Web3 — Overview Of Mainstream Projects In The DID Track
Web3, the latest installment of the internet, is coming with lots of perks to improve the user experience while doubling down on the bad stuff. The Decentralized Digital Identity (DID) is an integral aspect of Web3, providing users with access to a decentralized identity that’s totally under their control.
DIDs hold an important position in the success of Web3. Regardless of the efforts to actualize the third installment of the internet, DIDs are pieces of a complex puzzle.
The DID operates as a document containing valuable intel on the specific user’s internet activity. Lots of DID projects are riding the murky waves of decentralized digital identity. Let’s dissect some of the popular players, exposing their innards so every user is fairly certain of what to expect.
DID Projects are categorized into various aspects based on what they bring to the table. These include:
Ethereum Naming Service
One of the most popular DID projects out there is the Ethereum Naming Service (ENS). Thanks to ENS, internet users can set up human-readable names as domain names with the added advantage of easy transfer of ERC-20 tokens in a decentralized manner.
The ENS isn’t limited to the Ethereum chain, but the naming service is built on that blockchain. This explains the decentralized nature of the service since Ethereum smart contracts are deployed to make it work.
Funding for the initial run of the Ethereum Naming Service came from grants provided by the Ethereum Foundation. This move helped get the service started. However, that arrangement has since changed with the creation of the DAO treasury. At the moment, funding for the project is handled by the DAO treasury, which is quite significant in this era of censorship and sanctions.
Internet naming service is one of the core components of the ENS. Users can set up a truly decentralized domain name. With an ENS domain name, your details (typically your blockchain address) are encrypted as an NFT.
Beyond the opportunity to exert full control over your ENS domain name, subdomain names are totally in your hands as well.
With the .eth domain, you can receive ERC tokens including ETH. This is made possible due to the naming service being a front for your blockchain address. Yes, your long, difficult to memorize blockchain address can easily be accessed through your domain name.
There are several benefits this naming service brings to the table. Some of these perks include:
A decentralized, free from censorship domain naming service — which is what the ENS domain offers — is certainly not to be sniffed at. Being controlled by a DAO ensures the service is protected from the shenanigans of state and non-state actors.
Offers an easy way to display your Ethereum wallet address in a customized manner. It’s easier to remember while eliminating issues of wrong wallet addresses.
More domains are being onboard to the naming service. Users aren’t going to be limited to just .eth, but you can link other domains to your ENS address.
Another project that has been doing great work in the DID space for a long time now is Etherscan. The website provides on-chain data specific to wallet addresses on the Ethereum network.
On Etherscan, you can explore public data on the Ethereum chain, track blockchain transactions, and valuable analytics on projects and wallet owners specific to the public chain.
Though its services improve the efficiency of the Ethereum blockchain especially as it concerns access to the average user, Etherscan has no ties to the Ethereum Foundation. Its funding is sourced through ads on the website and donations. The services of the platform are free.
Several features make Etherscan the preferred choice on the Ethereum chain.
Viewing transactions specific to wallet addresses is possible on the blockchain explorer. You can simply search for a wallet address and get to view all the ERC-20 assets held in that wallet address.
Etherscan can also double as an ETH gas calculator. Its gas tracker provides clarity on gas fees for transactions on the Ethereum chain.
The Etherscan website also has features that allow users to verify the source code of a smart contract. This can be quite helpful in confirming if the smart contract is fraudulent or not.
Revoking a dapp’s access to your Ethereum wallet address can be achieved using Etherscan.
Using Etherscan is advantageous in many ways. Some of these advantages include:
Its user-friendly set-up makes Etherscan stand out. Items are arranged in an orderly manner that’s easy for anyone to find what they seek.
With Etherscan, you can find out whatever you need to know regarding transactions on the Ethereum blockchain; whether it’s an Ethereum wallet address transaction or the activities of a smart contract.
Surviving the gas fee onslaught on the Ethereum chain is possible with the Etherscan gas fee tracker.
