With the technological advancements over the past decade, and rapid globalization, there is no denying that software is consuming our world. Additionally, a global pandemic spanning 1+ years has brought us all together digitally in ways never imagined.
As a result we're now accelerating into the world of decentralization and must begin to strategically plan for the next iteration of social on the internet.
Simple is Beautiful.
As we build a completely new decentralized framework for Social+ we must ask ourselves a few questions: Are we dreaming big enough? What is the scale of this ambition? How do we simplify the transition?
You simply can’t build on a weak foundation - You must have a solid foundation if you’re going to have a strong superstructure. The Open Decentralized Internet is poised to become that superstructure and amplify our engagement while simultaneously weakening the offerings of legacy centralized systems.
Decentralization might sound confusing, and challenging, but in actuality on the surface there are only a few key differences from traditional social applications:
- You control your login information.
- You control your data.
It's that simple.
Change brings opportunity and breeds creativity.
In late 2020 A16z put out an article on the Power of Social+ where they said:
Tiktok. Fortnite. Minecraft. Pinduoduo. These phenomena are what I call “social+” companies: companies that take a single category—from gaming to music to ecommerce—and build an integrated social experience around it.
Any product that has a social component baked in has fundamental and asymmetric advantages over competing non-social products in that category: better growth loops, better engagement, better retention, better defensibility. And because social+ companies are network and community driven, that advantage accumulates over time.
The key takeaway for Social+ is the power of network and community driven ambitions. A16z highlights the value in a strong community and begins to expose a roadmap for the future of social, but misses the mark by excluding the additional benefits decentralization will provide.
With open decentralized technology we now have an opportunity to demonstrate Social+ in a way where communities control their own digital footprints and the data they produce.
We Learn By Doing.
The product strategy and business operations for new products and services based on this emerging technology are currently underway at Tuum Technologies. The development team has been researching and developing verifiable data for years.
Our lives are now linked to the apps, devices, and services that we use every day. But, with each new digital connection we expose our identity and data to new risks beyond our control.
What are Decentralized Identifiers (DIDs)?
Decentralized Identifiers are IDs users create, own, and control completely independent of any business or government. Each new DID is issued by an autonomous, independent, and decentralized platform that acts as proof of ownership for the digital identity.
What are the benefits of decentralized digital identities?
Proof of Ownership
DIDs provide independent proof of ownership to every user and enables every individual to generate their own DID. In essence, the DID is at the heart of the operational mechanism that enables individuals to “own their own data.”
Tamper-Proof, Interoperable Identification for Everyone.
Today’s internet is dominated by large companies that make you log in with their in-house logins to access your data. An open source Universal ID (UID) system like w3c DIDs allows you to trust code – not corporations controlling your data.
Identity verification with Decentralized Identifiers (DIDs) is an open approach to verifying information about a user while providing the security and privacy-related benefits of distributed ledger technology. After verification, these credentials can be used to prove data cross-platform on an open decentralized internet.
What are Verifiable Credentials?
Verifiable credentials are the digital equivalent of physical credentials that we all own and are familiar with today. Some of the most common examples include passports, diplomas, qualifications, and awards. With 60%+ of the world online it is critical that verifiable information be expressed on the web.
What are the benefits of Verifiable Credentials?
Easy User Experience
Users can now quickly and easily generate verifiable credentials and receive verifiable data confirming attributes.
Scalable and Flexible
Verify any type of data for any entity or individual in a secure and scalable way.
Built using W3C standards, the DID provides greater transparency and seamless integration with identity verification partners.
Personal Data Storage
Another new advancement in this area is Decentralized storage allowing users to ‘own their own data’. With this technology users can now benefit from a powerful line of features including selection, accessibility, data sandboxing, and DID integration.
Message from the team:
At Tuum Technologies we believe anything is possible when powered by decentralized technologies. Developers with vision, creativity, and ability to rapidly pivot throughout the expansion of decentralized technologies will succeed in spades. We look forward to seeing Social+ decentralized platforms tackle new challenges and emerge prosperous (See www.tuum.tech to learn more)