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Bridging The Trust Gap
Contrary to the actual world, digital identification employs a cryptographic root of trust rather than a humanistic root of trust. When we interact in the real world, I trust you because I can see you and know who you are. These crucial elements aren't present online. You never know whether the person you're interacting with is real. When I first see you online, I have a moment of faith and accept that you are whom you claim to be. This raises the possibility of fraud.
If we now move from online identity to metaverse identity and we want to give users in certain services and worlds the choice of whether to reveal their real identity, a familiar element of trust is lost. So we need new ways to maintain the security we are so accustomed to and still take advantage of the new possibilities of the blockchain-based internet.
A possible solution is the use of digital cryptographic credentials that increase public trust while still maintaining safety, security, and privacy controls. This concept can be rolled out broadly to metaverse applications where digital identity is used. And while eventually, these credentials could become very sophisticated over time, the wallet address and history are already a good start: For example, will a wallet containing assets worth several million and a hard-earned social media audience really scam for $50 - probably not.