Decentralized digital identities and credentials are key to mass Web3 adoption

cointelegraph.com:

As the world of Web3 emerges, so too does an exciting opportunity to emphasize the importance of trust and security in a digital world. Digital identity and credentials play a significant role in helping users manage their IDs and control their personal information securely.

Digital identifiers can include national ID information, personal emails, phone numbers, cryptocurrency addresses, Discord accounts, bank logins and anything else related to a person and their identity.

Digital IDs have been around for a while and have had a major impact in Web2, but their role will significantly increase with the mass adoption of Web3 applications.

In Web2, usernames and passwords have become ubiquitous, with almost every online service relying on them as access credentials. However, this approach has resulted in numerous security issues, such as storing data on private servers beyond user control that may have inadequate security measures. Consequently, individuals have limited control over their data and can only hope their information remains safe.

One might think that tech giants are more careful with user data, given their financial and technological resources, but the reality is different. In 2021, a user of a low-level hacking forum posted the personal data of more than 500 million Facebook users, including their full names, locations, phone numbers, email addresses and biographical information. This is the personal data of about 6.3% of the world’s population leaked by individuals who are hacking for fun.

The emergence of Web3 and the Metaverse presents an opportunity to change how we approach personal data. With the advent of decentralized identities (DIDs), web users can have complete visibility and control over their data. In