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Decentralized Identity For Web3 Massive Adoption
Recorded: Jan. 4, 2024 Duration: 1:08:19Space Recording
Full Transcription
you.
You.
And you can use a single identity to access different areas of the Web3 world.
And as we, as I mentioned before, we have, we have supported over 1,000 decentralized locations
and a variety of other services.
So users can use our ONT ID to have access to a lot
of different services that the Web3 world has to offer.
So I think that's a very important part
for Web3 users, not only convenience,
but also privacy preserving solution
and easy to use, all these things.
Yeah, thanks.
Awesome, awesome.
Thank you so much for sharing.
And you guys already mentioned a lot
about the benefit for the Web3 users,
like our end user rates.
So for the next questions,
I really like all of our audience really curious
about what are some kinds of benefits
or is there any benefit for the developer site?
Well, like the use for the ONT ID
to bring their online experience
or some kind of that for the developer themselves.
So is there anyone can help me to answer the questions
about the benefit for the developer themselves?
Yeah, I think last year,
we sort of set out to remove barriers
for both users and developers
to try and make things as easy as possible
for developers to work with ONT ID.
And as such, one of the things we did
is we took our SDK,
we took a huge proportion of that
and made it open source for developers to use.
And so we made it so developers could pick up
our SDK kit for the ONT ID and use it.
And this comes with lots of options.
I mean, one thing I like about what we do at Ontology
is we say, okay, developer time is absolutely precious.
We work with developers.
We have developers.
We work with other projects that have developers.
Developers are probably the most overworked people
in the entire crypto industry.
They're under a lot of pressure.
They're being pushed really hard to deliver.
They're being pushed on security.
They're being pushed to get product out,
being pushed to do updates and fixes,
and so on and so on and so on.
They're a very busy bunch of people.
So being able to offer a product like ONT ID,
where we say, okay, these are the little project,
these are the little protocols ready for you to pick up
and drop into your product.
Here's the SDK kit.
Here's something for ONT login,
so people can log in with it.
Here's on Mercury, so people can communicate.
Different platforms can communicate really easily
with each other.
We're making it cross chain,
so you can use it on different chains.
Here's ONT tag, so you can tag different products
or people with unique identifiers,
so they can be identified and move
and dealt with in a really easy way.
And I think that's really important.
And so the best support we give for developers
from a technical aspect is to say,
this product's developed.
This is ready to go.
Here's the development kits.
Here's the different aspects you might need,
you might want to tweak,
you might require to drop into your platform and go.
That's really important.
On top of that,
we have support from the team,
we have people to talk to,
we have support from the community,
people who have developed already,
people who've worked on the platform.
You can hop onto our Discord channel,
to the developer's corner,
and chat with other developers,
chat with people who know the platform,
put questions forward,
and talk to people who can help solve that.
We have partnerships with people offering access points,
so you can actually have a custom access point,
so you can talk to the nodes
and do all the things you need to do.
And so all those things exist to make it really easy.
This year,
we're going to be pushing on development fund for the EVM.
We're rebadging that,
we're putting some new incentives in place.
And you know,
there could be around $10 million worth funding
to help developers develop using OntID
on the Ontology ecosystem,
which will be really exciting.
And I think all those things come together
at the right time,
because I think 2024 is going to be a year when,
like you mentioned SocialFi earlier,
SocialFi and GameFi,
I think we'll start taking a serious look
at how they can utilize decentralized identity
in their products,
how they can offer that security to the user,
how they can offer that control to the user.
And so we have lots of things lined up,
ready to go,
either existing or coming down the line
for developers to really make the most of OntID
in their platforms,
to build new products,
to put it into existing products,
and just make the most of it.
Got it, got it.
So perfect, perfect for this site.
I think that when you open for the barrier
for the developer,
like reduce for the straffle of them,
like when working in the Web3,
it's so, so cool solution for them as well,
for the SDK and some kind of open source as well.
So really cool.
I think that you can share with us,
maybe later on in the group,
some kind of documentation that can be helpful
for the developers.
So maybe we can have like spread
to our developer pools
as in our ecosystem as well.
