Googling “what are online credentials?” It’s a lot like taking a shot in the dark. Results may vary in the choice of “banking credentials”, or “one’s online username and password”. While these versions are also true, they only cover the basics of online credentials. In a more detailed and detailed sense, online credentials are related to a user’s online behavior patterns by observing how they use an app, analyzing various aspects such as the number of hours they spend on certain features, the app Which aspects of the world do they use the most, and so much more.
What are online credentials used for?
Online credentials can be used for many purposes, including targeted advertising, or improving the web app user experience. Various data collected for these purposes includes individual demographics (age, location, gender, etc.) as well as behavioral patterns (locations visited, interactions with different pages, etc.). With such a massive amount of data being collected from individuals – corporations have access to a pool (or more ocean) of data for the benefit of their business.
Who owns the credential and how is it stored?
Someone will automatically assume that their own personal information that they add to Instagram will be their own intellectual property. In fact – it couldn’t be further from the truth. As soon as a user signs up on the Web2 social media platform, the information uploaded by him is now owned by the corporation in question. Unfortunately, through agreeing to the terms and conditions of these web2 apps (which are often not read by users due to the thousands of pages), the user grants access to the corporation and then has little or no wiggle room. When it comes to deciding who can or can’t access their online credentials, and how they are used.
Through this ownership, Meta is able to earn an estimated profit of billions through the use of personal data $117.92 billion in 2021, about 43% of this total revenue comes from North America (although only 10% of Meta users bring to North America.) The benefits or rewards that users get from sharing their personal data helps Meta make billions. Is? none. The simple gesture of being able to use an app like Facebook, Instagram or WhatsApp is what users get in exchange for their data.
Besides the non-existent benefits for Web2 users when it comes to online credentials, the lack of privacy is another issue. With the private data of millions of users being stored on a centralized system, there is a high risk of data breaches. when it turned out to be true 530 million Meta (Facebook) users were victims of one of the largest Web 2 data breaches, where not only was their personal data used by Cambridge Analytica without their consent – but it was also after Groove on another platform.
Enter the world of decentralization
The next version of the Internet is supposed to be, web3 Primarily characterized by its decentralized model, which is built on blockchain technology. This decentralized version of the web means that users of web3 are the ones who own and operate their own data, which can be accessed using blockchain, cryptocurrencies and made possible through NFT. In Web3, ownership covers ownership of information, meaning that in future Web3 social media apps, each of the content posted by users will have a smart contract – granting rightful ownership to the content creator in question.
What does it mean that users actually “own” a part of the web? In Web3, digital identities use self-sovereign identity (SSL), which allows identity credential management from a centralized silo system (as seen in Web2) to peer-to-peer, using the likes of public-key cryptography. Transfers to peer model, decentralized identifiers and blockchain. In turn, this model gives users the power to decide how their information is delivered by websites, services and applications on the Web, as the point of connection has shifted to the individual user as opposed to corporations.
the rewards are endless
Transferring ownership of online credentials to individual users is not the only advantage Web3 offers. Gallery, the world’s largest Web3 credential data network, provides Web3 users with benefits that go far beyond simply transferring ownership of their online credentials from corporations to individuals. Through GALXE’s many application modules, including the Credentials Oracle Engine and the Credentials API, data curators now have the opportunity to be rewarded and monetize their credibility due to the open and collaborative infrastructure provided by the data network. GALXE’s ecosystem is easily accessible by all Web3 developers and projects, allowing them to leverage credential data – ultimately helping them build better products and communities for their users.
Are you ready to take back your power?
Looking at the differences between Web2 and Web3 in terms of data ownership – it is clear that Web2 favors giant corporations, leaving individuals powerless in terms of how their data is used. The emergence of Web3 is changing the perception of how online credentials are used and is actually giving individuals back the power they deserve. With the help of networks like GALXE, both Web3 developers and individual users are given the opportunity to leverage and thrive in this new era of the web. Are you ready to take back your power with Web3 Online Credentials?
Credit : www.newsbtc.com