Introducing NFT3: The Passport for Web 3.0
The First Unified Decentralized Identity and Credit Network for Web 3.0
Web 3.0 is at a tipping point.
As adoption increases and more and more of the world moves onto the Blockchain, a sea of user data is available scattered through many different islands of information.
However, this generates unforeseen pain-points that are unique to the new and frontier-like world of Web 3.0.
1. There is no FaceID for Web 3.0
Users don’t have ONE easy way to access dApps, DEXes and DeFi Protocols across all chains.
Instead we’re all stuck managing countless wallet addresses across each chain.
While this is exhausting and annoying for current users, it is also a serious hurdle to true mass adoption.
2. How Do You Prove You Are Real?
dApps, DEXes and DeFi protocols currently have no way to access user information apart from the wallet address. In essence,
they don’t even know if the user on the other end is a human or a bot with a wallet address.
This severely limits the scale that Web 3.0 can reach since without reliable user information the true value of a platform remains unknown and hard to predict.
3. There is No Credit Score for Web 3.0
There is currently no Credit Score for Web 3.0, which means the value that can come from efficient lending protocols is untapped as of now.
DeFi protocols currently have no way of knowing the Lifetime Value (LTV) of any individual user.
This severely limits the scale DeFi can reach.
Web 3.0 data is already generating tremendous value, but most of it lies untapped amidst the confused void of endless wallet addresses scattered across different chains.
What’s Needed
What’s needed is a simple, standardised, and trustless solution for these problems.
1. A Single, Safe and Intuitive way for Users to Access Web 3.0
Web 3.0 users should be able to access protocols, DEXes and dApps across chains through an easy, intuitive interface without having to bother with managing countless addresses on every chain.
2. A Verifiable Decentralized Identity Layer
dApps must be able to identify real users vs bots.
The consumer is at the center of the Web 2.0 economic business model. The Total Lifetime Value (TLV) of an individual with an internet connection spending time and money on purchasing goods and services is the basis for the valuations of Google, Amazon, Facebook, and other Internet giants.
For Web 3.0 to gain similar scale, a pathway for user information to be shared while preserving the privacy, autonomy and sovereignty of the individual needs to be found.
3. A Credit Score for Web 3.0
In the United States alone, the scale of credit loans has reached a staggering 4.11 trillion USD, accounting for 27.11% of its total loan scale.
However, the credit loan scale in crypto is still zero.
This is because DeFi currently lacks a user credit report system to help DeFi loan platforms to assess a user’s credit status and solvency.
This is where NFT3 comes in.
Introducing NFT3: The First Unified Decentralized Identity and Credit Network for Web 3.0
NFTs for Humans
As a first step, we are attacking the basic problem of solving virtual identity.
NFT3 will allow users to create a 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 wrapping it in DIDs, or Decentralised Identifiers, which can travel across the web but always return to the owner’s NFT3.
Staked Identity
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, validated NFT3 DID.
This individual staked amount can be slashed in part or in whole by an arbitration mechanism. Hence any malicious attempt to create fake NFT3s (as with bots, etc.) will become costly.
NCredit
Apart from the NFT-based DID identity, NFT3 will also build. a sophisticated credit-scoring system based on the user’s bound social account information and multi-chain address information, called NCredit.
The NCredit score of a user reflects his personal credibility – the higher the score, the more reliable the user is.
NFT3 users will enjoy the benefits of a higher credit score in many places, such as:
- Higher voting weights in on-chain governance
- Lower interest rates when borrowing
- Higher mortgage rates when lending
- Priority and more quotas when participating in IDOs, and so on.
Similar to Clubhouse, NFT3 is invite-only, and any downstream invitees that are slashed will result in upstream slashing.
On the other side, 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.
Summation: This is just The Beginning
Web 3.0 is at a tipping point, but to truly reach the holy grail of mass adoption, an identity layer that maintains user privacy, sovereignty and radically simplifies access to all Web 3.0 applications across chains is necessary.
This is what NFT3 is building, with the NFT:DID method, and an arbitration and social vetting mechanism that operates on staked identity.
For our DIDs, NFT3 Network will utilize W3C’s Decentralized Identifiers (DID) protocol, which is the standardised DID protocol sanctioned by the creators of https.
The NFT3 community is 100% invite only – guaranteeing that $ISME will cultivate around itself the most credit-worthy community in crypto.
In addition to NFT3 Decentralised Identity and NCredit, the first Credit Score for Web 3.0, we are also going to create the NFT3 Identity Graph: the first decentralized Interoperable Identity Graph in the blockchain world.
NFT3 Network will form an autonomous organization on the community chain, namely NFT3 DAO.
For both Web 3.0 as well as NFT3, this is just the beginning.
Welcome to NFT3. The passport for Web 3.0.
About NFT3
NFT3 is the First Unified Decentralized Identity and Credit Network for Web 3.0. NFT3s 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.
