The very first thing that enters your mind when believing of Web3 may be the likes of NFTs, the metaverse or blockchain innovation. Although all of these principles do fall under the umbrella that is Web3, extra functions such as credential data networks likewise suit the photo, which play an important part in the development of Web3.
Back to Basics
The present structure of the web (as we understand it today), typically identified as Web2, enables user-generated material to be published on a number of various channels. As opposed to the very first variation of the web that was stagnant and restricted to “read only”, the web has actually transferred to a structure which enables users to produce their own material in addition to interact with it, such as one publishing an image to their social profile, while other users like, remark and share the material.
With innovation ever altering at fast speeds, Web3 is thought to be the next action in the shift of the web. Often called as “the future of the internet”, Web3 is a decentralised variation of the web, which incorporates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one area. With this being stated, Web3 deals a magnitude of web variations which can be checked out, composed or owned, enabling users to have monetary stake and control over online neighborhoods that they come from. One of the biggest and perhaps most ignored elements that separate Web3 from Web2, is the credential data networks that survive on Web3.
Wait, What are Credentials?
In technical IT terms, qualifications describe the confirmation of one’s identity online, comparable to that of an ID card or passport, however online. However, this online identity does just relate to one’s username and password, however rather the behavioural patterns that specify 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?” might be typical concerns that organisations may ask when wishing to find out how to optimise the user experience and develop smooth apps.
Traditionally speaking, credential data of users is kept on a centralised server of the site in concern. For example, if a user produces an account on Meta (formerly referred to as Facebook), their individual data (together with the data of all other users) will be kept on Facebook’s main server. At initially glimpse, this might not look like a problem, nevertheless, the danger of individual data being breached is incredibly high, with 2021 seeing 530 million Facebook users individual data being breached.
Web3 To Save The Day
With the high danger of credential data being breached in Web2 – it’s time for Web3 to conserve the day. The decentralised format of Web3 enables data to be kept throughout a number of “scattered” journals, described as blockchain innovation. By using blockchain innovation for data storage – the possibility of one hacking and getting to this data is reduced substantially, with some thinking it to be near difficult to break. Not just is the capacity for data to be jeopardized much lower in Web3, however the data ownership is no longer in the hands of main organisations such as Meta or Google. This new age innovation enables users to own and manage their own data, thanks to the power of credential data networks.
The Ins and Outs of Web3 Credential Data Networks
The biggest Web3 credential data network in the world, Project Galaxy, enables Web3 designers and jobs to take advantage of credential data in order to assist them develop much better items and neighborhoods. Through Project Galaxy’s open and collective facilities, data managers have the chance to be rewarded when their qualifications are utilized in Project Galaxy’s several Application Modules consisting of Credential Oracle Engine and Credential API.
The objective of Project Galaxy is to permit users to take ownership of their own data, having the possibility to monetise through curating digital qualifications, and adding to the data network. This community will be enabled through their open and collective data network that is available to all Web3 designers.
But Wait, There’s More
The idea of credential data on Web3 appears to be making waves, with Ethereum co-founder Vitalik Buterin dealing with a new task referred to as “Decentralised Society: Finding Web3’s Soul”, where a completely decentralised society can be developed through Soulbound NFTs or Tokens (SBT). These SBT’s are non-transferable types of identity (in the type of tokens), which will permit people to confirm their info and identity utilizing blockchain innovation. Information that will be validated through SBT’s consists of a long list such as academic background, medical certificates and more.
Although the concept of SBT’s might appear to be improbable in the meantime, Project Galaxy is currently at the leading edge of this idea. Already in usage by over 500 partners, non-transferable credential based NFTs are currently supported by Project Galaxy, which deals with the precise very same facility as SBT’s.
Where To From Here?
Up previously, the present state of the web has actually been not just stagnant however likewise has actually seen problems connecting to the security of users individual data. The possibilities of Web3 providing individuals the power to control and own their individual data is wanting to end up being a truth through Web3 credential data networks. Project Galaxy and the idea of Soulbound NFTs/tokens are taking centre phase in this new transformation of credential data security. Will credential data networks such as make the relocate to Web3 possible, by providing users the empowerment to own and manage their own data on open, collective networks? Is this the future of the web? Only time will inform…
