NFT3: Pioneering A Privacy-Focused Identity Monetization System for Web 3.0
A MetaID—Your Portal To The Metaverse
The number of decentralized platforms on Web 3.0 is growing exponentially, but all suffer from the same problem – they lack a unified identity verification system that’s both safe and easy to use.
This is also true for the future of Identity across not one but many Metaverses. How do you transfer your identity wherever you go on Web3.0, while maintaining privacy? If many metaverses are coming forth, Web3.0 will also need a MetaID.
NFT3 solves this by offering a decentralized identification network for Web 3.0 which operates more like a passport for the new internet than an account name. An identity instead of an identifier.
Not only does this ensure your information remains private while still being verifiable across multiple platforms, but it also gives you control over your identity and introduces seamless navigation through Web3.0 platforms. Whichever Metaverse you travel to, you get to unify your identity (or not, as you choose) and monetise it—at will.
What is NFT3?
NFT3 is the first platform to introduce a decentralized identification system for Web 3.0 that can travel across multiple platforms while always maintaining its integrity. By creating an NFT linked to the user’s social identity, the power goes back to the user as he or she can truly control their personally identifying data online.
This creates a MetaID—an identity controlled entirely by the individual that they can selectively share info about with each platform as they choose, and that can allow seamless travel throughout the many Metaverses, dApps, IDO Platforms and DEXes that make up Web3.0.
NFT3 achieves this through the use of an NFT-based Decentralised Identification (DID) technology and is set to also create a sophisticated credit scoring system based on a user’s social account information. This Credit Scoring system, called NCredit, will be the first Credit Score created for Web 3.0, and a pinnacle point in DeFi’s development.
A user’s reputation score on the NFT3 DID platform is also determined by information gathered across multiple chain addresses in a Web 3.0 internet where decentralized applications make up the bulk of active platforms for users. Therefore, such a system allows a user to enjoy the benefits of a higher credit score on multiple venues, not to mention the ability to move around with their digital identity intact.
NFT3’s Use cases
First and foremost, NFT3 DID technology enables users to decouple their identity from the control of centralized entities as is the case with most Web 2.0 platforms.
For instance, the entire business model for companies such as Facebook, Google, and Amazon is built on gathered user information. These top tech giants can aggregate the total lifetime value of an individual with an internet connection by simply collecting data on time and money spent online purchasing and using various services.
This data is key in determining the valuation of these internet giants. As expected, in a race towards gathering the most user information, there has been a steady increase in data security breaches and data privacy violations. NFT3 does away with this by breaking the current model and enabling users to explore the Web 3.0 platform without risking the loss of their identities.
In addition to offering a credit score system, NFT3 solves the hard problem of verification while maintaining privacy, and erases the bot problem entirely. They do this by introducing Staked Identity, requiring $ISME to be staked to activate one’s NFT3. By adding a slashing function to NFT3, they ensure that bots cannot replicate humans on Web 3.0 anymore.
This way, NFT3 users’ credibility can transfer across Web 3.0 platforms while giving the user power to maintain the privacy of their data and identities.
The Tipping Point of Web 3.0
As Web 3.0 becomes more widespread, the need for safe and easy-to-use decentralized identification systems across multiple platforms becomes inevitable. Users on this new frontier of the internet will need easy access to DeFi protocols, decentralized exchanges, and general dApps without the hassle of managing several identities scattered across the internet.
NFT3 is pioneering the world’s first decentralized identification system for Web 3.0 thus enabling the DeFi movement as a whole to reach its full potential. Using its advanced DID technology, NFT3 will be the go-to platform for users looking to take control of their data, earn rewards on multiple platforms, and securely manage and monetize their identities across different metaverses, creating a MetaID, their NFT3.
Intro article:: https://link.medium.com/vAVkV0eM9jb
White paper: https://docsend.com/view/ak4q4petg52rhfad
I have been writing about Cryptocurrencies and Blockchain technology since 2017. My work has been featured in major publications such as Forbes, CoinDesk, and Bitcoin Magazine. My mission is to educate the people about the potential of this transformative technology. When I’m not writing or teaching, I enjoy spending time with my husband and two young children.