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Michael Calce
Jul 10, 2022


YOUR CRYPTO WALLET IS THE KEY TO YOUR WEB3 IDENTITY

Web2 identity has been all about linked email addresses and social media
accounts. Now that Web3 is poised to move in, here’s why crypto wallets will be
the new key to ID.

6695 Total views
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Opinion



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Digital identity has been a fraught subject since the earliest days of the
internet. Web2 bridged the gap between people’s offline lives, online
identities, and creative and consumer habits, which has given way to a
thoroughly integrated internet experience designed to be as personalized and
targeted as possible. As a new phase of virtual interaction and digital identity
appears on the horizon — one even more interconnected than Web2 — we need to
rethink personalization and ownership with an eye to what did and didn’t work in
the world of Web2.

While there is no blueprint for the Web3 identity procedure, we can predict the
trajectory that digital identity in the metaverse will follow. This trajectory
is already taking shape.


EVERYTHING YOU KNOW, DECENTRALIZED

Virtually all aspects of the internet as we know it are ripe for
decentralization. Chat and messaging services are private and encrypted,
browsing is incognito, and transactions happen between individual bank accounts
(albeit mediated by an intermediary) — all signs point to a system that is
user-controlled and caters to the individual rather than to the collective.

The rise of the internet isn’t the first time we’ve seen this progression,
either. The radio began as a series of AM stations, gradually expanded to
include FM, and then developed satellite capabilities that provided universal
access to a variety of stations. Web3 and the way identity functions within it
roughly correlate to satellite radio. So, in the history of modern communication
systems, the arc bends toward decentralization.


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In this new space, a person’s crypto wallet will be the key to their
establishing a presence in the metaverse, from serving as an entryway into games
to helping them build nonfungible token (NFT) collections to allowing them to do
business. Crypto wallets will be connected to everything users already do on the
internet and in every online activity yet to come.

Related: Web3 is crucial for data sovereignty in the metaverse


THE FUTURE OF ID(ENTITY)

People who are accustomed to traditional markets can be confused, intimidated
and even deterred by the crypto-based ownership revolution. But it’s the means
(identification), not the ends (identity), that are changing.

A user’s crypto wallet will function as a key, accessing all their domains, real
estate, NFTs and other virtual properties. Should they lose that key, they’ll
have to wait until its term expires to renew it. That said, the wallet will be
so integral to everyone’s online identity that a total loss is unlikely to
happen, and there are companies actively developing solutions to combat such
losses.

Identity won’t be transformed on its own, but in relation to ownership as well.
For instance, crypto wallets will have a hand in the purchase of web domains.
Third-party supervisors like the Internet Corporation for Assigned Names and
Numbers (ICANN) will no longer hold sway over users’ ability to buy a top-level
domain (TLD) or mint a subdomain off of it, and users will not have to request
permission to do this themselves. Ownership of domains will become newly
permanent; even minting a subdomain off of a previously-owned TLD will grant a
user indefinite ownership of that subdomain.

This will all be possible only through a crypto wallet. With the hype we’ve seen
around the metaverse and NFTs, Ethereum and other wallet addresses will be the
primary conduit for amassing virtual wealth.

Related: Identity and the metaverse: Decentralized control


BUT WHAT OF WEB2?

All this is not to say that Web2 will become completely or instantaneously
obsolete. It won’t fade away, but it will be incorporated into Web3 spaces.
Domain ownership, for example, will become backward compatible with ICANN
standards, meaning individual owners will attain the same legitimacy as they did
in the past by acquiring a domain through ICANN.

Services like PayPal will naturally continue to exist: Those accounts will
eventually be connected to a wallet address instead of to an email address. This
shift is already happening across mainstream finance platforms and retailers.


STREAMLINED AND ACCESSIBLE

Given the possibilities of crypto wallets, the future of domain purchasing and
digital identity will pair a collective-benefit mindset with individual
ownership. It will revolutionize the way we identify online. Domain name service
(DNS) records, which are used to trace URLs to IP addresses, have thus far been
needed for resolvers, but this resolution will occur natively in a fully
realized Web3 environment. In a similar way, many of the extra steps needed in
Web2 ownership and identification processes will be rendered unnecessary.

These changes will ultimately result in immutable proof of identity on the
blockchain. Once a user purchases a property, be it a domain or an NFT, they
will own it; no organization can retract or tamper with that ownership. The
prime goal is accessibility across the metaverse. We need to develop systems
that promote viability, practicality and utility in order to create an internet
that works for everyone.

