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Brooke Hopkins

27 September 2022 635 Read Metaverse

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Understanding Digital Identity in the Metaverse

The transition to metaverse technology is similar to the 2004 transition to Web 2.0, which was sparked by the rise of social networks and user-generated content. Back then, people had grand visions of democratization and consumer control. While computing power may not be plentiful enough to make metaverse possible today, billions of dollars are pouring into the infrastructure and platforms that will enable it. As a result, we can expect to see more people using digital identity and sharing it with the world.

Self-sovereign identity

Self-sovereign identity is a form of digital identity that provides trust portability and interoperability between entities. It is used to facilitate the exchange of identities, including in the metaverse. It can be applied to certificates, diplomas, identity cards, and other credentials. The metaverse can benefit from self-sovereign identity because it will increase traffic and user loyalty.

As the metaverse manifests the idea of multiple digital worlds, users will want to transition between them smoothly. A self-sovereign identity will be essential for such seamless transitions. This type of identity will ensure that users are authenticated across multiple levels of metaverse worlds while maintaining the benefits of a decentralized platform. Furthermore, self-sovereign identity will allow users to manage and control their own data, which will prevent unauthorized sharing of their data and avatars.

Cryptographic trust

The Metaverse will need a secure and interoperable digital identity that is not prone to fraud. Whether the user is in a game or in the real world, his or her identity must be reliable and consistent to ensure the integrity of the transaction. This will require an identity authentication process that compares the identity claim with the data. In other words, the identity must be a tamper-proof and foolproof system that prevents the wrong parties from confirming transactions.

The Metaverse platform is a set of shared virtual worlds where individuals navigate through them using digital assets and digital identities. Its creator, Jaron Lanier, coined the term "economic avatars" to describe this phenomenon. In addition, physical things exist within the Metaverse through tokens and must be managed through social identities. The Metaverse offers an opportunity for financial services institutions to apply modern cryptography to solve this problem.

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