Magic Connect: Keeping your Identity Safe
The digital footprint that we leave behind every day when we enter our credentials into various sites has exploded out of control. In the crypto sphere, it is not only your email address that is distributed to an array of third parties, but much more sensitive information as well: wallets, assets, and IDs. Each time you provide information to a third party, you are placing trust in their system which hackers have been known to breach.
Giving up personal information to various databases in order to gain access to crypto products and services is now a thing of the past.
Magic Square, a breakthrough platform, community, and store for crypto apps is changing the security game as we know it. Magic Square lets you access all of your crypto apps via one SSI secured login, so you use one set of credentials across all apps and maintain complete control of your identity.
SSI keeps you safe
Magic Connect grants users access to the latest Self-Sovereign Identity ( SSI) technology, which brings both security and integrity to the table through something known as decentralized identifiers ( DIDs). Basically, DIDs replace third-party entities like lawyers, for example, in the verification process. But, you might be wondering how something automated like a DID can replace a human entity. Here’s how it works.
How DIDs work
DIDs encode the private and public keys of the institution which has provided its verifiable credentials (VCs). Each VC, therefore, contains the digital signature of the institution which issued the credential in the first place. This makes VCs extremely reputable, even without the intervention of lawyers in the verification process.
With DIDs everybody wins: verifying institutions can rest assured that the credentials they receive are in fact verified, issuing institutions do not need to be responsible for storing personal information in their databases, and most importantly, users gain autonomy over their identity.
Control your Identity
When you use SSI and DIDs, your identity stays in your digital wallet, so you maintain complete control over who can access your credentials. All of your interactions use DIDs and so, they are all conducted on-chain using digital signatures, and of course, leave a traceable digital trail.
SSI gives you access to a complete record of who has access to your credentials. You decide which pieces of information other entities can access, and with the swipe of your finger, you can grant or revoke third-party permissions to your VCs.
Magic Square and SSI
Magic Square is becoming increasingly attractive for crypto users for a whole host of reasons including the security that it provides its users. One thing is for certain, with the implementation of SSI technology, Magic Square is moving in the right direction as far as the security of its userbase is concerned.
Originally published at https://magicsquare.io on October 14, 2021.
