The crypto markets are showing signs of a comeback. Reports suggest that the ETH 2.0 merger is around the corner. ETH 2.0. The merge would mark the transition of the world’s second-largest cryptocurrency from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network.
The transition phase of ETH 2.0, which began in late 2020, has taken its time to reach the point where we’re currently at. As a project built on ethereum Mainnet - this change could be massively important for SelfKey.
SelfKey is sharing the excitement of the broader crypto community. Starting with $KEY, an ERC-20 token, SelfKey has utilized the Ethereum network to develop and improve products that offer great value to the SelfKey community.
Soulbound NFTs, with its fundamental non-transferrable properties, could be the missing piece in the puzzle of decentralized identity management on Web3.
The SelfKey Metaproof platform, with its innovative vision, aims to utilize Soulbound NFTs for identity verification. Users of the platform would be able to use the Soulbound NFTs issued against their identity across Web3 platforms that support Metaproof without needing to verify their identity every time they use a different platform.
The Metaproof Platform that allows users to verify their digital identity for Web3 and Metaverse applications by utilizing the Soulbound NFTs will soon be available for closed beta testing for the SelfKey community. The non-transferrable properties of Soulbound NFTs would allow it to play a central role in decentralized identity management and verification on Web3.
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.
That's all for this month. Stay safe, and Thanks for reading.
You can read all the previous SelfKey progress reports here.
