The crypto markets, in general, were steady throughout October. Although, an alarming report regarding hacks reveals that the space has to evolve further to safeguard the interests of its users. A Coindesk report that compiles all the DeFi hacks that have happened in October puts the month as the worst month in terms of crypto hacks.
A decentralized identity verification system could minimize hacks in DeFi protocols where a verification mechanism is seldom used. An ideal decentralized verification system will allow users to verify their identity attributes, and even in case of an actual hack, it will be easier to spot the culprits.
The latest development updates from SelfKey have the potential to mark the beginning of a new era in decentralized identity verification and management.
Products from SelfKey like the SelfKey identity wallet, along with the products from LOCK DAO like Metaproof Platform and Living Avatar NFTs, have the potential to redefine the decentralized identity ecosystem by allowing users to have more control over their identity and personal data.
The centralized identity verification systems of the past will be replaced by the more user-centric decentralized identity verification systems developed by projects like SelfKey.
The decentralized identity verification ecosystem, with SelfKey at its core, will help Web3 and Metaverse users to verify and utilize their identities across platforms.
SelfKey desktop and mobile wallets allow users to store and transact their tokens and also allow its users to utilize their identity for a variety of financial and business services through the SelfKey Marketplace.
The SelfKey mobile wallet received an update last month, primarily for bug fixes and some performance enhancements.
Users can download the SelfKey identity wallet of their choice from here.
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