In Vitalik Buterin’s latest article, he explains the current pain points of Web 3 and hypothesizes how a more diverse and richly decentralized society can be built through “soul-bound” tokens. At the moment, the most significant limitation of Web 3, and the most urgent challenge to overcome, is the lack of the fundamental element representing social identity, which is known as DID, decentralized identity.
The lack of a native Web 3 identity has resulted in Web 3 being fundamentally dependent on the centralized infrastructure and structure of Web 2. Furthermore, this leads DeFi and SocialFi to be unable to form a well-developed ecosystem. To address this situation, Vitalik proposes two new terms in his paper – soulbound tokens (SBTs) and decentralized society (DeSoc) – to build a mature and closed-loop Web 3 identity system.
The basic elements of DeSoc are accounts or wallets that hold SBTs, which correspond to a series of relationships. You can think of an SBT is an action you take in Web 3, such as a DAO issuing you an SBT that proves you are a member of that DAO. It is like a biography to record your Web 3 life.
Vitalik also devises new mechanisms and algorithms around SBTs to ensure that Web 3 can be truly decentralized, envisions future applications using SBTs as a base element, and provides a detailed analysis of the possible threats and challenges of SBTs. Although the proposed examples are still somewhat abstract concepts, the scenarios are only enhancements of existing projects and applications by DeSoc and are not yet connected to the complex relationships in the real world. Nevertheless, they are still enough to give us a good vision of the future development of Web 3 and, at the same time, make us realize that a mature DID is necessary for the further development of Web 3. DID is a fundamental element of Web 3, and the metaverse. It will be combined with another essential component of Web 3, SocialFi, to achieve the ambitious journey of complete decentralization of Web 3.
Among the existing DID and SocialFi projects, FaceDAO breaks into the limelight like a dark horse. The entry barriers of blockchain are too high. It is extraordinarily difficult to convert Web 2 users to Web 3 applications (DAPPs). Users must need significant education, or at least basic knowledge, to enter the world of Web 3, which discourages people from converting to Web 3.
FaceDAO is lowering this barrier by mapping our community member’s biometrics to the blockchain to form a unique DID. At a later stage, through FaceDAO’s cross-chain open API service, the unique DID of FaceDAO can be transformed into the public and private keys of all mainstream public chains. So that users can have accounts of mainstream blockchains without other operations after scanning their faces, thus allowing them to link various applications in the Web 3 world seamlessly.
It is reported that FaceDAO has now received another $100 million investment offer from several institutions led by Wall Street investment institutions after receiving millions of dollars in seed round investment. These institutions are in close contact with FaceDAO and conducting due diligence.