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Mapping identities, digital assets, and people’s profiles on the internet is getting much traction in the blockchain cosmos lately. The new technology is currently forming architectures that will further pave new ways to reach fundamental mechanisms to interact in a decentralized, user-centered manner. These schemes are often declared as the next generation of the web. Within the article will be shown, how the internet has evolved in managing identities, what problems arose, and how new data architectures help build applications on top of privacy rights. Both technological and ethical perspectives are viewed to answer which guidelines should be considered to fulfill the upcoming branch of decentralized services and what we can learn from historical schemes regarding their privacy, accounting, and user data.
The financial world of blockchains is mostly covered by Bitcoin, taking up about 210 billion dollars in market cap. Despite the huge security and independence which the technology offers to the users, it's not quite easy to adapt with upcoming applications due to the regulated infrastructure behind. For small-scale transactions, everyday use applications or the access to a variety of crypto technologies and projects, Bitcoin is relatively limited in future development. The compatibility for most of those applications is covering currencies from more development-driven blockchains like Ethereum. Those want to reach out for the user base that's already in hold of Bitcoins and offer them a seamless transition to new applications without the risk of losing their funds. Within the article, atomic swaps and tokenization are covered up and current approaches compared. Both mechanisms are used to fulfill this symbiosis between Bitcoin and Ethereum.
To get a more practical view, an example on how to implement such a tokenization within an app is shown. This will give deeper insights and offers inspiration for digital identity-based app development.
The topic of soulbound, non-transferable tokens is getting lots of interest within the blockchain space lately as decentralized societies become more tangible with Web3 social media applications and DAOs. In this article, I want to outline how such tokens function, their problems for adoption and standardization, and how they differ from verifiable credentials in the SSI field. As such soulbound assets will likely rely on extended recovery and asset management schemes to become viable identities that safely gain reputation and trust, features like social recovery and contract-based accounting are incorporated. By combining those new technologies and the theoretical crypto-native identity construct, the paper will give an impression of the future user-centric data economy.