Your crypto wallet is the key to your Web3 identity

Digital identities have been a worrying topic since the dawn of the internet . Web2 bridges the gap between people’s offline lives, online identities, and creative and consumption habits, which has given way to a thoroughly integrated internet experience designed to be as personal and targeted as possible. As a new phase of virtual interaction and digital identity emerges—one more interconnected than Web2—we need to rethink personalization and ownership, looking at what works and what doesn’t in a Web2 world.

While there is no blueprint for the Web3 identity process, we can predict the trajectory that digital identities in the Metaverse will follow. This trajectory has been formed.

Your crypto wallet is the key to your Web3 identity

Everything you know, decentralized

As we all know, almost every aspect of the internet is ripe for decentralization. Chat and messaging services are private and encrypted, browsing is incognito, transactions take place between individual bank accounts (albeit mediated by intermediaries) – all signs that the system is user-controlled and serves individuals rather than groups .

Your crypto wallet is the key to your Web3 identity

The rise of the internet isn’t the first time we’ve seen this kind of progress. Radio began as a series of AM stations, gradually expanded to include FM, and then developed satellite capabilities that provided universal access to a variety of stations. Web3 and the identity capabilities within it are broadly related to satellite broadcasting. Thus, in the history of modern communication systems, arcs tend to be decentralized.

Your crypto wallet is the key to your Web3 identity

In this new space, one’s crypto wallet will be the key to establishing their presence in the Metaverse, from serving as the entry point to the game to helping them build a collection of non-fungible tokens (NFTs) to allowing them to conduct business. Crypto wallets will be connected to everything users are already doing on the internet, as well as all upcoming online activity.

The future of IDs (entities)

People accustomed to traditional markets may be confused, intimidated or even intimidated by the cryptocurrency-based ownership revolution. But what changes is the means (identity), not the end (identity).

The user’s crypto wallet will act as a key to access all of their land, real estate, NFTs and other virtual property. If they lose that key, they will have to wait until its period expires to renew it. That said, wallets are integral to everyone’s online identity, so a complete loss is unlikely, and some companies are actively developing solutions to deal with this loss.

Identity does not change on its own, but is tied to ownership. For example, crypto wallets will participate in the purchase of web domains. Third-party regulators such as the Internet Corporation for Assigned Names and Numbers (ICANN) will no longer affect users’ ability to purchase top-level domains (TLDs) or create subdomains from them, without requiring users to request permission to do so themselves. Ownership of the domain name becomes new permanent; even creating a subdomain from a previously owned TLD grants the user unlimited ownership of the subdomain.

All this is only possible with a crypto wallet. With our hype around the Metaverse and NFTs, Ethereum and other wallet addresses will be the main channel for accumulating virtual wealth.

But what about Web2?

All of this is not to say that Web2 will be completely or instantly obsolete. It’s not going away, but it’s blending into the Web3 space. For example, domain name ownership will be backward compatible with ICANN standards, meaning that individual owners will receive the same legitimacy of domain names they have acquired through ICANN in the past.

Your crypto wallet is the key to your Web3 identity

Services like PayPal are naturally here to stay: these accounts will eventually be connected to wallet addresses rather than email addresses. This shift is already taking place among mainstream financial platforms and retailers.

Lean and easy to access

Given the possibilities of crypto wallets, the future of domain name purchases and digital identities will combine a collective good mentality with individual ownership. It will revolutionize the way we identify online. To date, resolvers have required Domain Name Service (DNS) records for tracking URLs to IP addresses, but this resolution will occur natively in a fully implemented Web3 environment. In a similar fashion, many of the additional steps required in the Web2 ownership and identification process will become unnecessary.

These changes will ultimately result in immutable proofs of identity on the blockchain. Once a user has purchased a property, be it a domain name or an NFT, they will own it; no organization can take back or tamper with that ownership. The main goal is accessibility across Metaverses. We need to develop systems that promote viability, utility, and utility to create an internet that works for everyone.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/your-crypto-wallet-is-the-key-to-your-web3-identity/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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