Identity in the world of Web3, DeFi, and Metaverse

Recall that in the times of web 1.0, the simple account-based model of a username and password pair was prevalent. This is still the case with a huge number of websites. However, with web 2.0, a new paradigm started to appear where one identity could be used to authenticate to other service providers too, instead of only the one on which it was originally created. We see this in use on many online services, e.g., “Sign in with Apple” or “Sign in with Google” buttons. Web 2.0 operates in a top-down trust model where centralized platforms are in charge. In the Web3 world, the user is empowered, and we can simply connect to a service provider based on our decentralized identity and the credentials that we possess. No more centralized account models and relying on trusted identity providers; all you need is a wallet and appropriate credentials to connect to a service provider. We saw a glimpse of this when...