After a recent tweet by Twitter co-founder Jack Dorsey (now crypto, free-speech and identity evangelist), the crypto Twitter-sphere stepped up a gear. Like a coiled spring, a lot of attention suddenly focused towards the concept of decentralized identities and what it means for the world.
The idea of decentralized identities has been around for some time now. There are several standards that have defined a relatively clear path forward for this emerging protocol.
But mainstream awareness had not fully kicked off...until now.
As the Web 3.0 space eagerly awaits the next phase of blockchain usage and adoption, Jack Dorsey’s tweet seems to have increased the public’s awareness and appetite for decentralized identities.
Why? Because (to put it simply)...it makes sense.
Looking back through the rear-view mirror of time, Blockchain technology and the Internet both evoke a similar sense of free-spiritedness that conveys the ideals of the human condition. These ideals follow the universal goal of "living your best life". As trust and information is seemingly eroded (whether or not factually) by public institutions, this sense of freedom gives a significant portion of humanity hope for an idealized future.
Almost every day there is another piece of news from one corner of the globe about various governments desires to regulate and be increasingly involved in how crypto and blockchain technology is used by people and institutions.
There are legislative bills in the EU parliament, messages by senators and the SEC in the United States, which all hint that at some point, regulations will become mandatory for blockchains and the DeFi landscape.
When one observes these regulations, a common thread appears to be one where the identity of the custodian of a wallet will be required to be known and verified to ensure that the wallet in question is not being used in a way that is for nefarious or illegal reasons such as illicit trade or for the purpose of scamming people.
The problem is that as soon as an identity is associated with your online persona, it becomes vulnerable to all sorts of issues surrounding the privacy and fiscal weaknesses of the individual that identity is associated with.
The adding of regulations, whilst protecting many users from ill intent also go against the decentralized ideals of blockchain and the Internet as a whole.
For us at LTO Network, we have seen this issue coming for quite some time. In as early as 2019, we identified that decentralized identities will be something that affects the entire fabric of blockchain and the crypto world.
So we began developing protocols on our network to solve the issues that we could foresee - specifically for privacy, regulation, and usability.
While it's early in the game, the war drums of identity have started to beat across the cryptoverse, and we are beyond excited to bring our technologies to this space.
When we launched our Cobalt Update, we gained robust decentralized identity capabilities on our Mainnet. This makes it possible for developers to begin building identity-focused solutions on our blockchain - NOW.
Cobalt has already been used in active projects.
At the beginning of the year, we announced a pilot program with London's prestigious, Les Ambassadeurs Casino, and we recently announced Proofi — a privacy-oriented, KYC solution which is powered by Chainlink.
So whatever the greater voices and crypto influencers want to call it, Web 4, Web 5, Web 652... we're going to call it "LTO Network" and it’s here now.