Decentralised Identity (DID): The Future of Online Identity

What is Decentralised Identity (DID)?

Decentralised identity (DID) is a new way of identifying yourself online that is not controlled by any single entity. DIDs are based on blockchain technology, which means that they are secure, transparent, and tamper-proof.

Why is Decentralised Identity Important?

In the current web 2.0 world, our identities are controlled by centralised platforms, such as Google, Facebook, and Amazon. These platforms have a lot of power over our data and our privacy. DIDs give us back control of our identities.

How Does Decentralised Identity Work?

DIDs are based on a set of standards that define how DIDs are created, stored, and used. These standards are open and permissionless, which means that anyone can use them.

What are the Benefits of Decentralised Identity?

There are many benefits to using decentralised identity. Some of the benefits include:

• More control over your identity: With DIDs, you have more control over your identity data. You can choose who has access to your data and how it is used.
• Increased privacy: DIDs can help to protect your privacy. Your data is not stored on any single server, which makes it more difficult for it to be hacked or leaked.
• Interoperability: DIDs are interoperable, which means that they can be used across different platforms and applications. This makes it easier to use your identity data across different services.

What are the Challenges of Decentralised Identity?

There are some challenges that need to be addressed before decentralised identity can become mainstream. Some of the challenges include:

• Lack of awareness: Many people are not aware of decentralised identity or how it works. This is a major challenge that needs to be addressed before DIDs can become widely adopted.
• Lack of user-friendly applications: There are not many user-friendly applications that use DIDs. This is another challenge that needs to be addressed before DIDs can become mainstream.
• Technical complexity: DIDs are still a relatively new technology, and they can be technically complex to understand and use. This can be a barrier to adoption for some people.

Is KILT Protocol an Important Project for DIDs?

KILT Protocol is an important project for DIDs. KILT is a protocol that allows users to create and manage their own DIDs. KILT is also interoperable with other DID protocols, which makes it a valuable tool for building decentralized identity applications.

KILT Protocol is still under development, but it has the potential to be a major player in the decentralised identity space. I am excited to see how KILT Protocol develops in the future.

In January 2022, Oz and I interviewed Ingo Rübe, founder and CEO of KILT Protocol, on a Crypto Unplugged podcast episode where he discussed the transformative potential of DIDs.

You can listen to the full episode here:

Conclusion

Decentralised identity is a powerful new tool that could change the way we interact online. But before it can become mainstream, there are some challenges that need to be addressed.

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Disclaimer

Please note that the information presented in this review is for informational purposes only and should not be considered as investment advice. It is important to understand that cryptocurrency assets are known for their high market volatility, and engaging in buying, selling, or trading them involves substantial financial risks. It is recommended to exercise caution and conduct thorough research before making any investment decisions. The responsibility for any financial consequences resulting from your actions lies solely with you.

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