Identity and trust in the Web 3.0 era

Web 3.0 is the coming third-generation internet. Web 3.0 web sites and applications will be able to process information intelligently through technologies such as machine learning (ML) , big data, and decentralized ledger technology (DLT) . Web 3.0 was originally Tim Berners-lee as the “Semantic Web” by Tim Berners-lee, the inventor of the World Wide Web, with the goal of becoming a more autonomous, intelligent and open Internet.

The definition of Web 3.0 can be extended as follows: data will be interconnected in a decentralized manner, which is a huge leap forward in our current Internet age (Web 2.0) , where data is primarily stored in decentralized repositories. In addition, users and machines will be able to interact with the data. But to do this, the program needs to understand the information conceptually and contextually. With this in mind, the two cornerstones of Web 3.0 are the Semantic Web and artificial intelligence (AI) .

What is the point of Web 3.0?

Web 3.0 and cryptocurrencies run on so-called“Unlicensed” blockchains that have no centralized control and require no user trust. WEB3 uses a shared database whose information can be validated and added by anyone working on the block chain, creating reliability through redundancy.

Web 3.0 provides an internet version in which users have a financial interest and greater control over the online community to which they belong. Blockchain is the backbone of Web 3.0, and while it solves some problems, it also creates new ones. Elon Musk, one of Web3’s detractors, often calls the technology“Nonsense” in discussions.

Others argue that Web3 is not a force for democratizing the web, but a money-making tool for venture capitalists. Because even small but technologically advanced projects still need to find investors to continue to grow. This has raised concerns that, while they are no longer dependent on big companies, they will still not be independent.

Both WEB3 technology and tokens themselves require a great deal of technical knowledge, because the lack of such knowledge can be costly. It’s easy to be fooled by expensive investments in worthless products. Decentralized Networks also raise the question of how to protect them from cyber threats beyond national jurisdiction.

Thinking about trust and identity

Some people think of WEB3 as a secret world-no one can know our true legal identity, so it’s not easy for tech giants and governments to exploit. At the other end of web 3.0 is a completely trusted community that craves web 3, where everyone’s true legal identity is everywhere, so they are likely to be more reliable and accountable.

Finally, there is a grey area between these two“Purist” positions, which is preferred by those who support pseudonyms. Users can establish their identities and reputations online, generating a degree of trust, but their real identities are often hidden. Under the premise of illegal acts, law enforcement agencies may be the pseudonym and hidden behind the real person.

Web 3 is dynamic and dynamic enough to encompass these different perspectives and provide different environments. Web 3 can help solve many different problems. Disintermediation is an oft-cited benefit. Doing business outside the eyes and ears of governments and big tech companies is another welcome benefit. In addition, WEB3 eliminates the friction that can occur quickly or very slowly in complex operations.

WEB3 is more than just a cryptocurrency. It is a tool for eliminating friction and mediation. Users want strong digital identities to protect what is happening on web 3. In fact, large-scale adoption of web 3 will depend on reliable authentication. But without some accountability, digital ids and online authentication do not reassure them that they can be stolen from anywhere.

In order for the inevitable recognition to be the foundation of WEB3, there must be a continuous relationship between the physical identity of each party in real life and its digital identity on the web. Users will not be able to hide their true identity during the transaction. To build trust, such a connection can not be a one-off-in which case impersonating a natural person would be the easiest way to violate the integrity of digital identity on the web. An unbreakable connection makes it difficult for attackers to constantly deceive others because their history is public.

The pseudonym feature of WEB3

WEB3 is seen as potentially bridging the gap between an individual’s physical and digital identity through blockchain technology. Assume that everyone will have a“Decentralized identity” that includes both online and real-world legal versions. In this case, a person’s business activity on the internet will be“Linked”, that is, it will be public and easy to search through the individual wallet on the chain. The question is, how much of their true identity can be seen or obtained through investigation or subpoena?

At least in theory, if someone does something bad in this version of Web3, their nickname or online identity will have a negative history, and everyone will see unfulfilled promises. Their bad behavior will follow their online personality, but there is no obvious direct connection to the real-world bad actors.

Pseudonyms can come in many shades, as creative trade-offs between privacy and trust have emerged on the market. On Airbnb’s platforms, you might be dealing with scammers if you don’t have a clear picture of your partner or landlord. In Web3, we can accept people who make small transactions without their real identities, or because some trusted third-party organization“Vouches” for their honest behavior.

WEB3 has a huge opportunity to redefine what the future of digital identity looks like, but whatever privacy/trust balance is struck, the identity issue needs to be addressed. Web3 is likely to help cryptocurrencies take their place in our economic lives, just as WEB1 and Web2 helped PayPal. The combination of cryptocurrency, WEB3 and blockchain can also change the way we pay for almost everything and create many new ways of paying.

Perhaps one day, web 3 will be important to anyone with an internet connection, even if it doesn’t quite live up to the expectations of web 3 visionaries today. It may be too big for any kind of identification method to completely dominate. There will be areas of greater responsibility and areas of greater anonymity. Web 3 will be diverse.