Decentralization of Identity

Server Centric Identity Systems

User-Centric Identity - DID

“Blockchain networks currently only offer a minimum set of identity attributes that are not sufficient for many socio-economic interactions over the Web. However, if set up correctly, the ledger can offer critical components for a user-centric and privacy-preserving identity management system, providing less friction and lower costs for everyone involved. Decentralized Identifiers (DIDs) in combination with distributed ledgers allow for a more sophisticated identity-management-systems.” — Token Economy.

Self-Sovereign Identity

“The attractiveness of Web 3.0 is that it is decentralized, meaning that rather than consumers accessing the Internet through services mediated by companies like Google, Apple, or Facebook, individuals themselves own and govern sections of the Internet. Web 3.0 doesn’t require “permission,” which means that central authorities don’t get to decide who gets to access what services, nor does it require “trust,” meaning that an intermediary isn’t necessary for virtual transactions to occur between two or more parties. Because these agencies and intermediaries are collecting most of the data, Web 3.0 technically protects users’ privacy better.”




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