• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

How Web3 Will Aid in a New Era of Credential Data Ownership and User Empowerment

NewsBTC by NewsBTC
7 months ago
in Company News
Reading Time: 4 mins read
Advertisement

The first thing that comes to mind when thinking of Web3 might be the likes of NFTs, the metaverse or blockchain technology. Although all of these concepts do fall under the umbrella that is Web3, additional features such as credential data networks also fit into the picture, which play an integral part in the progression of Web3.

Back to Basics

The current structure of the internet (as we know it today), often labelled as Web2, allows for user-generated content to be posted on a number of different channels. As opposed to the first version of the internet that was stagnant and limited to “read only”, the internet has moved to a structure which allows users to generate their own content as well as interact with it, such as one posting an image to their social profile, while other users like, comment and share the content.

With technology ever changing at rapid speeds, Web3 is believed to be the next step in the transition of the web. Often dubbed as “the future of the internet”, Web3 is a decentralised version of the web, which integrates the likes of cryptocurrencies, NFT’s, DAOs, and decentralised finance into one space. With this being said, Web3 offers a magnitude of web versions which can be read, written or owned, allowing users to have financial stake and control over online communities that they belong to. One of the largest and possibly most disregarded aspects that differentiate Web3 from Web2, is the credential data networks that live on Web3.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Wait, What are Credentials?

In technical IT terms, credentials refer to the verification of one’s identity online, similar to that of an ID card or passport, but on the web. However, this online identity does only pertain to one’s username and password, but rather the behavioural patterns that are specific to the user. “How much time does a user spend on a specific app before going onto the next?” and “Which features of the app do users use most?” could be common questions that organisations might ask when wanting to figure out how to optimise the user experience and create seamless apps.

Traditionally speaking, credential data of users is stored on a centralised server of the website in question. For example, if a user creates an account on Meta (previously known as Facebook), their personal data (together with the data of all other users)  will be stored on Facebook’s central server. At first glance, this may not seem like an issue, however, the risk of personal data being breached is extremely high, with 2021 seeing 530 million Facebook users personal data being breached.

Web3 To Save The Day

With the high risk of credential data being breached in Web2 – it’s time for Web3 to save the day. The decentralised format of Web3 allows for data to be stored across a number of “scattered” ledgers, referred to as blockchain technology. By utilising blockchain technology for data storage – the possibility of one hacking and gaining access to this data is decreased significantly, with some believing it to be near impossible to crack. Not only is the potential for data to be compromised much lower in Web3, but the data ownership is no longer in the hands of central organisations such as Meta or Google. This new age technology allows users to own and control their own data, thanks to the power of credential data networks.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The Ins and Outs of Web3 Credential Data Networks

The largest Web3 credential data network in the world, Project Galaxy, allows Web3 developers and projects to leverage credential data in order to help them build better products and communities. Through Project Galaxy’s open and collaborative infrastructure, data curators have the opportunity to be rewarded when their credentials are used in Project Galaxy’s multiple Application Modules including Credential Oracle Engine and Credential API.

The aim of Project Galaxy is to allow users to take ownership of their own data, having the possibility to monetise through curating digital credentials, and contributing to the data network. This ecosystem will be made possible through their open and collaborative data network that is accessible to all Web3 developers.

But Wait, There’s More

The concept of credential data on Web3 seems to be making waves, with Ethereum co-founder Vitalik Buterin working on a new project known as “Decentralised Society: Finding Web3’s Soul”, where a fully decentralised society can be created through Soulbound NFTs or Tokens (SBT). These SBT’s are non-transferable forms of identity (in the form of tokens), which will allow individuals to verify their information and identity using blockchain technology. Information that will be verified through SBT’s includes a long list such as educational background, medical certificates and more.

Although the idea of SBT’s may seem to be far-fetched for now, Project Galaxy is already at the forefront of this concept. Already in use by over 500 partners, non-transferable credential based NFTs are already supported by Project Galaxy, which works on the exact same premise as SBT’s.

Where To From Here?

Up until now, the current state of the internet has been not only stagnant but also has seen issues relating to the safety of users personal data. The possibilities of Web3 giving people the power to control and own their personal data is looking to become a reality through Web3 credential data networks. Project Galaxy and the concept of Soulbound NFTs/tokens are taking centre stage in this new revolution of credential data safety.  Will credential data networks such as make the move to Web3 possible, by giving users the empowerment to own and control their own data on open, collaborative networks? Is this the future of the internet? Only time will tell…

Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
NewsBTC

NewsBTC

Related Posts

7 Crypto Predictions for 2023

7 Crypto Predictions for 2023

23 hours ago
DeFi

Could LSD Fiends Power the Next DeFi Gold Rush?

2 days ago
With Interest Rate Hikes Slowing Pace, Which Cryptos are Worth Buying? BTC, ETH, AXS, & MEMAG

With Interest Rate Hikes Slowing Pace, Which Cryptos are Worth Buying? BTC, ETH, AXS, & MEMAG

2 days ago
Blockchain Evolution: How Savannah is Powering the Web3 Growth in Africa

Blockchain Evolution: How Savannah is Powering the Web3 Growth in Africa

3 days ago
Meta Masters Guild Hits $1M in Pre-sale: Learn All About This Web3 Mobile Gaming Guild

Meta Masters Guild Hits $1M in Pre-sale: Learn All About This Web3 Mobile Gaming Guild

3 days ago
TEZRO – Innovative Payment Solution

TEZRO – Innovative Payment Solution

4 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Solana (SOL) and LEO Token (LEO) Witness Steep Decline; Flasko (FLSK) Looking To Help Investors Recover Loss

January 26, 2023

BudBlockz (BLUNT) Emerges as a Haven as Bitcoin Cash (BCH) and Stellar (XLM) Struggle to Grow

January 26, 2023

The Top Picks for a Bear Market: Hedera (HBAR), Toncoin (TON), and Orbeon Protocol (ORBN)

January 26, 2023

STEPN (GMT) gains 21% as GameFi, and NFT Industries Suddenly Bounce Back, Decentraland (MANA) named one of the top creditors of bankrupted Genesis Global, Snowfall Protocol (SNW) Seems like the best buy in 2023

January 26, 2023

Polkadot (DOT) On the Rise Following New Releases This Week, Tron (TRX) Down 3% , Snowfall Protocol Is Giving Investors an Edge Over the Bear Market In 2023 With Over 500% Price Gain

January 26, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.