The Rise of On-chain DIDs and Verifiable Credentials
Imagine having your eternal universe, complete with your map engine and the 3D world with your sky, land block materials of your choice, NFTs, play2earn games from the shop, participating in a new level of connection and engagement with new metaverse-native experiences that do not or cannot exist in our reality with a protected identity on the blockchain. SocialKYC, is a decentralized identity protocol that allows self-sovereign identity and allows privacy solutions to cryptocurrency users integrated with KILT blockchain to provide sovereign identity to the Metaverse and the crypto economy.
Self-sovereign identification (SSI) is a digital identity method that allows people control over their online identities. In an encounter, SSI addresses the problem of creating trust. To be trusted, one party in a transaction will offer credentials to the other parties, and the relying parties will be able to verify that the credentials originated from a reputable source. The verifier’s confidence in the issuer is thereby passed to the credential holder.
To utilize SocialKYC, a user must first establish a KILT identity via Sporran, a B.T.E. BOTLabs - developed browser plugin for Firefox and Chrome that serves as a gateway to the KILT blockchain. Sporran is a KILT Coin and KILT Credential wallet that allows users to store several identities, establish on-chain DIDs (Decentralized Identifiers), and then add Verifiable Credentials to the DIDs.
Owners generate and manage unique IDs known as decentralized identifiers in an SSI system. The credentials are handled using crypto wallets and confirmed using public-key cryptography anchored on a distributed ledger in the majority of SSI systems.
Metaverse and Digital Identity
Digital identity will take center stage in the Metaverse, where users develop and become a digital version of themselves that can move and do things. Cryptographic trust instead of a humanistic Root of Trust is used in digital identification. As we’re working together in the real world, I can see you and know you; therefore, I have faith in your abilities. These critical elements aren’t present in the online environment. When it comes to the internet, “Nobody understands you’re a cat” is a popular trend. This is a virtual world where no one can be trusted at any moment in time. Your internet persona inspires me to think that you’re the person they claim to be. That raises the possibility of deception. The answer is to build confidence in digital cryptographic credentials that leverage the most advanced technology and protocols in the market today. In locations where people gather — such as chatrooms, social media, messaging applications, and everything else we do online — we may add safety, security, and privacy controls by using digital cryptographic credential enhancements.
Technology will advance at a pace unheard of in the previous 50 or even 100 years, thanks to the new possibilities offered by these new experiences and technologies. As in the actual world, knowing who you’re engaging with as a corporation or person will be critical in the Metaverse as it is in the physical world.
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