Hi there, this is Lucky Ali, and you're reading my Hive blog. This is the period where your currency is your identity. You're doing a financial transaction and approving it, or logging in to any app or any website, all things are verified, tracked, and do you know? A third party controls it. To save yourself from this, there is an SSI whose full form is self-sovereign identity. And this is a kind of system where you are the owner, you have control, and you can also manage your digital identities. You don't need to rely on any centralised authority or 3rd party. Now, here we have to imagine this particular thing in the hive because currently, we are on the hive blockchain, which is a decentralized Web 3 economy, and there is a lot of potential.
When I talk about Hive, it already owns building blocks. For example, if you have an account on Hive, then it is a unique Identity, more secure, you are the owner of your account, and you have the private keys of your account. Now let's talk about centralised Platforms where the person who is managing the database is the owner of your identity, and you are at the mercy of that admin who manages the database. On the other hand, you are the owner of the hive, and this is a perfect example of SSI, and we can say this is the first step towards it. Now, here the question comes to mind: how far can we imagine that hive can go in this particular Segment?
So Hive is a web 3 platform, and it can be used with cryptographic signatures that should be tied to a Hive account. So, what will happen with this? There will be no data leaks, and it is also not possible in the decentralized ecosystem. Also, no middleman is going to sell your profile. The main thing is you are the owner, so you will decide what you want to do and where to give proof of identity. Now, let's talk about the Hive Reputation system, so it can evolve into a decentralized credentials system. This is like a proof of content creation, the proof of your activeness, your engagement with other people and communities. So it is all about your participation and financial reliability.
Now coming to the topic of decentralised KYC, and here you're uploading your documents on many centralised Platforms also, in the Crypto, you can see there a centralised exchanges and you are doing your KYC by providing your important documents. Even if you don't want to, you have to provide KYC to use that platform. But there is one great solution that can make it possible; you just need to verify your identity once with a trusted entity, and that can be used on multiple platforms.
When you see other blockchain you can only track transactions but on the hive blockchain, You can see and track Communities posts, Interactions, discussion, and more and they are all trackable Which means you are not just proving your existence But you are proving your contribution as well that is why hive can be a better version of SSI (self-sovereign identity) And it is more than the simple digital passport.
So Hive can evolve More than just a social blockchain. For example, a Possibility to become a backbone of Decentralized identity, and it could stand out in this Web 3 era. So this can be a future of Hive also, currently Hive is doing very good, and it is still standing out in the web 3 economy. Looking forward to seeing your comments. And please share this post. And now I'm ending this post, have a good day.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring. Thank you, hive family ♥ |