As we traverse the evolving landscape of the digital world, a pressing question emerges: How should we manage our identities in this vast and intricate digital frontier? In our first episode, we introduced you to the transition from the World Wide Web to SourceLess World Wide Blockchain.
Now, let us explore the transformative realm of identity management, specifically focusing on centralized identity versus decentralized identity, and introducing an innovative approach by SourceLess with its STR Domains.
The Dilemma of Identity in the Digital World
Identity is an essential component of human interaction. With the colossal expansion of the digital space, our identity has become increasingly fragmented and elusive. Traditional means of identity verification, such as passwords and usernames, have proven to be vulnerable and invasive. As Peter Steiner inspiredly and funnily depicted in his now famous illustration in The New Yorker over two decades ago, “on the Internet, nobody knows you’re a dog”, and even today, discerning between humans, bots, and AI programs online remains quite a challenging task.
Centralized identity management systems, also known as Identity and Access Management (IAM), have been the cornerstone of online identity verification. These systems rely on a central authority that stores and manages user data. Every time you create an account with an email and password, your identity data is stored on servers owned by that particular service provider.
However, this centralization of data comes with inherent risks. These servers become prime targets for hackers, and your personal information is at the mercy of the service provider’s security protocols. Moreover, centralized systems give service providers immense control over your account and data. This means that they have the power to block or delete your account for various reasons, leaving you with little to no recourse. In essence, in a centralized system, you don’t have full control or ownership of your own identity data. This is a critical flaw that raises concerns regarding privacy, data ownership, and autonomy in the digital world.
Enter decentralized identity, or Self-Sovereign Identity (SSI). This revolutionary approach empowers individuals to have control over their own identity data. Through decentralized identity wallets, users can manage their data and disclose it directly to parties on a need-to-know basis. This is achieved by employing non-phishing cryptographic keys instead of passwords, ensuring enhanced security.
Decentralized identity management utilizes Distributed Ledger Technology (DLT), often known as blockchain, which enables shared recordkeeping across a network of users, rather than a central authority. This leads to a more secure, private, and efficient way of managing identities.
Recognizing the challenges and limitations of both centralized and decentralized identity systems, SourceLess introduces a third approach — Hybrid Blockchain. By merging aspects of public and private blockchains, SourceLess offers a solution that encompasses the strengths of both systems.
SourceLess Hybrid Blockchain is not open to everyone. It allows controlled access but retains the transparency, integrity, and security synonymous with blockchain technology. This blend of privacy and transparency makes it an enticing alternative for businesses and individuals alike.
One of the groundbreaking features SourceLess offers is Multi-layer AVATAR, allowing users to selectively share information from their digital identity. When a user acquires an STR Domain through wNFT (lifetime property), they automatically have an account on the SourceLess platform, which is connected to a highly-secure digital wallet (512 KB ENCRYPTION).
This digital wallet acts as a personal vault for storing various aspects of a user’s identity. The Multi-layer AVATAR consists of multiple digital identities, such as username, date of birth, social security number, transaction history, and much more.
STR Domains serve as a gateway to the SourceLess ecosystem, enabling users to manage their identities with utmost security, privacy, and control. Transactions and data sharing are carried out seamlessly, without the need for a central authority’s approval.
As we sail further into the digital sea, it is imperative to have systems in place that ensure not just the security, but also the autonomy of our identities. SourceLess, with its Hybrid Blockchain and STR Domains, is pioneering the path towards a more balanced and empowered digital identity ecosystem.
In the next episodes, where we will delve deeper into the use cases and real-world applications of decentralized identity systems. Stay tuned as we continue crossing together new digital frontiers!
