NFTs or the metaverse might be what comes to mind first when we think about Web3. Web3 includes all these ideas, but additional features like credential data networks are also included. Credential data networks play an important role in Web3’s development.
Retire to Basics
Web2 allows users to post user-generated material on multiple channels. This is the present structure of internet. As opposed to the first version of the internet that was stagnant and limited to “read only”, the internet has moved to a structure which allows users to generate their own content as well as interact with it, such as one posting an image to their social profile, while other users like, comment and share the content.
Web3 could be the next phase in the evolution of the internet, with technology constantly changing. Often dubbed as “the future of the internet”, Web3 is a decentralised version of the web, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one space. Web3 allows users to read, write, and own a variety of web versions, which gives them financial control and financial stake in the online communities they are part. Web3’s credential networks, which live on Web3, are one of the most important and least understood aspects.
Wait! What Credentials are?
In technical IT terms, credentials refer to the verification of one’s identity online, similar to that of an ID card or passport, but on the web. However, this online identity does only pertain to one’s username and password, but rather the behavioural patterns that are specific to the user. “How much time does a user spend on a specific app before going onto the next?” and “Which features of the app do users use most?” could be common questions that organisations might ask when wanting to figure out how to optimise the user experience and create seamless apps.
Credential data for users are stored traditionally on the centralised servers of each website. For example, if a user creates an account on Meta (previously known as Facebook), their personal data (together with the data of all other users) will be stored on Facebook’s central server. Although this might not appear to be a problem at first, it is a serious concern. In 2021, 530 million Facebook users’ personal data will have been compromised.
Save the Day with Web3
With the high risk of credential data being breached in Web2 – it’s time for Web3 to save the day. The decentralised format of Web3 allows for data to be stored across a number of “scattered” ledgers, referred to as blockchain technology. By utilising blockchain technology for data storage – the possibility of one hacking and gaining access to this data is decreased significantly, with some believing it to be near impossible to crack. Web3 has a lower risk of data being compromised than other technologies. Additionally, the ownership of data is not in the control or hands central organizations like Meta and Google. This technology, which is based on credential data networks, allows users to control and own their own data.
Web3 Credential Data Networks: The Insiders
Project Galaxy, the most extensive Web3 credential database network worldwide, allows Web3 projects and developers to make use of credential information to create better products and communities. Through Project Galaxy’s open and collaborative infrastructure, data curators have the opportunity to be rewarded when their credentials are used in Project Galaxy’s multiple Application Modules including Credential Oracle Engine and Credential API.
Project Galaxy’s goal is to empower users with the ability to own their data and make money by curating digital credentials and adding to the data network. Their open, collaborative and accessible data network will make this possible.
But Wait, There’s More
The concept of credential data on Web3 seems to be making waves, with Ethereum co-founder Vitalik Buterin working on a new project known as “Decentralised Society: Finding Web3’s Soul”, where a fully decentralised society can be created through Soulbound NFTs or Tokens (SBT). These SBT’s are non-transferable forms of identity (in the form of tokens), which will allow individuals to verify their information and identity using blockchain technology. Information that will be verified through SBT’s includes a long list such as educational background, medical certificates and more.
Although the idea of SBT’s may seem to be far-fetched for now, Project Galaxy is already at the forefront of this concept. Already in use by over 500 partners, non-transferable credential based NFTs are already supported by Project Galaxy, which works on the exact same premise as SBT’s.
Are You Looking for Help?
The current internet state has not been able to grow and has also faced issues regarding the security of personal data. Web3 Credential Data Networks are bringing Web3’s potential to give people control over and ownership of their personal data. This new revolution in credential data security is centered on Project Galaxy and Soulbound NFTs/tokens. Credential data networks like these will make it possible to move to Web3 by giving users the ability to control and own their data in open, collaborative networks. This is the future of internet. Only time will tell…