web3 may occasionally need to digitally prove their identity on the Metaverse. For example, a user may be required to prove that they are above 18 years old to gain access to an adult art exhibit on Decentraland. Another user might have to prove that they are indeed the owner of a particular NFT, in order to use that NFT as their profile picture on Twitter.
As proof of identity will provide access to so many more services and products, losing your identity data to identity theft on Web3 could have more serious implications when compared to losing it on Web 2.0.
SelfKey aims to solve the identity puzzle for Web3 - something that has eluded previous iterations of the Internet.
The POI whitepaper, released recently with proposals like the POI Platform, Living Avatar NFTs, and more, can help users prove their identity on the Metaverse without giving up control over their personal data.
The POI Platform is proposed as a Sybil-resistant decentralized identity platform.
A Sybil attack is a type of attack on an Internet network service. In a Sybil attack, users can create multiple profiles on a single platform by posing as different individuals and creating a biased environment in their favor.
Sybil attacks have increased significantly over the last few years with the unprecedented popularity of social media. Sybil attacks could even more severely affect Web3 and the Metaverse if the centralized products of Web 2.0 are carried over to Web3.
The POI Platform aims to solve the Sybil attack problem and could thus have potentially unlimited applications on the Web3 and the Metaverse.
Another critical proposal included in the POI whitepaper is the "Living Avatar NFT."
The Living Avatar NFT is an idea that combines identity verification with NFTs. The participants of the POI Platform could receive custom-minted NFTs that can be used to make their avatar unique.
However, Living Avatar NFTs are more than just unique avatars. Users can also include personalized information on these NFTs to make them more unique and exclusive. Hence a participant with a unique Living Avatar NFT may use it to prove their identity attributes.
Digital avatars are a closely related concept to the Metaverse and Web3, and the proposed idea of Living Avatar NFTs has the potential to redefine how identity is managed and secured on the Internet.
Moreover, all the proposals mentioned in the POI whitepaper are to be governed by the community through LOCK DAO. LOCK DAO will be formed by LOCK token holders who have POI Credentials.
Hence, a community-governed project that can offer decentralized identity verification on Web3 and the Metaverse could be the primary choice of any user who wishes to safeguard their identity on Web3 and the Metaverse.
The idea behind SelfKey 2.0 is to enhance and adapt the vision of SelfKey for the Web3 and the Metaverse future.
The launch of SelfKey 2.0 commences with a simple design update to the SelfKey website, which underlines the new mission statement of "KEY to the Metaverse." However, this is a huge step as SelfKey 2.0 may help position SelfKey as a prominent project that strengthens and/or provides the identity layer for the Metaverse.
The existing and functioning components of the SelfKey ecosystem like the KEY token, SelfKey Wallet, and the SelfKey Marketplace, along with the latest proposals in the POI whitepaper (POI Platform, Living Avatar NFTs) together may help expand SelfKey to provide secure digital identity for Web3 and Metaverse users.
SelfKey community has always been the crucial driving force in the evolution of the project. The community can suggest and vote on ideas that could further enhance SelfKey using the SelfKey ideas portal - idea.selfkey.org.
Watch out for this space for more news on Web3 and the Metaverse in the coming days.
To the best of our knowledge, the information contained herein is accurate as of the date stated; however, the accuracy and completeness of the information are not guaranteed, and we disclaim any duty to update the information should circumstances change. You should not rely upon the information without conducting your own validation.
LOCK Tokens have no monetary value and are not ascribed any price or conversion ratio by the LOCK DAO, the operators of the POI Credential system. LOCK Tokens do not confer any right to participate in any profits or revenues, and they do not represent any type of ownership interest. They are digital assets that have utility solely within the POI Credential system.
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