So it's so, so cool as well.
Thank you so much, Jeff.
And next one,
we would love to know more,
like can you have provide more,
some kind of examples of the real world scenarios,
like where OntID could make a significant difference
in the people life,
like both in terms of the convenience
or the security as well.
Can you have to take some example?
Like William, can you have,
or Jeff, can you have more on this?
Maybe Jeff can go first.
Yeah, absolutely.
Sorry, William.
I just didn't want to talk over everybody.
Yeah.
Look, do butt in on me if you want to,
I can talk forever
and I don't know when to shut up sometimes,
but that's okay.
I'm going to start with one really important thing.
So I don't know how many people know of
the sort of General Data Protection Act
or the General Data Protection Regulation.
And this is a regulation that tries to protect users' data,
users' identity, users' personal data, and so on.
And I think any discussion about
what decentralized identity can do for people
should start with the failure
of traditional identity solutions to protect users.
Let's look at some of the fines from 2023.
Meta had a fine pushing 1.2 billion euros
because they didn't protect users' identity.
TikTok, 345 million euros.
Spotify, nearly 5 million euros.
These are big fines because these big companies
that we give our identities to,
we give our data to,
either use it in a way that we've not agreed to,
or they don't protect it and look after it
in a way that the law demands that they should.
And so first and foremost,
one of the things I think
decentralized identity does for users
is it gives them more confidence
that the security of their data,
that the privacy of their data,
that the rights to use their data,
belong to them.
And I think that's really, really important.
And so I'd like to start with our idea
that it's important for you,
for privacy, for security.
But what can it actually do around that?
How can we use it in other ways?
Well, I'll give you three examples.
We can use it in the world of finance.
The world of finance demands know your customer,
know your client sort of procedures.
Decentralized identity can simplify that.
It can make it more secure.
It can reduce fraud.
It can enhance user trust.
And it can make it an easier process
for you to get involved in finance.
Let's take education, right?
You can have verifiable academic credentials.
There's a lot of academic fraud.
It's growing.
Are you hiring somebody who's got the qualifications
they say they have?
Are these qualifications real?
Have they come from an organization
that can be trusted?
And decentralized identity can actually make that
a much more trusted, secure system.
It can also be easier for you to share it
with potential employers.
Think about things like health, medical records.
These are very important, very private records.
You don't want just anybody getting a hold
of your medical records.
At the same time, you want to make sure
your records are secure and accessible
to the people you need to be able to access them.
And that they can get a hold of them when they need them.
And they can use them for your health, your safety,
maybe operations, and so on.
And again, using decentralized identity is a great way
to make sure those records are both secure,
not tampered with, and accessible for people.
And so they're sort of real-world scenarios.
If we come into the world of Web3,
I've already mentioned we've got things like SocialFi.
We've got DeFi.
We've got GameFi.
All these things where you build a reputation,
you can build a system of trust
without having to rely on anything.
You just have these records that are stored on chain
that you can share with people if you want.
And these are really important.
And so I think the longer time goes on,
the more you're going to see decentralized identity
wrapped up into your everyday life.
Because the things it brings,
the benefits it brings to the user are absolutely huge.
You know, they're going to be fantastic.
And so being able to pull reputation from your gaming life,
from your social life, from your DeFi life,
to secure it, put it together,
and share it where you want to share it in a secure way,
I think is great.
And I get really excited about it.
Perfect.
Perfect.
Thank you, dear, for sharing.
And also, William,
is there any some kind of case study,
like successful case study,
or very most memorable story you want to share
about the case study of the ontology?
Apart from what Jeff already shared about the ontology,
the real-world case study and scenario,
is there any things you want to share with us for the story?
Yeah.
Okay.
So I really like what Jeff already shared,
the use cases in financial services,
medical records,
and academic credentials.
And just as I mentioned before,
you can use like decentralized identity
within OntoWallet to manage everything
from your personal data to your digital assets.
and digital identities.
But here I also want to mention a couple of real-world use cases.
Well, just harking back to the financial services part.