As we get excited about the prospects of decentralized autonomous organizations (DAOs) and people, relevant data on these groups can help anyone make informed decisions. DeepDAO is a platform that aggregates the DAO data, including their treasury, governance, snapshots, and others.
DeepDAO functions as the one-stop website where you can track different DAO data before making any critical decision.
DeepDAO got seed funding from several venture capitals and investors. The secured funds are being deployed towards project development.
The DeepDAO feature list consists of functionalities geared at harnessing information ingrained in aggregated DAO data. A highlight of these features include:
Explore DAO data
DeepDAO aggregates data from different DAOs, serving as the one place where anyone can get valuable information on DAO activities. You can use the search option to find specific DAOs, which is time-saving.
Dissect DAO people
People make up decentralized autonomous organizations (DAOs), and DeepDAO lets users track the thought process of the people in these groups, including their voting habits, coalitions, proposals submitted, and others.
On DeepDAO, you get access to helpful tools focused on DAO creation including guides, legal framework, dispute resolution, and more.
DeepDAO hopes to be the CMC of DAO. The platform does have an edge in many areas compared to the competition despite still being in Alpha. Here are some of the advantages of DeepDAO:
- Captures lots of DAOs and People
- The dragnet of DeepDAO is far-reaching. You’re more likely to find the DAO you seek using the website.
- Assess DAO data at no charge
- There’s no fee attached to using the DeepDAO analytics services.
- Streamlined interface
- Relevant DAO information is outlined in easily digestible formats.
- Proof of Humanity
BrightID is a social identity network that ensures and allows users of the platform to prove their identity and to prove that they own one account. BritghtID has ways of rewarding users who have successfully proven their uniqueness.
One of the BritghtID’s major source of finance is through sponsorship titles wherein, a user gets to share his/her proof-of-uniqueness with applications. This sponsorship title is lifetime and is paid once. Funds collected through the sale of sponsorships go to BrightID Main DAO ( BMAIN).
BritghtID consists of notable features that makes it different from other ID verification. Such as;
- BrightID requires no ID number, user’s date of birth, or proof of address. A profile picture and a profile name of your choice are basically all it takes to get an account on BritghtID.
- Making connections and getting connected to friends and strangers through scanning of the QR code.
- To facilitate making connections and other activities on BritghtID, you have the connection level and the connection group.
- Use’s names and display pictures are saved only to the user’s device and not duplicated. Users can decide to share them securely via a p2p channel when they make connections with friends.
BritghtID aims to provide everyone with the opportunity of being verified on the applications as a one unique person. Here are some of the advantages of BritghtID:
- BrightID requires no personal information. It lets you prove your humanness without losing your privacy.
- BritghtID is widely accessible to everyone, unique and transparent.
- BritghtID is open-source.
- BritghtID enables more freedom and more personal control over one’s own identity and data.
Gitcoin, the open-source platform that ensures developers are remunerated for their used work, has a DAO for rewarding builders of digital public goods.
The DAO treasury provides funding for the project’s activities. Gitcoin forms the bulk of currencies in the treasury.
GitcoinDAO is building a network that rewards those that deliver digital public products. Unlike the average freelance platform, participants aren’t squeezed for every penny possible.
Though GitcoinDAO hopes to compete with established freelance platforms for the future of work, it’s relying on the appeals of a user-managed DAO to get traction.
Distinct DAO Workflows
GitcoinDAO consists of several workflows made possible based on proposals submitted. The workflows are properly structured, ensuring maximum efficiency.
GitcoinDAO is established to reward builders and creators of digital public products. The platform’s main competitors are remote work outfits like Fiverr and Upwork. Fortunately, GitcoinDAO has them beat in many ways:
Unlike the exploitation that happens on freelance giants like Upwork and Fiverr, GitcoinDAO ensures the little guy gets paid his dues. Exploitive fees and conditions are nonexistent.
Decentralized decision making
Every DAO member can take part in the decision-making process of GitcoinDAO. If there’s anything you don’t like about the platform, you can garner the necessary votes to push for a quorum where proposals are created to that effect.