The Mapping Of Digital Currency Flow Using Self-service Business Intelligence Software – This article covers the basic concepts of decentralized identity, the evolution of Internet identity, a layer-by-layer overview of the Web 3 identity infrastructure, and related developments in early privacy issues. Proof of identity, compliance, and the application layer will be covered in a future article.
An identity is a public property consisting of data associated with a person, entity, or object. In the physical world, we store this data in our brains in the form of abstract reputations and mental associations. In the digital world, identity is formalized in 2 components:
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Creating an identity layer for the Internet is a difficult problem because there is no consensus on what it should be and how it should work. Digital identity is contextual, and we experience the Internet through many types of content that exist at least in different contexts. Today, much of our digital identity is fragmented and controlled by a few parties whose interests are to prevent others from spilling out of their context.
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This paradigm has created a balance of power between the individuals and parties that manage our identity and data. It limits our autonomy of consent, selectively reveals information about us, and contextualizes our identity for a consistent experience both online and offline.
Decentralized identity has been a collective effort long before the advent of crypto and Web 3. The main goal is to give individuals back autonomy over their identity without relying on central, monolithic gatekeepers. The misuse of consumer data and a lack of trust in large corporations have put decentralization at the heart of the next era of Internet identity.
Decentralized identifiers (DIDs) and authentication are the basic building blocks of decentralized identity. DIDs are issued and stored on Verifiable Data Registries (VDRs) that act as autonomous “namespaces” that are not centrally managed. In addition to blockchains, decentralized storage infrastructures and P2P networks can serve as VDRs.
Public Key Infrastructure (PKI), which unlike traditional web PKI, does not rely on centralized Certificate Authorities (CAs) as the root of trust.
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Data is written about identities as claims—the “claims” one identity makes about another (or itself). Claims are verified using PKI-enabled cryptographic signatures.
These features distinguish DID from other identifiers such as usernames (not verifiable), passports (not decentralized) and blockchain addresses (not permanent, limited solubility).
The World Wide Web Consortium (W3C) is an international community of organizations, staff, and the public that work together to develop Web standards. The W3C DID specification defines 4 main components:
Although Public Key Infrastructure (PKI) has been around for a long time, crypto has accelerated adoption through incentive mechanisms in token networks. What was once primarily used by privacy-conscious technologists is now a prerequisite for participation in the new economy. Users had to create wallets to independently protect their funds and interact with web3 applications. With the ICO boom, DeFi summer, NFT mania and the carrot of tokenized communities, more keys than ever are in the hands of consumers. With this came a dynamic ecosystem of products and services that make key management easier and more secure. Crypto is the perfect trojan horse for decentralized identity infrastructure and adoption.
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Let’s take the wallet as a starting point. While wallets are still primarily thought of in the context of asset management in a financial sense, tokenization and the chain’s history have given us a sense of interest (NFT collection), work (Every Honor, 101) and opinion (governance votes). to represent Losing private keys becomes like losing money and losing a passport or social media account. Crypto has blurred the line between who we own and who we are.
However, our online activity and assets provide a limited (and not privacy-preserving) view of who we are. Blockchains are just one layer of the decentralized identity stack. It helps answer other important questions such as:
The solutions to these questions have profound implications for what the Internet will look like for generations to come.
The following sections provide a layer-by-layer overview of the web3 identity stack. namely verifiable data registries, decentralized storage, data exchange and composition, wallets, authentication, authorization and authentication.
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The distributed and immutable nature of blockchains makes them suitable as verifiable data registries on which to issue DIDs. And indeed, there are W3C DID methods for various public blockchains such as:
Fractal is an identity assurance and authentication protocol designed for applications that require unique and varying levels of KYC’d users. After the liveness check and/or KYC is completed, a Fractal DID is issued to the corresponding Ethereum address and added to the corresponding list. Fractal’s DID registry is an Ethereum smart contract, whereby counterparties can look up Fractal DIDs and their authentication levels.
Kilt, Dock, and Sovrin are application-specific blockchains for autonomous identity. At the time of writing, they are primarily used by enterprises to issue identities and credentials to end users. To participate in the network, nodes need local tokens to process transactions such as issuing DIDs/credentials, defining credential schemes, and performing revocation updates.
Although general-purpose blockchains can also serve as a data source for immutable user data such as asset ownership and transaction history (such as for portfolio tracking and DeFi Score applications), they are potentially As such, most data users are unsuitable for written storage and regular updating of large amounts of information is an expensive process and compromises privacy because the data is visible by default.
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That being said, there are application-specific blockchains like Arweave* that are designed for persistent storage. Arweave pays block rewards and transaction fees to miners in exchange for copying information stored on the network. Miners are required to provide “proof of access” to add new blocks. Part of the fee is also paid to a perpetual endowment, which will be paid to miners in the future when storage costs are not covered by inflation and fees.
Ethereum and Arweave are examples of blockchain-based approaches to data persistence. On Ethereum, every full node must store the entire chain. On Arweave, all the data needed to process new blocks and new transactions is stored in the state of each block, allowing new participants to join the network by simply downloading the current block from its trusted peers.
Contractual persistence states that data cannot be replicated and stored permanently by each node. Instead, data is persisted through multi-node contracts that agree to keep a portion of the data for a specified period of time and must be renewed each time it expires to retain the data.
IPFS allows users to store and transmit verifiable content-addressed data in a peer-to-peer network. Users can maintain the data they need on their own IPFS nodes, take advantage of dedicated node pools, or use third-party “pinning” services such as Pinata, Infura, or web3.storage. Data exists in the network as long as a node stores it and can provide it when requested. On top of IPFS sit crypto-economic layers such as FileCoin and the Crest Network, designed to boost data storage for the network by creating a distributed marketplace for long-term data retention.
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For Personally Identifiable Information (PII), permissioned IPFS can be used to comply with the GDPR/CCPA right to be forgotten, as it will allow users to delete their data stored on the network. Identity Wallet Nuggets has taken this approach and refined it further by running dedicated merchant and partner nodes.
Other contract-based decentralized storage solutions include Sia and Storj, which encrypt and distribute individual files among multiple nodes across the network. Both use erasure coding to ensure data availability (requiring only a subset of storage nodes to serve files) even if some nodes are offline, and storage using local tokens. It has built-in incentive structures for
General-purpose blockchains, ARVO and IPFS guarantee immutability, which is a useful property for data like static NFT art and persistent records. However, our interactions with most applications today
Our data on an ongoing basis. Web3 protocols designed for mutable data were built to enable just that, using the underlying decentralized storage layer.
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Ceramic is a decentralized data mutation and composability protocol that works by taking immutable files from persistent data storage networks such as IPFS or ARVO and turning them into dynamic data structures. On Ceramic, these “data streams” are analogous to its own variable ledger. Private data can be stored off-chain with Ceramica’s schema index, linked to a DID datastore leading to external private storage.
When a user updates their profile in a ceramics-enabled application, the protocol validates those updates in a stream to change to a new state while tracking changes to the previous state. Each Ceramic update is verified with a DID that can be mapped to multiple addresses, allowing users to update their data without a server.
Today, web2 monoliths own an interface and a backend where they store and control user data. Google and Facebook use this data algorithmically to personalize our experience on their platforms, to further produce the data they collect. New apps have to start the onboarding process from scratch and cannot provide a personalized experience from the start, making the market less competitive.
Web3 democratizes data and levels the playing field for new products and services, creating an open environment.
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