Information has been a delicate subject because the creation of the web. Varied challenges just like the misuse and improper administration of information have led many to seek for an answer, and a few consider that it might be present in Web3 by self-sovereign id (SSI).
Some tasks have launched SSI inside their protocols, together with the favored dog-themed token challenge, Shiba Inu (SHIB). The challenge’s pseudonymous lead developer Shytoshi Kusama has not too long ago unveiled plans to combine SSI into all Shiba tasks.
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— Shib (@Shibtoken) August 6, 2023
In an announcement despatched to Cointelegraph, Kusama described SSI as an idea emphasizing people’ management and possession over their private information. In line with the developer, it lets customers create, handle and share their id data with out centralized intermediaries. Kusama defined:
“Shib SSI depends on decentralized applied sciences, like Shibarium, to allow safe, personal, and verifiable id interactions, empowering people with better privateness and management over their on-line identities.”
In line with Kusama, Shiba Inu makes use of this know-how to empower its decentralized neighborhood. The developer mentioned the staff is wanting towards a future the place this tech is built-in into the complete Shibarium ecosystem.
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How SSI addresses Web2 information challenges
Web2 has at all times confronted varied challenges in information administration as a result of its centralized nature. In line with BNB Chain’s senior resolution architect Arno Bauer, SSI addresses these challenges and improves information administration.
By aligning Web3 rules of information possession and using applied sciences like zero-knowledge proofs and soulbound tokens, Bauer acknowledged that SSI allows a safer, personal and user-centric web. “Web2 id methods, being centralized, are vulnerable to challenges similar to potential information leakage and duplicated KYC storage,” he defined.
Bauer additionally instructed Cointelegraph that integrating SSI affords many potential advantages for Web3 tasks. This contains compliance with particular laws with out disclosing delicate Know Your Buyer (KYC) data and threat controls. Bauer defined:
“By enhancing id verification, SSI helps in avoiding scams and mitigating dangers like Distributed Denial of Service (DDoS) assaults, thereby rising the general safety of the platform.”
In the case of customers, Bauer believes that SSI can present privateness safety and information commercialization. As a result of customers have management over who has entry to their information, they will defend their privateness and keep away from information misuse. In the meantime, customers even have the potential to monetize their private information, “turning it into an asset quite than a legal responsibility.”
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