In less than a decade, the Internet has completely changed our lives and given us access to such sophisticated services that it could have been mistaken for magic at other times.
The problem with the internet as it is now is that our online presence is controlled by a third party. We only exist as an identifier on many central systems where we have sent all our personal information (name, address, bank details, etc.), which monitors our every move and exposes us to our data being sold or leaked without knowledge. as well as very serious pirate threats. Finally, we lack control over our online identities.
The Web3 generation aims to reverse this trend by restoring power to users through the introduction of new technologies that enable data ownership and immutability.
Self-Sovereign Identities (SSIs) are at the heart of this transformation, which has the potential not only to define our future digital lives but also to reconnect the entire Internet.
Today, our online ID belongs to someone else
In “Self-Sovereign Identity”, Johannes Sedlmeir distinguishes between “identity” and “identity”, two terms that are often misunderstood. Certain outsiders identify us as citizens, community members, customers, and so on. on the web today. However, this is not “our identity”. These are unique identifiers.
When we visit a website or use a mobile application, we are asked or sometimes obliged to produce such an identity (which can then be used to log in later). Each of these credentials requires us to provide personal information and consent to extensive monitoring. We get something in return: free access to desirable services. However, what does it cost? What information does each provider have about us? Do we realize that every message we send, every material we produce, and every movement we make is recorded and processed? How many of these agencies have copies of our financial information and / or credentials?
The vast majority of us are ignorant and would be shocked if we were fully educated.
Our personal information and, consequently, our IDs no longer belong to us on the internet, as everything we do is through IDs, behind which central databases store all our data. Unfortunately, we only exist through these certificates issued by companies and governments. We could look at the choices of these parties. Each of these central databases is a deceptive target for hackers, which has led to an increase in identity theft. Theft, for example, has already affected a third of US customers. In 2020 alone, the FTC processed 2.2 million complaints about child theft, while 15 million Americans fall victim to personal theft annually.
Changing the balance of power of the website with independent identifiers
Self-Sovereign Identities changes the game because it has the ability to fix the faulty structure of the Internet by putting the user first.
See examples to show how SSI works. Suppose I want to buy alcohol. In the United States, I would have to submit documents stating that I was over 21 years old. In reality, this would be a simple matter: I would provide the trader with a government-issued ID. The government was not notified and neither my name nor a copy of my ID was withheld from the merchant.
Comparable transactions, however, are impossible on the modern Internet: an electronic retailer would have to contact a state-run central identification platform to obtain the necessary verification. As a result, the government would know about my alcohol purchases and the online retailer would almost certainly keep my personal information (name, ID number, etc.) along with the business information. Do we want these companies to know everything about us when all they needed to know was that we were over 21 years old? In addition, many governments do not offer digital identification services, which exacerbates the problem.
The user, wearing an identification wallet, is now at the helm thanks to SSI. This authentication wallet receives digital authentication from government systems, commonly known as the user authentication certificate. This is comparable to having a government-issued ID. This wallet could now provide an electronic wine retailer with a so-called ID that simply indicates that the consumer is over 21 years old. This presentation of certificates is based on and refers to an official certificate.
SII solves all the major problems by putting the user first:
Online sales are in full compliance with the law: The credentials have the same credibility as the original official credentials.
As the verification was based on credentials provided by the user’s wallet, the government is not aware that their credentials were used to complete this transaction.
The user only provides the necessary information (whether they are over 21 years old or not) and nothing more.
Unlike current IDs, SSI transfers control from outside providers to individuals who become the actual owners of their IDs. Because they may be delivered as credentials with the same level of security as the original credentials, service providers no longer need to store sensitive personal information such as government-issued credentials with SSI.
DANGER PLAY FOR SELF-SELECTION
They encourage any effort to realize a self-fulfilling self-image.
They are currently the leading Web3 platform in the world, enabling you to protect and manage your cryptocurrencies, NFTs and Web3 values. Soon we will also be protecting self-identified IDs and creating a new web experience based on trust, ownership and privacy.
Ledger has recently joined Project Verite, a distributed identity alliance that gives people and businesses a full choice of how, when and where their personal information is released when trading in the cryptocurrency market. Through their collaboration, they want to contribute to the creation of common standards, which they believe are essential for the international expansion of a new digital authentication service.
In addition, they have recently launched a comprehensive policy proposal entitled “How can Europe lead innovation and win Web3? They believe that scalable SSI solutions should play an important role in allowing the EU to take advantage of the Web3 revolution.
The current EU system of central certification and processing of identities is vulnerable to attacks and shortcomings. Large honeycombs with important information stored in a single failure point design make hackers happy. Instead of concentrating data and resources on inadequate government AML systems, the European Union should aim to empower individuals. Self-sovereign identity is the idea that individuals should keep their digital credentials in the same place as their physical credentials – in their wallets. This technology tends to improve financial freedom while minimizing financial crime. Europe should take and invest in it.
We use SSI to build the internet we all crave, where we regain control of our digital identity and experience true autonomy.
Mail Bonus – #Ledger #worlds #Web3 #platform #controlling #cryptographic #NFT #Web3 #values