Understanding Attestation: A Key Component of Web3

In the world of Web3, attestation is a crucial concept that allows identity verification, proof of ownership, and unlocks access to various services and benefits. But what exactly is attestation and why is it so important?

At its core, attestation is simply evidence or proof of something. In the case of Web3, it contains digital signatures and cryptographic proofs that state a fact about an identity or entity. These proofs can be used to prove the identity of a user, confirm that a device or system is trustworthy, or to demonstrate that certain conditions have been met.

Let’s take a step back and look at some real-world examples of attestation. In our everyday lives, we use several types of attestation to prove our identity and access certain services or benefits:

• Drivers License: Proves that we have permission to drive
• Passport: Proves our citizenship and ability to travel across borders
• Educational Certificate: Proves that we have achieved a particular education milestone
• Internet Certificate: SSL/TLS certificates, are electronic documents used to verify the identity of websites, servers, and other online entities

In the context of Web3, attestations are needed to enable most of the real-world use cases. In a recent example, JP Morgan used Verifiable Credential, a form of attestation, to execute its first DeFi transaction on a public blockchain. Attestations allow the bridging of Web2 and real-life identity to Web3, while maintaining distributed trust.

Even though attestations are a crucial component, the use of attestation technology in blockchain is still in its early stages. Its eminent that new standards of implementation will emerge with more mainstream adoption of multiple real-world utility on the blockchain.

Some interesting attestations that are being adopted are below:

• Proof of Attendance: The popular POAP tokens not only represent poof of attending events, but also a digital keepsake from a memorable time. It is an on-chain attestation.
• Attestation Ticketing: Proof from the event organiser stating the identity of the ticket holder. It can be used in digital world to mint NFTs, claim perks from 3rd parties as well as in real life transactions such as to claim merchandise and right of admission.
• Email Attestation: Proof that an email belongs to a user with a particular wallet address. This allows the user to associate their Web3 ID with the most ubiquitous ID of Web2.
• Proof of Reserves: Proof that an exchange has the reserves for the assets that it holds on behalf of its customers.
• MagicLink Attestation: Attestation that is encoded as a URL, which can be opened in a browser to generate and store attestation securely
• Soul Bound Tokens: Even though not be directly considered as an attestation, soul bound tokens can be used as attestations for attributes in some occasions.

The application of attestation architecture to the blockchain is needed to provide an additional layer of trust required by both brands and users. A common standard for attestations is needed so that the industry can ensure the best chance for the interoperability of assets, systems and networks in a blockchain agnostic manner.

To conclude, attestation is a key component of the Web3 ecosystem and plays an essential role in verifying identity, proving ownership, and unlocking access to various services and benefits. Whether you’re a brand looking to ensure the trustworthiness of your network or a user seeking to prove your identity to access certain rights or benefits, understanding attestation is a must.