Self-Sovereign Identity for more Freedom and Privacy - SelfKey
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SelfKey DAO: Revolutionizing Web3 Interactions

Technology never fails to thrill us with its constant, past-paced progresses. As society becomes more digitized, individuals must adapt to the present-day, online methods of working, communicating, and interacting with one another. However, it's vital for us to learn how to navigate the web safely. Being aware of the safety of our private data is vital, due to the constant dangers or identity theft and forgery. In this article, we'll explore the benefits of DAOs and how they empower their members to interact in a secure and autonomous environment. Ultimately, we will outline the importance of user participation in the SelfKey DAO.
14 Mar 2023
SelfKey
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 Summary 

The rise of technology has made a great impact all around the world. It changed the way we communicate, work, and study. With the help of artificial intelligence (AI), most of our daily tasks are made considerably easier, and access to information has never been more effortless. However, in order to benefit from all the wonders of AI, we have to become part of its world.

Most of our private information had to evolve from physical papers to digital identities, which are stored in centralized systems. But while traditional, centralized systems are convenient, they may put our private data in danger due to their weak security measures.

Thankfully, solutions are being developed to change the way we authenticate ourselves online and the way we perform individuality-based activities on Web3. Technology can help protect our private information, just as much as it can be used to compromise it. The key is to remember that we can use AI for our benefit.

In this article, we will thoroughly elaborate on DAOs, SelfKey DAO (including specific terms like KEY, SELF, and NFTs), and how user engagement in the DAO will be beneficial for individuals in the long run.

Highlights

  • Humans and Digital Identity
  • DAOs vs centralized systems
  • DAOs and individuals
  • SelfKey DAO
  • How to participate in the SelfKey DAO
  • Conclusions

Humans and Digital Identity

How we operate in the online world

Nowadays, we operate in the online world in many ways. We use various tools and platforms to connect, communicate, and collaborate with one another across the globe. For instance social media, messaging apps, online forums, and video conferencing. The web has opened up endless opportunities for people to share information, ideas, and experiences. 

However, as with any aspect of human behavior, there are also challenges and risks associated with operating in the online world. One of the biggest concerns is the safety of our personal data

The risks we take when performing individuality-based activities online

When we engage in individuality-based activities online that involve sharing personal information, we expose ourselves to a variety of potential risks. 

For example, personal information shared online can be accessed either by AI or human identity thieves, putting our privacy and security at risk. Even seemingly small details such as our names, birthdates, or email addresses can become targets which bad players may use to compromise our security. This can lead to AI attempting to create fake identities using our leaked personal data. 

What can we do to avoid those risks?

Being cautious about what we share online and keeping our privacy safe is very important. However, it is equally important to make sure that the individuals we engage with are not fake, AI-generated entities. 

Implementing Know Your Customer (KYC) protocols within a DAO may be the most secure means of verifying that individuals are genuine, real persons. Not only that, but within a DAO, there is no single entity to govern and control our personal data. What a DAO strives to achieve is equality and fairness among its users, as well as maintain the security of their individuality.

DAOs vs centralized systems

A brief description of DAO 

A DAO, or Decentralized Autonomous Organization, is a type of organization that usually operates using blockchain technology. This facilitates decentralized decision-making and transparent governance without the need for a centralized authority. 

DAOs are typically run by a group of individuals who hold tokens or cryptocurrency. Individuals can also vote on decisions related to the organization's operations, like funding proposals or changes to the organization's rules. 

How DAOs are revolutionizing individuality-based operations

DAOs  are changing the way individuals operate by innovating the concept of decision-making. 

In traditional organizations, individuals cannot materialize their ideas or concerns, due to the centralized systems based on hierarchies. DAOs, on the other hand, allow members to participate in decision-making processes and contribute to the organization's goals through decentralized governance mechanisms.

By using blockchain technology, DAOs enable trustless collaboration and eliminate the need for intermediaries. This method makes it easier for members to join and participate in collective decision-making. Additionally, it creates a more inclusive and democratic environment where each member can have an equal say and contribute to the organization's success.

Therefore, DAOs are empowering individuals to come together, build communities, and work towards common goals, without sacrificing their individuality or autonomy

DAOs and individuals

DAOs suffer from lack of user participation

Despite their potential benefits, DAOs can suffer from a lack of user participation. Because DAOs rely on decentralized decision-making, they require active participation from members to make decisions in a timely and effective manner.

How will user participation help DAOs “stay alive”

User participation is critical to the success and sustainability of DAOs. Without active participation from members, DAOs may struggle to make decisions, coordinate actions, and achieve their goals. Moreover, low participation can lead to apathy or disengagement. In turn, this can weaken the community and reduce the value of the DAO.

On the other hand, active user participation can help DAOs stay alive by:

  • Promoting engagement.
  • Building a strong community.
  • Ensuring a timely and effective manner decision-making process.

Ultimately, user participation is essential for DAOs to remain viable and achieve their goals over the long term.

The benefits of participating in DAOs

Participating in DAOs offers numerous advantages for individuals looking to collaborate and contribute to a community-driven effort. Aside from providing opportunities for innovation and community building, it has several more benefits, such as: 

  • Democratic decision-making
  • Increased security
  • Unique contributions
  • Transparency

SelfKey DAO

After explaining the general concept of DAOs, let's examine the SelfKey DAO objectives. 

