Soulbound Journals - The New Paradigm of Identification and Verification in Web 3
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The future of Web3 development and tokenization will be built on being able to identify and verify counterparties, while at the same adhering to the precepts of decentralization and anonymity. It’s a challenging paradox for the biggest names in business – just ask Elon Musk!
Why is this and how did we get here? Fundamentally, the internet or Web 1.0 was built without an identity layer. It wasn’t needed, as everyone involved in its development was known and trusted. When social media and Web 2.0 came along, it allowed users to create their own identities – albeit provided by the big technology companies.
As Web3 and various blockchains are being built, the problem of identification remains: It’s still very difficult to know who, or perhaps what, you are connecting to. This puts huge limits on what we can do with this technology.
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