Identity and trust in the era of Web 3.0

Web 3.0 is the upcoming third generation Internet. Web 3.0 websites and applications will be able to process information in an intelligent way through machine learning (ML), big data, decentralized ledger technology (DLT) and other technologies. Web 3.0 was initially called the "Semantic Web" by Tim Berners Lee, the inventor of the World Wide Web, aiming to become a more autonomous, intelligent and open Internet.

The definition of Web 3.0 can be extended as follows: Data will be interconnected in a decentralized way, which is a huge leap in our current Internet age (Web 2.0), where data is mainly stored in decentralized repositories. In addition, users and machines will be able to interact with the data. But to do this, programs need to understand information conceptually and contextually. With this in mind,The two cornerstones of Web 3.0 are the Semantic Web and Artificial Intelligence (AI).

What is the significance of Web 3.0?

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Web 3.0 and cryptocurrency run on the so-called "unlicensed" blockchain, which is not under centralized control and does not require user trust. Web3 uses a shared database, and its information can be verified and added by anyone working on the blockchain, thus creating reliability through redundancy.

Web 3.0 provides an Internet version in which users have financial interests and greater control over their online communities. Blockchain is the pillar of Web 3.0. Although it solves some problems, it also creates new problems. Elon Musk, one of the critics of Web3, often calls this technology "nonsense" in the discussion.

Others believe that Web3 is not a force to democratize the Internet, but a money making tool for venture investors. Because even if the project is small but technologically advanced, it still needs to find investors to continue to develop. This has raised concerns that although they are no longer dependent on large companies, they will still not be independent.

Both Web3 technology and token itself require a lot of technical knowledge, because the lack of such knowledge may pay a high price. It is easy to be confused by the expensive investment in worthless products. Decentralized networks also raise the question of how to protect them from cyber threats beyond national jurisdiction.

Thinking about trust and identity

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Some people imagine Web3 as a secret world - no one can know our true legal identity, so it is not easy to be used by technology giants and governments. On the other side of Web3.0 is a fully trusted community. They are eager for Web3. Everyone's real legal identity is everywhere. Therefore, they may be more reliable and responsible in Web3.

Finally, there is a gray zone between the two "purist" positions, which is preferred by those who support pseudonyms. Users can establish their identity and reputation online to generate a certain degree of trust, but the real identity is usually hidden. Under the premise of illegal acts, law enforcement agencies may associate pseudonyms with real people hidden behind them.

The dynamics and vitality of Web3 are sufficient to include these different perspectives and provide different environments. Web3 can help solve many different problems. Disintermediation is a frequently mentioned benefit. Doing business outside the eyes and ears of the government and large technology companies is another welcome advantage. In addition, Web3 eliminates friction that can occur quickly or very slowly in complex operations.

Web3 is more than just a cryptocurrency. It is a tool to eliminate friction and intermediary. Users want powerful digital identities to protect everything that happens on Web3. In fact, large-scale adoption of Web3 will depend on reliable authentication. But without some accountability, digital identity cards and online identity verification cannot reassure them, because they can be stolen no matter where they are.

In order to make the inevitable identification the basis of Web3, there must be a continuous correlation between the physical identities of all parties in real life and their digital identities on the network. In the transaction process, users will not be able to hide their true identities. In order to establish trust, this connection cannot be one-time - in this case, impersonating a natural person would be the simplest way to violate the integrity of digital identity on the network. The unbreakable connection makes it difficult for attackers to constantly deceive others, because their history is open.

Kana characteristics of Web3

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Web3 is considered to be possible to bridge the gap between personal physical identity and digital identity through blockchain technology. It is assumed that everyone will have a "decentralized identity", including legal versions online and in the real world. In this case, a person's business activities on the Internet will be in the "chain" state, that is, it will be open and easy to search through the personal wallet on the chain. The question is, through investigation or subpoena, how many real identities can they be seen or obtained?

At least in theory, if someone does something bad in this version of Web3, their nickname or network identity will have a negative history, and everyone will see the promises that have not been fulfilled. Their bad behavior will follow their network personality, but there is no obvious direct connection with the bad actors in the real world.

Kana identity can have many colors, because there are solutions in the market to make creative trade-offs between privacy and trust. On Airbnb platforms, if you don't have clear photos of your partner or landlord, you may be dealing with a liar. In Web3, we can accept those who hide their real identities for small transactions, or because some trusted third-party organizations "guarantee" their honest behavior for us.

Web3 has a great opportunity to redefine the future of digital identity, but no matter what kind of privacy/trust balance is achieved, the identity problem needs to be solved. Web3 is likely to help cryptocurrency play a role in our economic life, just as Web1 and Web2 help PayPal. The combination of cryptocurrency, Web3 and blockchain can also change the way we pay for almost everything and create many new payment methods.

Perhaps one day, Web3 will be very important to anyone with Internet connection, even if it does not fully meet the expectations of Web3 dreamers today. For any identification method, it may be too big to completely prevail. There will be regions with greater responsibility and regions with greater anonymity. Web3 will be diversified.