In recent years, there has been a notable increase of awareness and interest towards private security and decentralized identity solutions. A decentralized identity, amongst other things, turns out to be a prerequisite for everyone to participate in Web 3.0 era as well as the first major asset that people need to acquire to enter the decentralized digital world. DREP DID has been upgrading to enhance security in Web 3.0 and at the same time protect user’s private security, realizing the integration of multiple networks in the Metaverse.
Why DID Matters in the Metaverse
DID, a potential game-changer in digital transactions, is expected to take crypto to the next level. In order to strengthen credit investment and promote the portraits of DeFi users, it is necessary to build credit database based on DeFi DID with their previous credit rights and credit premiums accumulated through historical transactions in record.
DREP DID is dedicated to integrating the existing identity information of each user as much as possible to create a digital identity that is not limited to any fragmented platform, and such a digital identity will eventually go beyond the cloud-based identity on Web 2.0 and cross-platform identity to achieve a comprehensive individual identity recognition system. DID has its significant edges over traditional identity systems:
· Proving the validity of information and identity
· Preventing fraud and identity theft
· Building on-chain reputation
The information aggregation of DID can not only bring the above-mentioned advantages, but also make the user’s digital identity richer and more dimensional, and can even derive a one-stop solution to obtain DID data from different blockchain networks, aggregating the identity data generated by users in different blockchains.
Blockchain Meets DID
In the Web 3.0 era, with the support of DID, users will have more control over their personal data and identity. Although blockchain is not a must for DID, the combination of these two uprising technologies will doubtlessly inject more vitality and strength into the Metaverse.
Users will no longer need to register accounts with information like phone numbers, ID numbers, etc. The use of DID means that their private data will not be stolen by centralized platforms, avoiding such harassment that customers often encounter with trading platforms.
Personal Data Ownership
Blockchain-based feature keeps user from being controlled by one single centralized authority, in this way, each user’s identity is run and managed by their own, without having to rely on the application platform.
Users are able to access and participate in blockchain projects using only one decentralized identity, which lowers the threshold for users to enter the blockchain world and brings about the best possible user experience. Regarded as the inevitable trend in the interconnected DeFi and NFT world, DID will bring absolute convenience to DApps in the Metaverse.
In recent months, there has been an unprecedented surge of interest in NFT, which has many potential use cases, but has gained popularity primarily through its use in the digital arts. By deploying a DID solution with NFT, buyers and sellers will be able to verify the creator or any specific digital artwork, as well as the collector.
This ensures that representative value will be transferred to the creator or seller. DIDs can also be implemented to help keep NFTs in the hands of the communities that support them, rather than scalpers who mint tokens for speculation, raising the price of tokens and making them nearly impossible to acquire for those without capital.
A DID protocol allows credit assessment systems to verify users’ score and background against data stored on the blockchain. This means that users can receive credit-based loans while still maintaining control of their identity. With DID, all parties have access to a decentralized financial system, not just head of the industry, which essentially makes the entire system more reliable and resilient. DID can facilitate giving users a self-sovereign credit score that they can use to access credit, borrow and invest.
Looking into the Future of DID
The more the lines are blurred between digital and physical life, the more our online identities will grow and evolve in complexity.
Based on previous experience and cooperation with Asian and Australian enterprises, DREP has made impressive breakthroughs in improving data security and data sharing, becoming a major force in DeFi. With DREP Credit acting as the cornerstone, DREP DID will create more possibilities for use cases in blockchain.
As an indispensable core component in the era of Web3.0, DID acts as the key infrastructure of the industry. From decentralized identity framework, data management application, to data exchange platform, DID can form a closed loop to enable users to have their own complete decentralized identity, master their own data, and effectively tap into the value of data, laying the foundation for more diversified application scenarios.
In the context of the Web 3.0 era coming closer and closer to us, DREP DID is starting to build a new network system in an innovative way based on personal identity. Let’s unfold a promising future with DREP DID together!