A French project is building a “trusted Internet” and says decentralized identifiers will be a crucial part of Web 3.0.
XSL Labs is developing a secure digital identifier (also known as SDI) that is designed to ensure that users have full control over their private information. Over time, this approach is expected to diminish the power of big tech companies like Facebook and Google.
SDI aims to limit the amount of data that is shared about us online, without preventing access to goods and services. The project intends to ensure that zero-knowledge proofs are used whenever possible, adding an additional layer of security. For example, this would mean that a third party can verify that someone is over the age of 21, without their precise date of birth being revealed.
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This technology is not just about privacy and anonymity, it is also about keeping data safe. XSL Labs says that SDIs can create a “paradigm shift” in personal information security, eliminating scenarios where thousands of users can have their addresses and names exposed in a single hack. The use of blockchain technology and advanced cryptographic encryption means that malicious actors could only hack into decentralized identities one by one, an exercise that would be difficult and lengthy.
A new age of Web 3.0
XSL Labs says that SDI is designed to be used interoperable, which means that it will have full compatibility with other decentralized identity solutions.
At the beating heart of their offering is a “killer DApp” known as ONE. This software has been heralded as the gateway to the SYL ecosystem. Not only will it keep track of how a person’s personal data is used, but it will also unlock access to a set of DApp extensions. A wallet will also be integrated into this application. ONE will be the only way to manage your own decentralized identity and to receive the verified credentials necessary to interact safely with a third-party service.
In the coming years, XSL Labs is hopeful that its infrastructure will be used for identification purposes on the Internet, taking market share away from companies like Facebook, which allows social media profiles to be used to log into external sites.
But the great ideas don’t end here. Many of the most popular apps out there today, including Uber, Tinder, and Airbnb, rely on interaction with others. Each of these companies has experienced incidents involving rogue actors. London threatened to ban Uber after discovering that some drivers were using fake identities, while Tinder has also had to deal with phishing episodes. Scammers have also been known to target Airbnb by posting fake locations that scam tourists out of cash.
XSL Labs says that SDIs can be used to ensure that the person you are interacting with is genuine, creating a “chain of trust” that does not exist in our digital world today. This can also be much more convenient for consumers. They will only need to go through Know Your Customer (KYC) verifications once, which will speed up the sign-up process on other platforms.
Looking to the future: Web 3.0
The XSL Labs ICO is scheduled to conclude at the end of March. SYL tokens are offered, which will unlock access to services across the ecosystem. It will also provide value transfer, will be used as gas for smart contracts, such as digital identity monetization through Cortex, a future DApp that will allow the user to monetize parts of their identity data anonymously and will be used to reward credential issuers. verifiable. Users will also be able to purchase verifiable credentials using SYL, allowing them to receive digital versions of official documents, such as school diplomas, and issuers will sign them with private keys.
Looking ahead, the development of SDI and ONE DApp continues, and they are expected to be available and operational in 2021.
This project hopes to improve Internet security once and for all and prevent data from being stored in centralized, insecure, and hackable databases. With high-profile incidents still occurring, the team behind XSL Labs is determined to bring its solution to market.