How can DID break through the information silos and single scenarios?
In November 2021, crypto unicorn Amber Group published a research report titled "Decentralized Identity DID: Web3 Pass", which systematically introduced the DID concept and ecosystem.
At that time, few people would have expected that the Web3 track would advance by leaps and bounds in the following year, frequently winning huge amounts of financing, and various DID projects would emerge one after another, allowing more and more C-end users to have decentralized identities, which was likely to "enter the homes of ordinary people."
However, the prosperity of DID has spawned more and more information islands. These projects are backed by different public chains and are not interconnected; even DID projects on the same chain do not support information sharing and transmission.
Over time, users have more and more DID identities, but the management becomes more and more difficult. This is obviously not what Web3 should be like. So, is it possible to aggregate many DIDs to meet users' various application needs in one stop?
Objectively speaking, the current answer is no. However, there are projects trying to solve this problem. Take the Web3 collaboration platform Dmail as an example. The platform recently launched the DaaS service (DID/Decentralized-as-a-Service), which uses the Web3 user's DID account as the starting point and provides encrypted information transmission services based on DID Name.
To put it simply, Dmail supports aggregation services of multi-chain domain names, provides various types of encrypted information transmission services based on DID Name, and supports users to send and receive emails using various DID identities in one background.
Although the DaaS service currently provided by Dmail is relatively simple, it is expected to bring new inspiration to the DID industry. After all, scenario-based applications are the prerequisite for large-scale implementation.
Last August, the decentralized identity protocol .bit announced that it had received US$13 million in financing, led by CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital and SNZ.
Financing in a bear market is difficult, but a DID project can raise a large amount of funds, which shows the market's expectations for the DID track. For VCs, this is the current trend, and even Binance cannot stay out of it.
Following .bit, Space ID completed its seed round of financing, led by Binance Labs. The subsequent domain name registration triggered the market Fomo, and some users made a lot of money by trading whitelist OAT and domain names.
For a time, whitelisting and domain name registration became a profitable business, which shows how popular the DID track is.
In fact, the domain name is only a part of DID. According to different application scenarios, DID can also be divided into the following four categories: off-chain identity authentication (such as BrightID), on-chain identity aggregation (such as CyberConnect), on-chain credit scoring (such as ARCx), and on-chain behavior authentication (such as Project Galaxy).
Since 2022, various DID projects have attracted a large number of Web3 users. Taking CyberConnect as an example, as a rising star, the project has a user scale of over 100,000; although Lens has not yet been fully open for registration during the same period, the number of accounts has exceeded 100,000.
Behind the prosperity, the DID track has also exposed many problems: financial speculation is prevalent, deviating from the original intention of DID; different projects are fighting independently, and the problem of information islands is serious; products are similar and there is a lack of landing scenarios.
What can DID on Dcircle do?
It can help you: 1. Build a complete personal profile and DID social card to easily find people who share the same interests and ideas as you, expand your social circle, and meet more interesting people; 2. Demonstrate personal credibility, influence, and achievements, and quickly enter a community/project to work and get what you want; 3. Confirm the ownership of user-created content and social relationships, realize user privacy, decentralized content storage, and build convenient channels to connect Web3 and other applications; 4. Use the curator model to replace the general platform algorithm recommendation strategy to build a common interest group for creators and fans 5. Priority is given to platform airdrops/gifts