Rethinking DID and Your Web3 Identity @A&T space recap

Guests:

Solo, Head of Growth at Space ID@SoloSpaceID

Wei Duan, Mask OSS Community Manager / Next.ID Community Manager@BinaryHB

Thomas Yu, Co-founder of KNN3@Knn3Network

0xLeon, Founder of Crossspace @Leoninweb3

Q1: the solutions of DID — What are the advantages and disadvantages of each? What are common tradeoffs

@SoloSpaceID:

first, verifying your identity is now much easier to do for different web3 apps because of DID. It helps recognize you being you and reuse some deeper verification like Binance’s KYC.

It also helps prevent fraud. Users are responsible to maintain their reputation as the credibility is shared between different dapps.

Users also get a little bit more choices in how they decide to give their data to different dapps and are able to track profits that their data generate.

@BinaryHB:

What’s happening inside the industries is that most the dapps and other services are using Metamask as an identity layer, but it’s wrong because it’s like equaling your identity with your bank account. We should be able to recover if we lose our private key. Two critical questions about DIDs are how we define a digital identity, and how we use this identity to do authorization with dapps.

@ Thomas:

Two challenges of DID:

1. The unification process may be not trustworthy, and that means the aggregation or consolidation of the behavioral data will not be trustworthy and that will hurt intrinsic value.

2. How can we bring more use cases with DID solutions?

Q2: Do you think DID will become just a combination of one’s on-chain data, or more likely be connected a lot with one’s off-chain/real-world identity? To what extent will this connection be?

@SoloSpaceID:

I think it will be connected with off-chain data because most of our information is in web 2 right now. Also, I do feel like regulations are coming even for decentralized applications, and sometimes it might be neccesary to do a KYC.

@Leoninweb3

The competiton of DID is very fierce, and the key is to attract more people. In the long run, the competition will focus on the application and who has the most users would succeed in the DID section. SBT is a better one for a business perspective, because it makes great user experience and can be used in many cases, like airdrop and fitering.

@Thomas:

We should connect off-chain identity for several reasons:

1. web2 already has tremendous user data, and it can be a very big leverage for most of the web 3 applications.

2. The fusion of web2 and web3 can solve some existing web2 problems such as privacy, data ownership and minimize the trust of intermediate agencies

Q3: What are the conditions for DID to achieve mass adoption? What is its

biggest value proposition to the average user?

@Leoninweb3

The number one highlight should be the user experience, including UI, UX, front end and the back end. But normally web3 projects only have a team of 10 or 20 and it’s so hard to really focus on these areas.

@SoloSpaceID

I think adoption will start when people start using decentralized identities without even knowing they are using decentralized identities.

There’s a lot of value in having reputation and identity as you can leverage them, and the future benefits are obvious, so the more we build, people can get more taste of those benefits and come to adopt it

5/ Q4: What is the relationship between Did and the social graph? How to build your own did and reputation in the web3 era? Can the reputation system replace token to represent voting weight in dao?

@ Thomas:

In the evolve of user data, we first have unified identity, after which we have unified user behavioral data,and social graph is a subset of user behavioral data. Next we would have reputation derivatives, like on-chain reputation system.

@SoloSpaceID:

In web 3 we can know a user’s action on all the different dapps, so it’s much easier to create very complex social graphs than in web2. It would be very interesting to see how this can help social interactions on chain.

In regards to the reputation system, it can become dystopian really quick if the richest essentially have a better reputation just by default because they have a good public credit score which gives them more voting power.

Q5: To Solo: Can you give a short introduction to Space ID’s SID solution? How will it improve users’ Web3 experience?

@SoloSpaceID

Space ID is a domain name service. Our first phase product can help replace your wallet address with a username that you get to carry around all the different apps that exist on BNB chain. It really enhances social interactions as people can recognize each other easier, which also makes it useful to send funds.

Our Phase 2 is to launch universal domain names that you can use to initiate transactions on all different blockchain, so in this way, users truly have one identity across all different blockchains and not just across all different apps on one chain.

7/ Q6: To Thomos Yu: What is the main difference between KNN3 and other social graph projects like Cyberconnect and Lens Protocol?

Thomas:

KNN3 is like an aggregator of social graph. Cyberconnect is more like creating a web 3 social network that allows developers to build social dapps on top of it, and the lens is one of the same kind. KNN3 is not creating any new social relations at all or even any user data. We only collect user data from the different platforms different products and different blockchains, and then put it together as user-centric data and serve them in dapps.

KNN3 is also more focused on the close loop of trustless data delivery. That means we have a wider range of data products to empower smart contracts. Another difference is KNN3 has a much wider range to deliver data other than focusing on one chain.

8/ Q7: To WeiDuan: We can see that [next.id](http://next.id) successfully build the connections between Web2 social media and Web3. If other DID projects also perform this kind of integration, what makes users choose next.id rather than other DID systems?

@BinaryHB

I wouldn’t say like nextid is to achieve something everybody don’t have the capability to do. We’re now trying to allow people to do their self-host services and we are also quite open source community.

About A&T Capital:

A&T Capital is an early-to-growth stage venture fund for emerging disruptive technologies. Led by three founding partners based out of Berlin, Singapore and Shanghai, we are supported by a global dynamic team of researchers and analysts. Our varied backgrounds in high tech, TradFi and venture capital help us understand what is essential for a startup to succeed. In 2021, we raised 100M pool of funds. Our portfolios include Amber Group, Cobo, Gnosis Safe, Nestcoin, Infstones, Consensys, and Commonwealth.

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A&T Capital

A&T Capital

A&T Capital is an early to growth stage venture fund for emerging disruptive technologies mainly in web3.