In order to create an open financial system for the world, we need to make sure that everyone can use web3. This means building an easy-to-use, forgiving, trustworthy identity experience that combines the best of both web2 and web3. Our first step is to make it easy for anyone to get a free web3 (ENS) username, but there is more work to be done.
If you’ve used cryptocurrencies, you’ve probably experienced
Anxiety when sending tokens or NFTs to 42-character addresses like 0x2133a64a3bE8B64827B26B08e166d0b478bd09D3. To make this easier, we have partnered with the Ethereum Domain Name Service (ENS) to allow users to claim the username “name.cb.id” using the Coinbase Wallet browser extension.
In order to create an open financial system for the world, we need to make sure that people from all walks of life can use web3. Promoting the adoption of human-readable username standards is a key part of making web3 friendly for everyone. With this feature, anyone can now claim a free web3 username “name.cb.id” for sending and receiving cryptocurrency (instead of using a 42-character address), interacting with others, and using it as their The foundation of web3 identity.
While this is an important milestone, your username is only part of your online identity. There are other identity-related gaps that need to be filled before web3 can be used by billions of people. While web3 has a bright future, it is often not easy to use and lacks a viable way to communicate and assess trust and legitimacy. To fill these gaps, we need to combine the convenience of web2 with the privacy, security, and control of web3.
What is identity? Why is it important?
When you create an account or log in to a product, you are using your identity to gain access. Identity is how products and platforms represent people, manage access and authorization, and assess trust. Identity has three core parts:
1. Representation: how you are represented as a user (eg, your username and profile).
2. Access: Prove that you are the owner of the identity (eg, log in) to gain access to the product.
3. Authorization: Determine what you can access based on who you are.
In today’s web3, your identity is represented by a wallet address or username like nick.eth, nick.cb.id. You can access web3 by using the mnemonic to configure the wallet or restore access to the wallet. Specific tokens or NFTs can grant you access to exclusive communities, merchandise offerings, and more.
Doesn’t web2 already solve this problem?
Web2 has invested heavily in developing easy-to-use identity products. But the flaws of web2 identity are starting to show: the need to manage multiple accounts and passwords; having to fend off a steady stream of spam; a lack of privacy, security, and control.
Many of us give up privacy, security, and control for convenience. Only when we are affected by a data breach, organizational overreach, or loss of access do we realize the downsides of web2. But in today’s world, these events are becoming inevitable.
What does web3 need to thrive?
The basic customer needs of web2 and web3 identities are the same, the difference is how they meet those needs. Web2 is centralized, offering convenience and flexibility at the expense of privacy, security, and control. Web3 is trustless and decentralized, but it has usability flaws. For web3 to thrive, we need to combine the best of both worlds (flexibility and usability without sacrificing privacy, security or control) and create an experience like this:
- Ease of use: It needs to make it easy for every user to transact and interact with others through a human-readable username, not a daunting 42-character address.
- Tolerance: Every user needs to be safe, and they need a way to restore access without relying on safe storage of sensitive mnemonics – in which case a single mistake could cost someone their livelihood.
- Trustworthy: People need to be able to know if the person or app they interact with is trustworthy, and apps and users need tools to demonstrate trust to others.
Facilitating the development of web3 identity
Web3 has the opportunity to address many of the shortcomings of web2. With encryption, you control the keys to your identity and your security is in your own hands. But let’s be real: web3 is intimidating right now. So what does our web3 community need to build so that everyone can enjoy the benefits of web3?
We need to make it easy to define and manage portable, interoperable, human-readable usernames on rich, customizable public identities (from anonymous to fully public). Users should be able to maintain multiple identities in different environments (eg one for work and one for gaming).
Tools to keep users safe and make them feel safe
Today, web3 violates one of the fundamental laws of security because our identities are vulnerable to a single point of failure: mnemonic phrases. Compromised apps, devices, or social engineering attacks can all lead to identity theft. Multi-factor authentication (MFA) is a classic example of web2, while web3 will require an equivalent solution that protects every user.
How to recover when something goes wrong
We’ve all forgotten our passwords at some point, and we shouldn’t expect mnemonics to be any different. We can’t scale an ecosystem where losing a mnemonic will cost someone a livelihood – the user needs a way to regain access. Products such as social restoration or multi-party computing (MPC) technologies are creating more forgiving experiences and enabling wider adoption of web3 applications.
Methods of trust and proof of legitimacy
A passport is valid because the government attests to its legitimacy. The utility of web3 identities will also depend on the proof of the legitimacy of the identity by trusted parties. Users will need methods to collect, manage and communicate “proofs” that verify their credentials and legitimacy. Applications will need a way to issue and verify the legitimacy of user identities and credentials.
Interoperability across web2 and web3
Over time, the concepts of “web2” and “web3” will blur, and late adopters will not see a clear distinction between the two. They expect seamless access to “web2” and “web3” from one identity and one set of credentials, and we need to implement that experience. Similarly, we need to provide users with a chain-agnostic identity that they can use everywhere in web3.
Building a web3 identity layer
Building a strong web3 identity layer requires deep research by teams that can build and iterate quickly. This often means building and improving locally before scaling globally (and in a decentralized way). Organizations like Coinbase need to embrace this long-term vision from the start: open source, open standards, and working closely with the wider web3 ecosystem.
Most importantly, we cannot ignore the core promise of web3 identity. We need to build in a way that prioritizes user privacy, security, and control, while making it easy to use, forgiving, and trustworthy.
Coinbase has already started this journey with organizations like ENS and Verite to provide everyone with a free web3 identity (cb.id), and we will continue to expand our identity service. PLEASE NOTE: This is just the beginning of an exciting new chapter for identity and web3 for Coinbase and the entire web3 community.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/what-is-required-for-web3-identity-how-to-facilitate-the-development-of-web3-identity/
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