How About Your Digital Self? Rethinking Online Identity
“We’re moving towards an increasingly digital world now. This generation will go down in history as one of the generations facing the world’s biggest technological advancements and change. You’ve got artificial intelligence (AI), Web3, metaverse, all of these things are happening at the same time, and as a result, the digital footprint is increasing dramatically,” (David Palmer, Blockchain Lead at UK mobile network provider Vodafone)
Let’s get real about digital identity — what it is, why it’s critical, and how it’s not only evolving but calling for a radical change of how we perceive it and how we adapt to a life where online interactions have become indispensable.
The easiest way to think of digital identity is simply as the online version of you. It’s every piece of information out there on the internet that identifies who you are. This could be anything from your name and address to what you tweet about or the pictures you post on Instagram. Basically, it’s not just about what you do online but also how you do it, meaning how you manage your presence and privacy online. And there isn’t a one-size-fits-all definition of digital identity that everyone around the world agrees on. Big players like the World Bank and the World Economic Forum each have their own take on what it means.
But, breaking it down to the basics, your digital identity it’s built on three key things:
First up, your digital attributes are the building blocks. This is all the stuff that makes you, well, you, in the digital world. Your name, where you live, and your birthday are all examples of this.
Then, there’s a step where all this info gets a stamp of approval to confirm it’s actually connected to you. This is has to do with certain organizations doing checks and using things like your bank details to make sure everything adds up. And more recently, with the evolution to the new web, it’s how companies like SourceLess provide blockchain solutions that ensure your online privacy and safety, giving to you the control over your data, how it is managed and who can access it. Which means, breaking away from the central authority model where governmental institutions and corporate entities rule all your digital data.
Lastly, it’s all about proving you’re the owner of this verified info. This it’s just about how you prove you’re really you, like using a password, a PIN, or even your fingerprint or face ID.
So, at its heart, your digital identity is a mix of unique details about you that’s verified and protected, making sure you’re the only you out there in the digital world. So, as we spend an increasingly bigger part of our lives online, from shopping to socializing, the importance of securing and managing this digital self grows exponentially.
And here comes Web3! Basically, a big shift in how we’ll manage our digital lives. And there is no Web3 without blockchain technology. Unfortunately, many people still have this very limiting, reductionist belief that blockchain technology means just Bitcoin or crypto. Blockchain is, first and foremost, a technology. And what it promises is a world where you can control your data, where you’re not just handing over your personal info to every site you visit, every platform you buy from, every service you’re using.
The beauty of Web3 and technologies like blockchain is that they offer a decentralized approach. This means no single entity has control over your data. Yes, a game-changer for digital identity but no without its own problems still to be solved. The ideal it aims for — worry-free world with no data breach at your bank or social media platform leaking your info.
The whole idea of moving our identities online comes with some pretty cool benefits, like better security in some ways. But, let’s be real, it also opens up a Pandora box when it comes to the risk of someone stealing your digital identity.
Jacob Mendel, a big brain in cybersecurity, points out that we can’t afford to have any weak links in the system: “You don’t want to put one point of failure in the system,” Jacob Mendel, Head of Cryptography and Cybersecurity at State Street said. And when you’re talking about Web3 in digital identity, the fundamental part of all of this starts with the cybersecurity issue. “If we do not solve the cybersecurity and the role of trust, we cannot rely on the system.” (as reported by Techopedia from the 2023 Fintech Connect conference in London.)
In the world of Web3, you get to hold onto your own digital keys, which sounds great until you realize you’re also the one who has to deal with the fallout if something goes wrong. Lose your phone or have a computer meltdown, and you better hope you have a solid backup plan.
And then there’s AI, which is kind of a double-edged sword. On one hand, it helps banks sniff out fraud but on the flip side, it’s also giving hackers a leg up, making them smarter and sneakier.
As we all get used to the idea of signing up for stuff in seconds, there’s this massive behind-the-scenes hustle to keep up, checking out digital IDs in real-time, which wouldn’t even be doable without some fancy new tech like AI. Then there’s the big stuff like making sure everything scales up and stays in line with the rules.
And let’s not forget about teaching people how to keep their digital selves safe. In an age where everyone’s sharing every little detail of their lives online, we need to get smart about protecting ourselves from the bad guys. It’s going to take a some synchronized effort, with tech developers, policymakers, and service providers all coming to an agreement and pulling in the same direction.
The Bottom LineWeb3 will allow individuals to use a digital identity system based on decentralization, security, and user control, in line with the evolving needs of our increasingly digitalized world.
Digital mobile wallets (check out an entire article dedicate to crypto wallets) could provide the “killer app” that drives the widespread adoption of blockchain technology, as Layer 1 protocols and zk proofs offer the security and scalability needed to support verifiable identity credentials. This would enable the next stage of technological adoption of financial services, crypto, metaverse, and other new applications.
Explore Practical Solutions for Your Digital IdentityAt SourceLess, we’re redefining digital identity through STR Domains (Web3 personal domains), providing lifetime ownership and complete control over your online persona: from how you login in to websites, to how you manage digital transactions and how you brand your online presence. This self-sovereign approach to digital identity is essential in today’s digital-first landscape. Connect with us to learn how you can secure your slice of the digital future.
To learn more about digital identity and to explore practical, cost-effective solutions that SourceLess offers for individuals and businesses aiming to secure and enhance their online presence, we invite you to connect with us across our platforms and join our inspiring communities.
How About Your Digital Self? Rethinking Online Identity was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.