February 9, 2023

The very first thing that involves thoughts when pondering of Web3 may be the likes of NFTs, the metaverse or blockchain know-how. Though all of those ideas do fall beneath the umbrella that’s Web3, extra options equivalent to credential information networks additionally match into the image, which play an integral half within the development of Web3.

Again to Fundamentals

The present construction of the web (as we all know it immediately), typically labelled as Web2, permits for user-generated content material to be posted on a variety of totally different channels. Versus the primary model of the web that was stagnant and restricted to “learn solely”, the web has moved to a construction which permits customers to generate their very own content material in addition to work together with it, equivalent to one posting a picture to their social profile, whereas different customers like, remark and share the content material.

With know-how ever altering at fast speeds, Web3 is believed to be the subsequent step within the transition of the online. Typically dubbed as “the way forward for the web”, Web3 is a decentralised model of the online, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one house. With this being stated, Web3 presents a magnitude of internet variations which may be learn, written or owned, permitting customers to have monetary stake and management over on-line communities that they belong to. One of many largest and probably most disregarded elements that differentiate Web3 from Web2, is the credential information networks that reside on Web3.

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Wait, What are Credentials?

In technical IT phrases, credentials confer with the verification of 1’s identification on-line, much like that of an ID card or passport, however on the net. Nevertheless, this on-line identification does solely pertain to at least one’s username and password, however moderately the behavioural patterns which can be particular to the consumer. “How a lot time does a consumer spend on a selected app earlier than going onto the subsequent?” and “Which options of the app do customers use most?” might be frequent questions that organisations may ask when wanting to determine easy methods to optimise the consumer expertise and create seamless apps.

Historically talking, credential information of customers is saved on a centralised server of the web site in query. For instance, if a consumer creates an account on Meta (beforehand often known as Fb), their private information (along with the information of all different customers)  can be saved on Fb’s central server. At first look, this may increasingly not appear to be a problem, nevertheless, the danger of non-public information being breached is extraordinarily excessive, with 2021 seeing 530 million Fb customers private information being breached.

Web3 To Save The Day

With the excessive threat of credential information being breached in Web2 – it’s time for Web3 to avoid wasting the day. The decentralised format of Web3 permits for information to be saved throughout a variety of “scattered” ledgers, known as blockchain know-how. By utilising blockchain know-how for information storage – the potential for one hacking and getting access to this information is decreased considerably, with some believing it to be close to unimaginable to crack. Not solely is the potential for information to be compromised a lot decrease in Web3, however the information possession is now not within the fingers of central organisations equivalent to Meta or Google. This new age know-how permits customers to personal and management their very own information, because of the facility of credential information networks.

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The Ins and Outs of Web3 Credential Knowledge Networks

The most important Web3 credential information community on this planet, Undertaking Galaxy, permits Web3 builders and initiatives to leverage credential information with a purpose to assist them construct higher merchandise and communities. By way of Undertaking Galaxy’s open and collaborative infrastructure, information curators have the chance to be rewarded when their credentials are utilized in Undertaking Galaxy’s a number of Software Modules together with Credential Oracle Engine and Credential API.

The purpose of Undertaking Galaxy is to permit customers to take possession of their very own information, having the chance to monetise by way of curating digital credentials, and contributing to the information community. This ecosystem can be made potential by way of their open and collaborative information community that’s accessible to all Web3 builders.

However Wait, There’s Extra

The idea of credential information on Web3 appears to be making waves, with Ethereum co-founder Vitalik Buterin engaged on a brand new venture often known as “Decentralised Society: Discovering Web3’s Soul”, the place a completely decentralised society may be created by way of Soulbound NFTs or Tokens (SBT). These SBT’s are non-transferable types of identification (within the type of tokens), which is able to permit people to confirm their info and identification utilizing blockchain know-how. Data that can be verified by way of SBT’s features a lengthy listing equivalent to instructional background, medical certificates and extra.

Though the concept of SBT’s might appear to be far-fetched for now, Undertaking Galaxy is already on the forefront of this idea. Already in use by over 500 companions, non-transferable credential based mostly NFTs are already supported by Undertaking Galaxy, which works on the very same premise as SBT’s.

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The place To From Right here?

Up till now, the present state of the web has been not solely stagnant but additionally has seen points regarding the protection of customers private information. The probabilities of Web3 giving folks the facility to regulate and personal their private information is trying to change into a actuality by way of Web3 credential information networks. Undertaking Galaxy and the idea of Soulbound NFTs/tokens are taking centre stage on this new revolution of credential information security.  Will credential information networks equivalent to make the transfer to Web3 potential, by giving customers the empowerment to personal and management their very own information on open, collaborative networks? Is that this the way forward for the web? Solely time will inform…