Identity and the Metaverse: Decentralized control
What will our identity look like in the Metaverse? A decentralized Web3 suggests it’ll be completely in our control, but growing amounts of information stored online suggest otherwise. “The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But with users’ identities at the heart of the Metaverse, coupled with....
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What is a decentralized identity, and why does it matter? In this guide, we break it down for you. Decentralized identity protocolsSeveral identity protocols, from crypto startups to big tech solutions, deal with decentralized identification, and each has its specifics and features.Though the decentralized identity technology is fairly new, initiatives and players in the decentralized identity space, software for implementing decentralized identity wallets and supporting services are plentiful. They range from the Hyperledger open-source developing community, through a range of....
Metaverse development is underway, but avatars with built-in utility will be key for digital identity. The Metaverse is poised to become tech’s next trillion-dollar opportunity, as an increasing number of companies are showing interest in immersive virtual spaces that will allow consumers to go beyond what’s possible in real life. This was highlighted in a recent report from CB Insights, which found that the Metaverse will disrupt at least 13 leading industries including fashion, retail, gaming, education and more. While notable, various metaverse environments are still underway. For....
Metaverse users can reinvent themselves with a digital identity built upon avatars and digital assets, but there are challenges to consider. The Metaverse has become one of the biggest buzzwords of the year as a number of brands, companies and even countries begin to explore virtual worlds to conduct business. Even though Metaverse development is still underway, a recent report from the technology research and advisory firm Technavio found that the Metaverse will hit a market share value of $50.37 billion by the year 2026. Another report predicts that the growth of the Metaverse will be....
A group of Bitcoiners explore why having decentralized identity may be just as important as decentralized money.
In recent weeks as Facebook announced it was rebranding to the name “Meta” it has sparked a renewed interest in metaverse cryptocurrency projects. Meta will be creating a VR (Virtual Reality) metaverse where people can socialise together on a more interactive scale than they previously could. There are other metaverse projects around and they are quite different from Meta. Here, the key difference is the use of blockchain. The Meta’s metaverse is expected to be controlled and maintained by themselves, which is unlike what is seen in the blockchain metaverse where the control of the project....