This article does not contain investment advice or recommendations. Every
investment and trading move involves risk, and readers should conduct their own
research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do
not necessarily reflect or represent the views and opinions of Cointelegraph.

Michael Calce is the founder and CEO of DecentraWeb. He is the chairman of the
board of advisors for HP and works with many Fortune 500 companies. Michael
gained notoriety in 2000 for launching one of the highest-profile DDoS attacks
in history at the time, taking down Yahoo, eBay, CNN and other high-profile
sites. Since then, Michael’s mission has been to raise awareness around
cybersecurity and to make the internet a safer place.
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 * #Wallet
 * #Ethereum
 * #Technology
 * #Internet
 * #Identity
 * #Adoption
 * #Data
 * #DeFi
 * #Web3
 * #NFT



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Brian Quarmby
Jul 10, 2022


BTC BULL MICHAEL SAYLOR: ETHEREUM IS ‘OBVIOUSLY’ A SECURITY

The MicroStrategy CEO argued that ETH is a security as it was issued via an ICO
and its network has had many fundamental changes over the years.

16395 Total views
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MicroStrategy CEO and Bitcoin

BTC

$26,282

bull Michael Saylor said that Ether

ETH

$1,756

is ‘obviously’ a security as he doubled down on labeling BTC as the only
commodity in the crypto sector.

In an interview with Altcoin Daily, Saylor was questioned on his take regarding
the classification of both BTC and ETH as commodities by United States Senators
such as Kirsten Gillibrand and Cynthia Lummis, along with figureheads from the
Securities and Exchange Commission (SEC) and the Commodities Futures Trading
Commission (CFTC).

Saylor provided a lengthy run down on what he thou are the fundamental
differences between the Bitcoin and Ethereum networks, as he suggested that only
the former has remained unchanged over the years:

> “I think Ethereum is a security, I think it’s pretty obvious, [...] it was
> issued by an ICO, theres a management team, there was a pre-mine, there’s a
> hard fork, there’s continual hard forks, there’s a difficulty bomb that keeps
> getting pushed back.”

The CEO argued that the constant need for software upgrades on a network driven
by a team or entity represents an indicator that ETH is a security. He pointed
to the design of the long-delayed difficulty bomb, which he said will “murder”
the entire ETH mining industry as an example of such.

According to Saylor, for a digital asset to be classified as a commodity, it
needs to be backed by a “completely decentralized protocol where nobody can
change it even if they wanted to change it.”

“For it to be a commodity there can’t be an issuer, and the truth is you can’t
really make decisions. I mean one of the fundamental insights in the crypto
industry is that the fact that you can change it, is what makes it a security,”
he said.

Securities are generally understood as fungible and tradable financial
instruments that are used to raise capital in public or private markets. While
commodities are seen as goods or assets that have a monetary utility. Assets
like gold and silver are seen as hard commodities, while soft commodities are
goods such as rice or tea.

Saylor reiterated that BTC is a commodity as the core of the Bitcoin network
cannot be altered, much like the physical makeup of gold:

> “If you want to establish yourself as a digital commodity, then you’re trying
> to create something like gold in cyberspace.”

Despite Saylor’s arguments, however, the Bitcoin network has seen multiple
network upgrades over the years. The most notable one in recent history was the
Taproot soft fork from November 2021, which aimed to improve Bitcoin’s scripting
capabilities and privacy.

Asked about his thoughts on other altcoins such as Cardano

ADA

$0.360

, Saylor once again echoed his maximalist sentiments, stating:

> “I think all of the proof-of-stake networks are securities and they’re all
> very risky [...] it’s above my pay grade, the regulators will decide whether
> or not they allow them to continue or nor noth they don't allow them to
> continue.”

Related: Bitcoin 'cheap' at $20K as BTC price to wallet ratio mimics 2013

The MicroStrategy went on to note that one of the major reasons he favors BTC
over all other crypto assets is that he holds concerns over altcoins being
non-compliant security tokens that could get regulated out of existence.

Saylor’s MicroStrategy has continued to snap up BTC despite the tanking value of
the asset in 2022, and as of June 29, the firm held 129,699 BTC worth around
$3.98 billion at the time.

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 * #Bitcoin
 * #Business
 * #Proof-of-Stake
 * #Ethereum
 * #SEC
 * #CFTC
 * #Proof-of-Work
 * #YouTube
 * #Cardano
 * #MicroStrategy



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