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by COINS NEWS 106 Views

Imagine how ideal the world would be if every website incorporated a Web3 component. If you could connect to every website through a wallet, many problems could be solved. Consider creating different usernames, remembering and managing all your passwords, the need to set up multi-factor authentication (MFA) every time (if the site supports it), or repeatedly providing creditcard or payment information.

Not every website has the same level of security; look at how much data gets stolen every year. Email addresses, personal details, creditcard information, and other data are lying around everywhere, leading to identity fraud and numerous scams.

In my ideal world, I would use a wallet that supports multiple chains, allowing me to log in anywhere. Think of it as a Single-Sign-On (SSO) based on my wallet address. In this scenario, my username and password becomes irrelevant both to me and to the platform I'm logging into. This enhances security, simplicity, adoption of both this system and crypto, it paves the way for countless innovative solutions.

You would simply connect with your wallet, approve the site with minimal permissions, and log in. Whether it's for accessing your email, an online shop, a news website, a community platform, or even an adult site.

Within your wallet, you have access to your cryptos, enabling easy payments for products or micropayments. Think about subscribing to a service, paying for products or services, tipping/sponsoring individuals or news items. All with crypto, from a single secure identity provider, a blockchain.

I believe WorldCoin had a similar idea. By granting everyone access to the global economy and building an extensive system for identity and public finances, their concept makes sense. However, in my view, they failed already. Maybe they were too early, or the population and privacy laws might not be ready for it yet.

I expect that Web3 will play a highly prominent role and that we'll see usernames, passwords, and the need to add payment details everywhere will disappear. As for situations where KYC might pose a challenge, I haven't devised a solution yet, but smart minds are likely already working on it.

I'd be interested in investing in such solutions and truly see a future here.

submitted by /u/bvandepol
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