Identity systems and verifications have evolved over time, from paper-based identity and manual verification in meatspace to NFTs and automated verification checks in cyberspace.
According to user requirements, identity verification has been transitioning from centralized systems to more decentralized systems, which are more democratic.
Any ideal decentralized system should be user-centric and needs to have a democratic governance mechanism in place.
A decentralized identity management and verification system offer more control to its users. But with more control comes greater responsibilities. For instance, a user who forgets the password to a centralized platform could reset it with a click of a button. But for a user of a decentralized platform, this might not be that easy and would require them to safeguard their password/seed-phrase/private key themselves.
However, a centralized platform offers its users minimal control over how their personal data is stored, and due to the fact that it's often stored in centralized servers makes it a vulnerable target to data breaches.
Decentralized systems like SelfKey, on the other hand, offer more control for its users by having an option not to retrieve or store users' personal data on centralized servers.
In addition to personal responsibilities, users of a decentralized system should also be responsible as a community, as user participation and continuous feedback are what help a decentralized system to evolve.
The Metaproof Platform, as mentioned in the POI Whitepaper, will be a decentralized platform governed by a DAO constituting users who contribute towards securing the network. Similar to the SelfKey ecosystem, the MetaProof Platform would also offer more control for its users.
Given the fact that the digital world is transitioning towards a more decentralized future, identity verification would also have to undergo this transition and evolve to cater to the needs of its users.
A decentralized user-centric platform like the Metaproof Platform has to rely on its users, both as individuals and as a community, as it strives to become the primary choice for identity verification on Web3 and the Metaverse.
Australia’s financial regulator, Australia's Securities and Investments Commission (ASIC) has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years.
Secure your Identity on Web3 with Soulbound NFTs
SelfKey aims to help users achieve self-sovereignty using innovative products like the Soulbound NFTs. Soulbound NFTs are still a relatively new concept but can be pivotal for identity verification on Web3 and Metaverse platforms.
Community efforts and support is absolutely critical to the success of SelfKey. If you have any ideas, please head to idea.selfkey.org and vote on community ideas, or post your own.