SelfKey Progress Report for August 2022

As we move towards the latter part of another year there are several exciting news both from the crypto industry and for SelfKey. Read all about it in the August 2022 edition of the SelfKey progress report.
05 Sep 2022

Crypto Market Updates

ETH 2.0 and the merger is still the biggest buzz around the industry. The date of the merge is tentatively scheduled on Sep 19th.

The preparation for the transition of Ethereum from a Proof-Of-Work(POW) network to a Proof-Of-Stake network began in late 2020 and the network upgrade scheduled on Sep 19th will be the culmination of this, after which ETH and all Ethereum based network assets like SelfKey will run on a Proof-Of-Stake network.

The merge and the subsequent effects it has on the industry is to be seen in the coming days.

SelfKey Development Updates

Advanced bots that could replicate basic human traits could be the biggest challenge that Web3 and the Metaverse platforms will have to tackle in the coming years.

Recently, we saw Elon Musk backing out of a deal to buy Twitter – a move he primarily justified by citing that at least 10% of monetizable accounts on the social media platform are bots or spam accounts. With the inevitable advent of the Web3 and the Metaverse platforms the number of bots in use are expected to increase even more.

Internet history has shown that humans often cannot successfully compete with bots, as they are constantly active and evolving. Although this doesn’t mean that bots are essentially a bad technological advancement. In fact, in most cases, it’s quite the opposite: bots are and will play a more active part in our digital life, performing countless functions that most humans would either be incapable or unwilling to perform. What matters is like any other technological advancements, how some bad actors use bots to exploit systems.

Therefore, trying to ban or sideline bots is not a solution. The solution is to distinguish bots from humans so that humans can do human stuff and bots can do bot stuff. And this will require more sophisticated methods than a simple captcha filter asking users to click on random images.

The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!

A decentralized identity platform like the Metaproof Platform, which is owned by its users, which would be running and evolving by active user participation, could effectively filter bots from humans through identity verifications. 

A user who is verified through the Metaproof Platform is issued a credential that will be stored in their Web3 wallet (like the SelfKey Wallet). This user could connect to a Web3 platform using the same wallet, and the Web3 platform could verify that the user is human using the Metaproof credential. This can effectively filter out bots from connecting to the platforms.

Fundamentally all the Web3 and Metaverse platforms would share value among all its contributors, including content creators and audience. However, bots that could replicate human behavior and create spam contents could eat into this value generated by these platforms. Therefore, creating a defense against these bots is not a choice but a necessity.

Fresh Content

All Data Breaches in 2019 – 2022 – An Alarming Timeline

Data breaches continue to grab headlines - the latest entrants into the list are social media giant - Twitter and one of the leading mobile manufacturing companies, Samsung. These megacorps continue to care less about the personal data of their users and customers. Read more about the most alarming data breaches incident during the past 3-4 years and how SelfKey can offer protection against data breaches.

Read the article here.

That's all for this month. Stay safe, and Thanks for reading.

You can read all the previous SelfKey progress reports here.

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