Self-Sovereign Identity: The Jewel in the Web 3.0 Crown
Self-Sovereign Identity (SSI), or Decentralized Identity, is a foundational concept for Web 3.0, crypto, and the Metaverse, and the next key advancement in digital security.
But how and why does it affect you?
Within the bounds of Web 2.0, our digital identities are governed by Google, Apple, Facebook, and Amazon (GAFA), with each entity we interact with requiring a separate login.
Whilst this is effective, there are some serious flaws and security concerns involved:
- GAFA could delete your account, and thereby your entire internet presence
- GAFA approve whether or not you can access certain entities
- Keeping track of multiple logins is time-consuming and frustrating
- You concede the right to decide who can access your data
But SSI places the power back into the hands of the individual by using blockchain wallets as identity confirmers. This means:
- You hold the rights to confirm your identity and control your data privacy
- You only need one login/access point
- You are not limited in what you can access with your wallet
- Because your wallet is a Web 3.0 interface, you will have access to finance, games, markets, history, art, events, and so much more. This is because Web 3.0 is set up to embrace interoperability.
In sum, SSI saves time, enhances security, and returns personal data ownership to individuals, thereby lessening the power of GAFA.
About The Grow Group
The Grow Group is an ecosystem of visionary solutions designed to incubate blockchain entrepreneurs, elevate understanding of the blockchain space, and accelerate real-world value for positive impact. With a core focus on educational content, Grow offers teams the ability to tell their story with clarity, fostering intelligent investment choices and long-term holding.
The Grow Group benefits from a global team, with offices in Dubai, Philippines, and Sri Lanka.
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