In a physical world, we are each born with a centralized identity that lets us interact with the environment around us. Cognition, wealth, social networks, status and other identity information becomes attached to ourselves as we interact and exist within our spaces.
Following the read-only era of Web1, we have transitioned from an identity-free internet to one with digital identities in the read-write era of Web2. Yet, Web2 digital identity remains as only an outward display of a centralized identity, limited and owned by the platform it exists on. All data accumulated by users while using Web2 accounts belong to the platform, restricting users from owning or transferring their data.
In the read-write-own era of Web3, users are regaining control over their accounts and data. By setting up a wallet, a user can enter into a digital world that enables individuals not only to display their centralized identity, but also create a new decentralized one.
Just as we are born with our centralized identity that cannot be taken away from us, creating a wallet creates a new identity that cannot be deactivated or destroyed. Each wallet address is composed of a random string of a fixed length, making each address unique.
Web3 wallets present a greater opportunity than just a financial account in which we store digital assets or connect to decentralized applications (dapps); it also lets us interact with the entire Web3 world. Represented by a code name that corresponds with the account of a person that can be quickly identified, wallets let us represent ourselves as well interact in this new world.
Among the few projects pushing us into this new world is Bit islands, which is creating a complete Web3-native social network service. To further connect us with our digital identities, Bit islands launched Bi DID, a decentralized identity system that gives users a highly recognizable and unique name in the web3 digital world.
Unlike other DIDs, Bi DID provides a true ID without a domain suffix. Domain names are made for public services, making them developer-oriented. Traditional names, on the other hand, represent identities for people and their everyday interactions. Through Bi DID, you can continue to be represented in the digital world in the same way that you are in the physical world. That’s not to say you can’t pick another name, but the fact remains that you can truly be represented as your identity and not as a link.
Dedicated to building an integrated Web3-native social network, Bit islands strives to create an identity paradigm system that will enable an ecosystem revolving around independent, distinctive people. That’s why Bi DID has become the first DID that can be registered once and owned forever. In viewing identity as part of a person and not as an asset, Bi DID lets you continuously attach new information as you progress through Web3.
Under the traditional DID model, users acquire their “identity” through leasing. Unfortunately, this means that if you miss your renewal or can no longer afford the cost of your DID, you lose your Web3 identity and your long-accumulated social reputation. In contrast, Bi DID makes your Web3 identity inalienable from your Web3 experiences.
Bi DID is a major milestone for Bit islands and its process of building a complete Web3-native social networking ecosystem. Not only does Bi DID create a universal identity for users in the Web3 world, Bi DID comes with several other powerful features, including:
- DID Profile. As one of the functional modules of Bi.social, Bi DID automatically generates an on-chain profile for everyone, streamlining the process to start building your Web3 identity.
- Interactive Accessibility. Bi DID can be accessed directly using any browser without compatibility support of any dapp.
- Data Retention. All on-chain data generated while using Bi DID is recorded in DID documents and saved in decentralized storage networks to the future. Users can modify, authorize or revoke dapp access simply by using their private keys. In this sense, users can carry their digital identities and data to navigate the Web3 world at any time.
In the era of Web3, users are regaining control over their accounts and data through wallets. With Bit island’s latest Bi DID, users can harness the power of Web3 and interact in the digital world as an independent, distinctive person, not just a domain. Bi DID is just the first of many future developments from Bit islands as part of its commitment to meeting the needs and solving the pain points of Web3 citizens.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.