Well, I just thought of the one use case.
Well, so in the DeFi space,
well, in the past,
if you want to participate in online lending,
there is not a good way to verify your identity
without revealing your personal information.
Just like in the past,
when you went to the bank to take out a loan,
you have to provide a lot of personal information,
a lot of documents and things like that.
Well, but in the crypto space,
you want to take out a loan online on the chain.
But as you know,
because it's all anonymous on the chain,
there is no way to verify your identity.
But you don't want to reveal your identity
and your personal information.
So what do you do?
Now with decentralized identity,
there is a way.
Well, with these verifiable credentials,
you can prove who you are
and prove that you have the means to repay your loans.
And also you have the credentials to take out a loan
without letting other people know the exact personal information
that's providing the trust for your credentials.
So I think that might be a good use case for the crypto space.
You can use verifiable credentials
and decentralized identity solutions
to prove your credit trustworthiness
without revealing your personal information.
So I think that's a good use case.
And also it can be used in online authentication.
So decentralized identity could really enhance
the security and convenience of online authentication.
And just as you mentioned before,
it's socialify and big for example,
social media platforms and e-commerce websites
and also maybe government portals.
You can users can have more control over their personal data.
And also you can have more streamlined,
streamlined and easier authentication processes.
So you can reduce the risk of unauthorized access
and also identity theft.
So I think with decentralized identity,
we can really improve the security of our privacy
privacy and personal information while also enhancing convenience for users.
Yeah.
Perfect. Perfect.
I really love about the idea like to building the trust for the users themselves.
Because it's so important to building the trust for ourselves, right?
So I think that it's a good idea.
And yeah, the real case that I also like personally,
I think that I do love as well.
Thank you, William.
And next one, Jeff, because we already talked so many times together
to talk about Web3 education and some kind of collaboration together.
So what do you think about the campaigns like the collaboration with Hope Protocol
to leverage for the Web3 education?
And what do you maybe expect to collaborate with the Hope in 2024?
Because it's already like early of 2024.
And we have many ahead.
So yeah, I would love to hear more about the reflection from you, dears.
And then we can like collaborate in the next time as well.
Yeah, absolutely.
And, you know, it's been, you know, we spoke, we spoke about SocialFi previously
and we had a great conversation.
And then we continue that conversation.
Here we are now chatting about decentralized identity.
We've just had this campaign where we put the quiz together
and tried to help people learn a little bit more about decentralized identity
and OntID.
And that's been really cool.
It's been nice and easy.
I love the professionality from the Hope team, very professional in their approach,
very good at what they do.
And it's been a pleasure to do this.
And I see us hopefully continuing this educational push into 2024.
There's still a lot of education to do.
There's still a lot of understanding.
I hope that we see a lot of new people come into the Web3 space in 2024.
There's a lot of buzz around the space at the moment.
We're not quite where we want to be, but there's a little bit more positivity starting to be spoken now.
And that's really great to see.
So I think 2024, I'm hoping people like Hooked, people like myself are going to be really,
really busy educating this new batch of people coming into the space, right?
I think there's going to be new people coming in wanting to find their way, wanting different levels of education as well.
And I think that's something I'd love to talk to the team about as well, is how can we educate on different levels?
So I'm always interested in what the user journey is, right?
How people first come into the space.
They arrive in Web3.
They've no idea what's going on.
They've heard of Bitcoin.
They're trying to find their feet.
They might have bought some sort of dog shaped coin or something like that.
But they're trying to explore more and find out something else.
And there's that basic level of education that has to come in.
What is blockchain?
What is Web3?
What is a token?
What is identity?
And those sorts of things.
Well, then we have a more experienced user base who maybe have used decentralized exchanges.
Maybe they've used some wallets.
Maybe they've got onto Wallet Now downloaded and they need a different section of education.
Maybe they are interested in staking.
Maybe they're interested in GameFi.
Maybe they're looking at what else they can do.
And then you've got the more advanced users who may be taking their first steps into looking at development.
Maybe they want to interact with a smart contract.
And I think sometimes we find it difficult to educate across the board.