Individuality is a vital aspect that the SelfKey DAO is focused on. In the SelfKey Protocol, individuals value every member’s uniqueness in order to help protect their digital identity from theft and forgery. The aim is to create a safe environment with the help of AI-Powered Proof of Individuality, where valued members can operate using trustless and secure methods.

SelfKey DAO strive to provide secure digital identity solutions. With strong credentials in cryptography and blockchain technology, SelfKey DAO’s goals include protecting users' privacy and giving them control over their data. Credentials are lacking in the crypto industry, and they’re a need in order to keep users’ information safe from being doxxed.

Basically, SelfKey’s goal is to develop a method for individuals to engage with one another in a decentralized, trustless environment, while their private data and individuality remain safe and secure.

Important Terminology in SelfKey DAO

What is KEY?

The KEY utility token is the centerpiece of the SelfKey Protocol. 

It has several uses, such as:

  • Being a means of payment for services within the SelfKey Protocol.
  • Individuals may use it to lock credentials on.
  • Being utilized to govern and empower members of the SelfKey DAO.
  • Providing the necessary tools for users to take control of their digital identity.

As more individuals join the SelfKey Protocol, the potential uses of KEY will only continue to expand, further cementing its importance as a vital component of the decentralized digital identity revolution.

What is SELF?

While KEY remains the vital utility token to lock on credentials, SelfKey has proposed SELF tokens in order to help an individual keep track of what they have locked and for what period of time. 

Here are some of SELF’s attributes:

  • Individuals who properly lock on a real identity may mint SELF tokens.
  • Users themselves may issue SELF tokens.
  • They do not have any intrinsic value.
  • SELF tokens may also have utility as a governance mechanism
  • SELF tokens can be unlocked through DAO voting.

SelfKey’s NFTs

At SelfKey, active members have the opportunity to earn NFTs by participating in the community and contributing to the project.

One of the unique features of SelfKey's NFTs is that they are highly customizable. This means that individuals can tailor their NFTs to their specific needs and preferences. 

SelfKey places a great emphasis on individuality, recognizing that each person has their own unique identity and set of circumstances. It is a platform that truly values individuality and helping people take control of their own identity and data. This is reflected in the customizability of its tokens and the overall design of the platform. 

How to participate in the SelfKey DAO

Participating in the SelfKey DAO and claiming tokens offers many benefits, such as:

  • The ability to have a say in the project's direction.
  • Voting rights on proposals.
  • Access to exclusive community events.
  • The opportunity to claim SELF tokens through active participation in the DAO.

The SelfKey DAO provides a platform for community members to be more engaged and invested in the success of the SelfKey Protocol.

Here is how to do it:

  1. First, a user must perform a KYC check in order to properly authenticate themselves as a real person and the person whom they claim to be. Afterwards, they will join the DAO.
  2. The user will then be able to lock KEY tokens on their KYC credentials. Afterwards, they will be able to start accumulating SELF tokens.
  3. SELF tokens can be used to purchase NFT packs with particular customizations.
  4. Alternatively, the user can mint their SELF tokens and use them for whatever purpose they find useful and fit.
  5. Finally, users can contribute to the SelfKey DAO by performing tasks issued by the ecosystem.

All in all, active participation and engagement in the SelfKey DAO can bring significant benefits to the SelfKey Protocol and its members. Members can actively participate in the decision-making process to shape the direction of the project, ensuring alignment with their interests and needs.

Additionally, engagement can help build a stronger sense of community among SelfKey users, fostering a supportive environment for learning and growth. 

Ultimately, a thriving SelfKey DAO requires active participation from its members, and those who are willing to engage will reap the benefits of a more robust and inclusive ecosystem.

Conclusions: 

Unfortunately, most people still rely on centralized systems. However, with the development of decentralized solutions, individuals may be able to take charge of managing and storing their personal data.

The SelfKey DAO aims to assist individuals in gaining full control of their private data, enabling them to safely engage in Web3 transactions based on their individuality. Despite being a small ecosystem at present, it is secure and has the potential to reach new heights with the help of user participation and engagement. 

As the SelfKey DAO develops, users will derive more benefits from it. Ultimately, it is user contribution that will enable SelfKey to achieve its long-term goals.

Keep in touch to learn more about SelfKey and how you can participate in building a better digital future!

Stay up to date with SelfKey on Discord, Telegram, and Subscribe to the official SelfKey Newsletter to receive new information!

Note:

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.

This communication is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any digital asset, nor does it constitute an offer to provide investment advisory or other services. No reference to any specific digital asset constitutes a recommendation to buy, sell or hold such digital asset. Nothing here shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service.

Note 2:

SELF and KEY tokens, SBTs, and NFTs associated with the SelfKey ecosystem have no monetary value or utility outside of the SelfKey ecosystem, are not ascribed any price or conversion ratio by SelfKey and its affiliates, and do not represent ownership interests or confer any rights to profits or revenues.

These tokens should not be purchased for speculative reasons or considered investments. By engaging with SelfKey, you acknowledge and agree to the applicable terms and any associated risks. We recommend consulting with legal and financial professionals before participating in the SelfKey ecosystem and related transactions.

This document may contain statements regarding future events based on current expectations. However, some risks and uncertainties could cause results to differ. The views expressed here were based on the information that may change if new information becomes available.

We use the "KYC" term here for general information purposes, without reference to particular legislation. Please check the laws relevant to you and contact us for the details.

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