Wednesday, February 8, 2023

NFT Steez and Lukso co-founder examine the implications of digital self-sovereignty in Web3

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Sovereign id has been a scorching matter in blockchain and cryptocurrency, particularly with the rise of the creator financial system. At the moment, there are two kinds of digital identities. The primary is federated and centralized, whereby information is within the management of the service supplier, whereas the second is self-sovereign digital id. The later is usually cited as a human proper that may reclaim company utilizing blockchain know-how, however what frameworks exist that support in governing it?

On this episode of NFT Steez, co-hosts Ray Salmond and Alyssa Exposito meet with Marjorie Hernandez, the co-founder of Lukso and The Dematerialized, to debate the state of blockchain-based identities and “Universal Profiles.” According to Hernandez, “everything will have a digital identity” in the future

Onboarding into the digital realm should be frictionless for sovereign Universal Profiles

During the interview, Hernandez explained the paradigm shift between centralized platforms to a more “platformless future” and stressed that users need to be in control of their identities and creation on more “agnostic platforms” where they can own their intellectual property via Universal Profiles.

Lukso’s integration of Universal Profiles enables users and creators to reclaim their identities and issue their intellectual property in a symbiotic manner between creator and user. According to Hernandez, the Universal Profile can be seen as a personal operating system whereby one can authenticate themselves but also send, receive and create assets.

As Hernandez puts it, Universal Profiles are:

“A Swiss Army-type tool that is serving so many purposes for the user.”

Related: Web3 is crucial for data sovereignty in the metaverse

Blockchain-based identities in Web3

Understandably, the emphasis on id inside Web3 started to spark up once more when 2D profile-picture NFTs started to emerge. This surge was framed as a way to characterize and determine oneself, in addition to a flex, or an expression of ego. For some, their bodily and social identities had been traded for his or her newly adopted digital avatars.

Nonetheless, Hernandez argued that whereas some understand digital as masking one’s true self, individuals can be emboldened “to maneuver past these predispositions” and specific their “true actual self” in a “decentralized digital atmosphere.”

The idea of Hernandez’s thesis is that blockchain-based id shouldn’t be solely verifiable however provides customers 100% management of their information, id and IP.

When requested by a listener what communities ought to be doing to make sure the requirements surrounding self-sovereignty and that customers are now not “customers” however lively co-participants within the ecosystem, Hernandez merely famous:

“I feel it’s simply being co-creator, proper? And also you begin constructing with it.”

To listen to extra on this dialogue, be certain certain to take heed to the complete episode of NFT Steez on the brand new Cointelegraph Podcasts page or on Spotify, Apple Podcasts, Google Podcasts or TuneIn.