Once people started exploring non-financial uses for the blockchain, the idea of identity in Web3 became a frequent topic of discussion.

It naturally lent its way to be used on the web as a form of “Universal Login”, where one identity lets you access all websites. This article will break down why this is a bad idea. A hint: the bad part of Universal Login is not the “universal” aspect, nor doing away with the passwords, but rather, the “login” aspect.

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Update: UniLogin, one of the key proponents of Universal Login has just announced they will be closing doors. Gas prices and DeFi gentrification, alongside ongoing changes in browser privacy meant reduced utility of browser local storage. …

[reposted from github]

Here in the TokenScript project, we are adapting tried-and-true methods (that have borne fruit in cryptography engineering for decades) to public blockchains.

Unfortunately, data on the blockchain is not being used for its intended purpose. …

My parents sold an apartment in China and allocated a portion of the sale’s proceeds for cryptocurrency (“crypto”). In China, crypto exchanges are illegal. Not wanting to go for the blackmarkets, they transferred that portion to their bank account in Australia, intending to purchase from Australian exchanges.

This is the story how the purchase eventually failed in 2 months, and why it is a positivie signal for other potential buyers.

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To help you imagine, $70,000 worth of crypto is this much.

What buying a large volumne of crypto is like

I’ve traded crypto since 2011, and I use an OTC account when I need to trade. (An OTC account is an exchange account with a large volume.) Earlier this year, I met Matthew Kwan of CoinTree while attending Sydney’s Emergence Conference 2019 — he offered me CoinTree’s OTC Desk’s service. We shook hands and conversed. I confirmed with Matthew that foreign residents like my parents could open an OTC account. …

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