To find different levels of education for people.
And I'd really love to hopefully find a way to educate all those different levels of people.
So we take people through that user journey.
We take them from starting out.
We take them from starting out to being intermediate, to being advanced.
And we help them.
We curate that experience to keep them safe, to give them opportunities and help them through that way.
And they're the conversations I'd love to be having with Hooked over the course of this year.
How do we make that happen?
How do we make sure that when people come into the space, they stay safe, but they also thrive and they stay in the space and they succeed in the space?
And that's really important as well.
That's all what we expect as well.
Thank you for saying what you want to say, Jeff.
It's really cool for very big patients.
And I think that I would really love to think that you guys are so happy to working with us as well.
So in the upcoming time, let's figure out what are some kind of geniuses we can collab together to make for the massive adoption together.
Okay.
And next one.
William has come back and just want to hear more about what are some kind of highlighted roadmap or any pipeline that onto-worldly will be in 2024 that for audience want to look forward.
So can you help share more some kind of like the ideas or the plan in 2024?
Yeah, sure.
Sorry for the delay.
Okay.
No worries.
So for Amso Wallet, so going forward, our priority is still to build our wallets into a really easy to use multi-chain wallet that people, that users can.
First and foremost, manage their digital assets.
And also, we will continue to build on ID, how it can better help our users to manage their digital identities and protect their personal data, enhancing their privacy,
privacy, while also allowing users to explore the amazing worlds of Web3.
And for 2024, well, we do have some new features coming up.
And I think just in one of our previous updates, we are working on account abstraction feature, these abstract account functions.
And also, we will continue to integrate more decentralized applications and so that people can really like navigate in the Web3 world to have access to different kinds of services, just as conveniently as in the traditional Web2 world.
And, well, we will also like share a lot of more exciting updates and news in the coming month.
So do stay tuned.
Yes.
Yes.
Thank you so much.
So everyone, every audience, just click about the avatar of our panelists today to follow them, to keep updated with some kind of a lot of pipeline and roadmap in the upcoming time, like in 2024.
So many interesting things will come out.
So many interesting things will come out.
I hope that you guys can enjoy with our panel.
So we have quite a limited time.
So I want to like leave a space, leave a chance for one of the audience who want to raise the questions.
I see that some of them already requested.
So I will turn on their mic, and then he can ask the question to our panel today.
So, okay, the first one.
I want to invite Jackie.
Jackie, are you there?
Can you have to turn on your mic and try your mic a little bit and say the questions to our panelists?
Can you hear me?
Yes.
So, so good.
All right.
Thank you for the sharing session of UN Ontology's representatives.
And I personally have a question for, with Geoff.
I mean, Geoff, you mean Geoff, right?
Yeah.
Yeah.
Got it.
Got it.
All right.
So as the DID definition becomes more and more familiar with crypto space users.
However, I find that there's not many people know about it yet.
So my question is, what action plans that ontologies want to execute to educate users for DID and especially for newcomers?
It's not easy for them to understand and use the DID solution with safety, security.
Do you have any advice or suggestions for them, like the newcomers, like me and many other people?
And that's my question.
Hey, Jackie.
I think that's a really, really good and important question.
And it's not always an easy one to answer because I think there's a couple of aspects to this.
First and foremost, I think one of the key things, you know, we have William here from Onto Wallet is making it easy to use.
So Onto Wallet has it embedded in there.
So people, and I would recommend people do this, even if this is the only thing you do, go into Onto Wallet, set up a DID and just see how easy it is to set it up.
Job done.
Now, once you've done that, there will be lots of opportunities.
We've done lots of things over the last few weeks to use it in a secure, curated way.
Not for anything too important, don't get me wrong, but for fun things that earn you rewards for ONT tokens or ONG tokens.
Just to make it comfortable for you, to make it so you understand what it is, how to use it, how to connect it to different products and so on.
But that's kind of scratching the surface.
You know, when I mentioned my answer earlier about those different user journeys, that's great for new users coming in, setting up a DID, figuring out how to have it in their wallet, how to connect to different products.
