The technology that powered the much-hyped metaverse has reached its limits. It’s time to focus on implementing interoperable and decentralized identities for the metaverse to continue to excel.
The metaverse is growing exponentially as it offers a replica of our physical lives in the digital sphere. The market is expected to grow to $800 billion over the next four years, up from $478.7 million observed in 2020. The list of societal multinational corporations entering the metaverseis continuously growing with recent additions including Disney, Intel, Gucci e Netflixand more.
The metaverse has achieved this popularity as it offers us the ability to undergo multiple digital experiences, much like we would in our daily lives as we jump between our work, home, and social lives. We can connect to any corner of the world around us, regardless of distance, as we immerse ourselves in a boundless world.
At the heart of the metaverse is the digital individual. The main attraction of the metaverse is the interactions that digital individuals experience when they access multiple domains; interactions that may not be present in the real world. With that said, users have the opportunity to leverage the metaverse as a means to express their true selves through digital counterparts. Millions of unique personalities now have a new space to freely interact. The rise of the metaverse has also arrived at a pivotal time when we are finally seeing the end of a global pandemic. People can now feel the warmth of social inclusion they have been deprived of, whenever they desire. Physical proximity is no longer necessary to meet like-minded individuals.
However, the possibility of such expression across multiple metaverse platforms is currently limited. The metaverse lacks interoperability, meaning we are not able to transfer economies, avatars, and systems across different platforms. Currently, digital items are confined to the metaverse in which they were created. This causes users to need multiple wallets to keep track of their items as they travel across metaverses. Digital identities must be changed as the user has to reinvent their avatars in each world. This problem widens the gap between the real world, where we can move freely between locations with our assets and identities, and the metaverse, where we are limited.
For the metaverse to continue growing successfully, there is a fundamental need for decentralized identities (DID). The introduction of decentralized identities could see users carry their avatars and assets across different ecosystems, beyond the confines of a single metaverse. The concept of decentralization imposes a personal identity, independent of any authority, just like in real life. Furthermore, digital identities should serve as digital “passports” that identify a user as they travel across metaverses. Using social media as an example: instead of using multiple logins for Facebook, Twitter, and Instagram, one could create a unified login and use it across multiple platforms where the individual’s profile transfers to each. Digital identities would mimic this by allowing people to carry their information across metaverses.
The implementation of digital identity systems raises concerns about fraudulent activities. Some metaverses allow users to keep their real-world identities anonymous, as they hide behind avatars. Critics say that users could fabricate other people’s identities in the metaverse through fake profiles. To combat fraud and malicious activities in the metaverse, a universal identity authentication system is required.
A recent report by Galaxy Digital found that many metaverses are not as decentralized as they claim to be. In reality, “decentralization” can only be achieved if action is taken to address digital ownership. A product of decentralization, self-sovereign identities (SSI) can serve as a solution to fraud by cryptographically associating a user with their crypto wallet address. Identity credentials should be stored in one’s own wallet which will be recognized whenever they enter a different ecosystem. As such, they will serve to build trust, acting as proof of who each individual is, much like our passports or driver’s licenses in real life. It is the key to allowing you, and only you, to own your identity. This approach will not only ensure true interoperability but will also instill a sense of security over our private data within these unfamiliar spaces.
Source Martechseries
Pubblicato in Digital curiosities
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