The Metaverse is a new frontier for privacy, trust, and identification, a permanent virtual world that includes data, money, and profiles.
With the advent of the Metaverse, it’s more crucial than ever to have a portable and composable digital identity. One that protects privacy and security in the quickly evolving Web 3.0 environment. One that not only verifies your identity and access but also acts as a non-custodial cache for your virtual assets.
A New Paradigm for the Metaverse
Consider this. In the Metaverse, you may pick from an endless number of avatars.
It’s not at all like real life, where your face reveals a lot about you. Instead, you’ll need a more intangible way of establishing who is behind the façade.
This applies to both consumers and suppliers.
The stakes will be considerably more significant in this new digital universe than in present social media venues. Parents, for example, want to know about their kids are playing video games, whether it’s with other youngsters or at least aware if they are.
Why not purchase a virtual property? How can you be sure you’re not dealing with a shady character? Is it money laundering? Or possibly a counterfeiter’s NFT art?
In short, we need to verify that these entities are who they claim to be. Moreover, the Metaverse generates more personal data than ever. Consequently, users will want to know that their data is secure and entirely theirs.
New Models and Technologies
Luckily, Self-Sovereign ID already allows this (SSI). In addition to the trustworthy IDs, installing Zero-Knowledge Proofs and an underlying blockchain make SSI fully enforceable (ZKPs).
Essentially, ZPKs allow one party to check the accuracy of data from another without disclosing personal information. Decentralized Identifiers (DIDs) and encryption protocols allow for the creation of cross-platform SSIs.
Users will need to transact with the digital economy in any online world.
The ability to produce, acquire, and sell from virtually anywhere will be a key element of this new universe. With SSIs, you’ll always have the same consistent, portable identity, no matter where you are. No matter what you’re doing, or who you are.
Web 2.0 is a centralized monopoly of huge tech businesses gathering user data, whereas Web 3.0 flips that concept. Instead, the Metaverse will allow people to claim ownership of digital assets, including personal data and identity.
In the present Web 2 context, you can’t utilize your Google identity in an Apple AAPL 0.0 percent owned service. And vice versa. Users must create separate accounts for each platform they desire to use.
With SSIs and other legitimate company’s use of verified credentials and encrypted communication protocols, you may avoid these vulnerabilities entirely. This eliminates the need to enter personal information to access various areas and services repeatedly. This new paradigm requires confidence in the emerging Metaverse’s various worlds and their inhabitants. This is especially true for startups.
How the Metaverse Looks
The options are endless.
Online games, for example, will no longer be closed environments. An object obtained or manufactured in one planet may be transported to another or sold directly or indirectly off-platform.
You may buy from any merchant with a single click, yet you only need to submit your information once, and it’s completely confidential. You may even show that you have enough money to complete a transaction, like purchasing property, without exposing your balance.
It’s not only about opportunity; it’s about security. All present internet issues will inevitably migrate to the Metaverse, but with far higher stakes.
People wouldn’t believe that an accidental click may take your assets and virtual land on a malicious website. Neither would they believe it for a SIM switch assault.
The new system must be foolproof, such that you cannot even confirm the transaction if the other end is incorrect. It shouldn’t matter whether it’s due to deceit or user mistake.
An individual’s identity links to values such as crypto, in-game goods, and other NFTs. It will be easy to use for physical and digital services, such as Uber UBER +2.6 percent.
In addition, no one will tie it to a specific physical item like a phone. By just being who they are, a user’s biometric data will validate their identity on the blockchain. The data will provide them access to their assets. No one’s property or information is in danger by using any interface for the same goals.
This is good news for small businesses.
We’re talking about a future where your cloud vault is mobile. You will be linked to the Metaverse whether you are “in” it or not. There will undoubtedly be many more virtual solid world possibilities. But now there will be a concrete “link” to where we are today.