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Posted by2 days ago

DATA PRIVACY STILL FAR FETCHED IN WEB 3?

Question

Data ownership in Web3, still far fetched??

Very difficult to provide a clear definition of what Web3 is. It is paramount to note that the premise of 'Web 3.0' was coined by Ethereum co-founder Gavin Wood shortly after Ethereum launched in 2014. Web3 is Decentralized, permissionless and also trustless .It gives users access to an open, trustless and permissionless Internet.

One of the most important part of web3 is ownership and you can't own what you can't control, Web3 gives you ownership of your digital assets in an unprecedented way through NFTs but how private are they?

A look into past Webs 1 & 2

Web1 is static web , where information are provided for the users to consume only , these information are controlled by those that provide and disseminate them

Web 2 is read - write web, not only do platforms provide contents for users to read, they have access to write too ,(ie social web ,as we see with social media). Implicitly, users can create and contribute data to the web, but not control it. Thus, web-based communications and storage remain highly centralized.

The question now is!!

Is Web 3 private enough ? Transactions on-chain are public, sensitive data needs to be private if Web3 should be the next path.

Are there Blockchain protocols solving this problem? Yes , Oasis Protocol is a data tokenization and privacy driven Blockchain that just launched the first & only confidential EVM-compatible runtime ( SAPPHIRE) and handful of others.

2 comments

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· 2 days ago

Will take a look into Oasis, never heard of it.

There also is Verus with it's Selft sovereign VerusID. All is in the core protocol so don't need a layer 2, smartcontract ... It's the safest and clearly better vision for web3 I ever encountered.
- VerusID is for self-sovereign individuals, and conscious organizations that value their data.

- VerusID has friendly name addresses that make receiving and sending cryptocurrency assets easy. Store any Verus ecosystem or externally bridged assets on a VerusID.

- VerusID utilizes latest zero-knowledge privacy technology so you don’t have to worry about anyone tracking you. (You control what you want to share).

- Data attached to your VerusID is truly yours. You control your data. Only you give explicit permission what happens with your data.

- Login to supported VerusID services without ever needing a passWord.

- You have the possibility to autonomously revoke access to your VerusID, and to recover all data and assets on your VerusID.

- When Vault is activated funds on your VerusID can not be spent. Use Verus Vault for vesting periods, trusts and inheritance. And secure yourself against hacks, theft, key loss and even “5$ wrench attacks.”

And that's only the surface. Been building for years under the radar with a clear vision paper, thinking ahead of all the flaws, issue blockchain is actually encountering in WEB3/DeFi. https://verus.io/papers

DYOR about it, you won't be disapointed if you're looking for true technological revolution, fully decentralized no ICO no dev found and community project. https://verus.io/verusid

Hope it helps, some project out there are still building for the future and not for pump/dump.

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