NFT3 — Your unified identity across all Web3 applications

Source: NFT3 Website

We are all familiar with Web 2.0 — the current version of the web which we are all familiar with. Gradually, we are moving towards Web 3.0, which represents its next phase. It will be more open, decentralized and promises to bring greater utility. Core features of Web 3.0 such as decentralization and permissionless systems, will bring more options to what we can do on the web in the future. However, it will also bring about some new challenges that were previously not seen in Web 2.0.

As such, NFT3 is building the first unified decentralized identity and credit network for Web 3.0, acting as a unified identity across all its application layers. This will solve the problem of not having just one easy way to access your dApps, DEXes and DeFi protocols across all the different chains. In addition, dApps, DEXes and DeFi protocols currently have no way to access user information apart from the wallet address which is a string of alphanumeric characters. There is no way to be certain if the wallet is owned by a human or a bot.

Presently, there is also no credit score mechanism or service for Web 3.0, which means that the value which comes from efficient lending protocols remains an untapped market. DeFi protocols have no way of knowing the Lifetime Value (LTV) of any individual user, and this can severely limit the scale that DeFi can reach.

With NFT3, all users will be allowed to create their own unified identity that they can then associate with any Web 3.0 application. This is achieved by creating an NFT that the user owns, and then wrapping it in a Decentralized Identifier (or DID), which can travel across the web but will always return to the owner’s NFT3.

Source: NFT3 Website

By adding a staking function and consensus and arbitration method, along with social incentivization and vetting, the conceptual and architectural framework for a unified, staked identity layer is possible. Each person will need to stake a certain amount of the NFT3 token $ISME in order to have an active and validated NFT3 DID. This individual staked amount can be slashed in part or in whole by an arbitration mechanism. Hence any malicious attempts to create fake NFT3s (for use by bots, for example) will be costly.

Apart from the NFT-based DID identity, NFT3 is also building a sophisticated credit-score system based on the social account information and multi-chain address information bound to each user. This will be known as NCredit, and the NCredit score of a user reflects his personal credibility — the higher the score, the more credit-worthy the user is.

NFT3 users will enjoy the benefits of a higher credit score in many settings, such as:

  1. Higher voting weights in on-chain governance
  2. Lower interest rates when borrowing
  3. Higher quotas when lending
  4. Priority and more quotas when participating in IDOs, and so on.

Similar to Clubhouse, NFT3 is invite-only to preserve the integrity of the user base. Any downstream invitees that are slashed will result in upstream slashing. On the other hand, as validated downstream invitees grow, upstream members will receive staking buffers. This means that not only will NFT3 be building a plug-and-play identity platform for all of Web 3.0, it will also cultivate the most credit-worthy community in crypto around its token, $ISME.

The NFT3 platform will be the first of its kind to utilize DID to create a comprehensive Web 3.0 ‘passport’ and it will become a direct monetization path for individuals to associate value on their terms with various aspects of their data journeys through life with different projects, individuals, social networks, companies, and institutions. It is pseudonymous, autonomous, and validated by its staking mechanism.

The NFT3 network will form an autonomous organization on the community chain, which will be named as the NFT3 DAO which will govern on all matters relating to the development of the platform. For both Web 3.0 and NFT3, they are both just at its beginning with so much more to offer.

Find out more about NFT3:
Website /Telegram / Twitter / Github / Medium

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