Internet Computer launches Verified Credentials

by

As an experienced analyst, I see Internet Computer’s (ICP) latest offering, Verified Credentials (VC), as a game-changer in the Web3 space, particularly in the realm of personal data privacy and security. With the market cap size that ICP currently holds, it is one of the largest decentralized blockchain networks, and VC’s potential to address long-standing issues with online privacy-preserving authentication is commendable.

As a researcher studying the advancements in decentralized technologies, I’m excited to share that Internet Computer, one of the most prominent blockchain networks by market capitalization, has recently introduced Verified Credentials (VC). This innovative solution empowers individuals to easily and securely share their personal data within the Web3 ecosystem. With VC, we can trust that the information being exchanged is authentic and reliable.

As a credential analyst, I can assure you that one of the benefits of Verified Credentials is its ability to combat the proliferation of false information and unwanted content on social media. This is achieved through the elimination of bots and fraudulent accounts, thereby effectively preventing the spread of fake news and spam.

The approach we’re taking with our solution is markedly distinct from established platforms such as MetaMask and OKX Wallet. Instead of requiring users to manage wallets, we will provide an infrastructure and associated tools for issuing, sharing, and utilizing credentials in a secure, private manner. (Jan Camenisch, CTO of DFINITY Foundation)

With the introduction of Verifiable Credentials in Internet Identity, users can now overcome long-standing challenges related to privacy-preserving authentication online. All that’s required is a device equipped with a passkey (most modern devices have this capability) and a web browser.

Part of Internet Identity

As a crypto investor, I’d put it this way: In the world of cryptocurrencies, Venture Capital (VC) plays a significant role in shaping the Internet Identity landscape, which is one of the nine key areas of focus within Internet Protocol. Other crucial areas include decentralized Artificial Intelligence (AI), Chain Fusion that allows external blockchains such as Ethereum and Solana to merge with ICP, platform decentralization, and digital assets.

Verified Credentials (VC) introduces innovative features that go beyond what’s currently available on platforms like MetaMask. Instead of just providing unique, pseudonymous identities for each dApp use, VC enables users to attach specific identity attributes to their online persona.

Introduced in 2021, the Internet Computer project has consistently rolled out new elements within its system. One of its standout additions is Chain-key Bitcoin (ckBTC), a digital token with a one-to-one correlation to Bitcoin. According to available data, this token boasts a total value locked (TVL) in excess of $17 million.

As a researcher exploring the dynamic landscape of the blockchain world, I’ve come across the Internet Computer (IC) ecosystem, which has recently expanded to accommodate decentralized applications (dApps) such as Helix Markets, Funded, Orally, and ICDex. What draws developers to this network is its comprehensive suite of features enabling seamless dApp deployment. Specifically, IC offers Ethereum Virtual Machine (EVM) smart contracts, which are widely used in the blockchain industry. With a market capitalization exceeding $3.7 billion, IC’s native token, ICP, ranks as the 24th largest cryptocurrency within the digital asset sector.

Read More

2024-06-18 17:56