One of the things we're really pushing for this year is being able to bring together lots of different identity solutions.
One of the terms you'll hear knocking about Web3 at the moment, things like proof of humanity, decentralized reputation on top of decentralized identity.
It gets really confusing.
And so one of the things we're trying to do is work with as many people as we can in the identity space to make this as simple and as sort of connected as possible.
So if you have some sort of proof of identity credential, you can use that with a decentralized identity and we bring them all in one space.
For me, though, I think the real key to users understanding it and some users will be curious and they'll want to understand it.
Some users will just want to use it in a safe way. And I think it has to be twofold.
I think we have to work with developers, work with people who actually incorporate identity into their platforms, who make it so it's something you can use in a really simple way.
And then with that, work with users to make sure that they understand why they would want to do it, how they would want to do it.
And the simple answer to your question is one of the things we're doing is working with people like Hooked to say, OK, let's put some education in place.
Let's let's set up some sort of mini tasks, a little bit of information, maybe some quiz, maybe some tasks where people can actually work through.
I'm a big believer that people work best by doing by actually working through things.
And so 2024 will be bringing more ways for you to use your identity in a safe way so that you learn the things it can do so you learn the things that can be useful.
And I think that's the best approach we can take. We're very fortunate in that we have Onto Wallet with the DID locked in.
We have Orange Protocol who build their reputation system on Onto ID.
And we have a multitude of really cool projects working on identity as well that we're working with and talking to, whether it be with the Decentralized Identity Foundation, which is a really important foundation.
We previously ran a hackathon with them, sponsored a hackathon to get that and worked on the judging panel.
And I think these things will come into place over the course of the next year.
There's no quick fix, Jackie, because I think this is new to a lot of people.
For some people, it can be a little bit dry, not so interesting.
Some people are really interested and it's finding that balance to make sure the information is there.
It's easy to digest and you can use it in a useful and entertaining way.
And that's what 2024 should hold.
Thank you, dear.
And Jackie, are you satisfied with this answer or not?
It's really interesting and detailed answer.
And I find that there's no reason for me not to jump right into Ontology community and find out more about your project.
Thank you, dear.
Thank you, Jackie, for asking a very good question.
And thank you, Jeff, for answering him.
Okay.
Thank you, guys.
And as we are near for the conclusions of our panel discussions today, so I would like to extend my heartfelt gratitude to all of the panelists from Ontology and Ontology, Jeff and William, to spending time with us today.
And for all of our audience and more interesting activities with our beloved partner on Ontology in the upcoming time.
So keep following us following the protocol and follow Ontology and follow OntoWallet to join any upcoming campaigns with us with fun, knowledge and also rewards as well.
And we have stepped into the beginning of 2024 with hope and happiness for us with all of our hope for Ontology and OntoWallet and all of our audience.
So, yeah, Jeff and William, do you want to say any last words to our audience, to any wishes for 2024 and also for, yeah, for everyone who's been in time with us tonight?
Just a quick thank you for having me again.
And thank you, everybody, for tuning in and listening to me go on and on and on, as I often do.
But 2024, Happy New Year.
Hopefully jump in, use products, join us on Telegram, talk to us.
We're always there to help.
We're always there to guide.
Or just to have a chat about anything Web3-based.
We're a friendly bunch.
And hopefully you all have a great 2024.
Perfect.
Perfect.
Perfect.
And William, is there any good words you want to say?
Yeah.
And first of all, thank you, Iris, for having us.
And thank you, Hooked, for the opportunity to speak, to talk to the audience and you.
And also, I'd like to wish everyone a very happy 2024.
And I really look forward to building together with you guys.
And if you have any questions, you're very welcome to, well, I would be very happy to discussing more with you.
And, well, yeah, Happy New Year.
Yeah.
Thank you so much.
And I wish you for a good health.
Because today I see that you have a little bit cough.
So hope that you will get better soon.
Dear.
Okay.
Thank you so much.
Thank you, Jeff, William, and all of our audience today.
So Happy New Year.
And goodbye.
See you next time.
Bye-bye.
Bye.
Bye.
