Verida Aims To Provide An Innovative Decentralized Identity Solution Via Web3.0.


Web 2.0, the second iteration of the internet, brought about innovations such as social media sites, mobile apps, web apps, and much more. Web 2.0 enabled social interactions in the digital space, allowing digital identities to grow as a result of online data exchange. Increased online interactions helped in the formation of digital footprints for individuals. Data collection and analytics have become extremely valuable to businesses as the rate of data exchange has increased. Companies began using the harvested data for marketing and other lucrative gains in the absence of a concrete regulatory policy to prevent them.

The Cambridge Analytica data breach exposed the rate at which people’s data is being exploited by internet companies. This data breach prompted regulators to develop policies and laws to protect consumer data and ensure data privacy. However, our data is already dispersed across the internet in silos created by internet companies profiting from the data. Sensitive data is required to verify a user’s identity on nearly all websites, leaving users unaware of what happens to their data after they share it. Because the majority of these data are stored on centralized storage, they are vulnerable to hacks and breaches. According to The Identity Theft Research Center, the number of data breaches this year has already surpassed the total number in 2020 by 17%. 118.6 million people were affected by data breaches and leaks in the first half of 2021 alone. Therefore, it demonstrates that centralized institutions cannot provide users with the necessary data protection.

Web 3.0, the third iteration of the internet, is well-positioned to assist people in reclaiming control of their digital identities by reimagining identity management through blockchain technology and decentralized apps. The decentralized apps on this new phase of the internet would be integrated into a reality known as the metaverse, and users would be able to use different applications on the metaverse with the same identity, putting an end to the era of repeated registrations and identity verifications. Verida, for example, is a unique decentralized identity solution that allows users to take control of their data. These decentralized identity solutions enable users to have real-time access to the data they share.

The Verida Decentralized Digital Identity Solution

Verida is an innovative platform that lets users access their data through a single decentralized sign-in process. The Verida solution includes personalized storage, allowing users to choose what to share and with whom they share it. Users can also use Verida to unlock their data from Web 2.0 platforms. Users can connect their data from both centralized and decentralized applications to the blockchain. Users will be able to own their data and earn rewards for sharing it as a result of the data connection. Verida enables users to benefit directly from the use of their data rather than relying on centralized institutions. Furthermore, the personalised content required by businesses to provide personalised service can be shared directly with those institutions from the user.

The Verida token is the native token of the platform. It has a variety of applications and serves as the backbone of Verida’s identity ecosystem. The Verida token contributes to the creation of the market by connecting the data owners with the businesses/ventures that require the data. Third-party ventures can also pay users directly for their data using the token.

Verida’s core proposition is that users can own and monetize their data. Users can also choose how much of their data to share with third parties. Users can also be targeted with personalized content that is relevant to their needs. Businesses benefit from the Verida architecture as well because they receive valuable data to personalize their websites when a user chooses to share their data. As a result, they will have access to users who are actually interested in what they have to offer, because it is entirely up to the users.

The Verida Decentralized Identity Solution appears to have positioned itself as a next-generation Digital identity solution committed to reclaiming data ownership and assisting users in monetizing their data.

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