FaceDAO

We have previously explained how FaceDAO ensures data security and immutability and seeks to give ownership and control to the users through a decentralized platform. This is made possible because FaceDAO is built on blockchain technology. At the center of it all, it seeks to build a user-centric community.One feature that FaceDAO incorporates in its build is the feature of digital identity.<h2 id="header-0">What does digital identity mean?</h2>A digital identity comes originally from the use of personal data or information on the web created by the individual’s actions online. A digital identity may come in the form of a named profile linked to the device’s IP address, especially on social platforms. A digital identity could contain any of the following data: facial recognitions, usernames and passwords, driver’s license number, online purchasing history, date of birth, online search activities, and medical history depending on the purpose of the social platform. All these identities can be singly located through the individual’s biometric details or social security numbers.Let us weigh in on the concept of digital identity for blockchain technology in detail.When it comes to the basics of blockchain, we find that digital identity is at its roots. This is because many organizations and social platforms are faced with the threat of hacking and fake accounts. They seek to solve the issue of digital identity in a world where everything about our identity is on paper or in a large database somewhere.Our current world is rife with oversharing and a lack of control over people’s data. There is also a need to ensure that real individuals own individual accounts and that no fraudulent transactions take place on those accounts. Social platforms also need to have information on those existing accounts. However, the users of the accounts may not have control over what information is seen about them by others.Verification processes for documentation purposes in time past require the physical presence of an individual, which can be time-consuming, expensive, and highly inefficient, and data is not stored in a highly efficient way but this has been made easy with digital ID on blockchain technology.Blockchain can be used to bring digital identity into reality. The user controls what information about them is seen and accessed by others.<h2 id="header-1">Why do we need Blockchain for Identity?</h2>Blockchain identity management systems could be used to eradicate current identity issues such as:i. Inaccessibilityii. Data insecurityiii. Fraudulent identities<h2 id="header-2">How does a blockchain verify identity? </h2>A blockchain verifies identity by looking at decentralized public identifiers (DIDs) and comparing them against the current credential or identity an individual is trying to verify.Technological advancements in the digital space have revolutionized every aspect of our daily lives, from shopping to collaborating with colleagues to keeping in touch with friends in a social circle to entertainment to managing our finances. With data driving the world today, digital identity is critical to most business and social transactions. This governs the interaction of users in the digital world.There are benefits associated with the use of digital ID for blockchain technology. Some of them include but are not limited to:i. Promotes trust: By building a network on blockchain technology, information shared about the identity of an individual is auditable, traceable, and verifiable. Users of the network can set up their profiles and control data sharing. Issuers easily connect with others and provide nearly instant verification of credentials. Due to the feature of decentralization associated with blockchain technology, users can trust that there is no third-party access to their identity and that they have control over the data sharing. This builds trust in them regarding the network.ii. Ensures Data Security and Data Privacy: Because databases can be compromised through a centralized attack, it became common to encrypt information. Some basic examples include hashing passwords so they could not be read after a breach or encrypting an entire database to obfuscate any identifying information from hackers. Additionally, databases, since they contain some or all of the necessary information to reconstruct a digital ID, can serve as honeypots that draw an inordinate amount of attention from hackers. Many of these databases also do not have zero-knowledge principles in place, so even if the information is encrypted it is still open to viewing and potential theft by insiders.iii. Sovereignty: This is when users of a network have control over their digital identities. This establishes sovereignty for them and gives them access to governance. Self-sovereign identities may not seem that important when thinking about logging in to your laptop, but it is important when that ID spans social media platforms, cloud platforms, devices, and other accounts. As changes are being made to the methods of access to individual identities, users need to have sovereignty over their digital identities.<h2 id="header-3">FaceDAO seeks to bring these benefits and more to its users.</h2>FaceDAO is the evolution of digital identity. By incorporating digital identity, FaceDAO allows for a trustless interaction between its users and the decentralized platform on which FaceDAO operates. It creates an auditable trail that can be used in legal or regulatory proceedings, should fraud or other crimes be discovered later. When it comes to ownership and control issues, FaceDAO understands that full ownership of a profile is crucial to the user. With FaceDAO, everyone has a unique face which is his private key and decentralized identifier (DID) that provides the channel for entrance to Web 3.0.With this, users have access to governance. $FACE puts the future of the FaceDAO platform directly into the hands of each user, allowing users to curate the platform, and control content parameters and future features.FaceDAO utilizes digital ID, blockchain technology built on the Ethereum blockchain, and users’ faces to strengthen identification processes.With FaceDAO, you will be able to encrypt and store data in a decentralized ledger, control what data is stored and who has access to it, keep the network fully transparent by using data validation, save time and money and so much more.The big problem in the sharing economy is trust. This is why blockchain technology is emerging as a fix for managing identity and hence enhancing trust. This is why FaceDAO validating process is well trusted and ensures the data security of the network user, rights of data, no misleading data, no privacy invasion, 3D liveness, verification, and authentication.A centralized platform is no longer in vogue as it has played its part and gone. A decentralized platform is the future of blockchain technology and FaceDAO seeks to embrace it fully through digital identity.

FaceDAO--Digital Identity (DID) for Blockchain Technology

Table of Contents

FaceDAO

Other articles published on Apr 8, 2022

Goodbye, ETH Dubai. Hello, highlights.

Crypto News of the Day: Terra buys $200M AVAX, NEAR Protocol may launch USN stablecoin

Guide to Buying NECOs and Staking/LP Staking

Domi Online — Summit Recap & Developer Diary February/March

[ApolloX News Station] Gamifying exercise on the blockchain: StepN

MixMarvel Ecosystem: The Ideal Environment for Mass Users

Join our free newsletter for daily crypto updates!