In an exciting innovation on the Tezos network, Distributed Name System (DNS) has launched a system on Tezos that will enable users to create their own decentralised on-chain identity for web 3.0.
The identities will be useable as both crypto wallet addresses, but also as decentralised linktree pages – something widely used as business cards in NFT communities.
User-made on-chain identities will be functional as a URL in the format ‘username.dns.tez’.
While there is no KYC (Know-Your-Customer) requirements for the creation of the decentralised identities, users will have the option to attach details including biographies, geolocation information, names, NFTs, avatars, and profile pictures – in many ways representing a blockchain social media profile.
However, there is a need to be careful regarding anonymity with the new DNS system. With the digital identities being linked to a wallet address, transactions taking place using the linked-wallet will be traceable to the digital ID user.
As part of web 3.0 interactivity, DNS plans for the digital identities to be linkable to dApps – a move which should enhance user-centric interoperability across the DeFi landscape.
The system relies on W3C standard protocols. Known as decentralised identities (DIDs), each user is assigned a DID and this can be used to log into linked wallets.
Tezos was chosen in preference to the Ethereum network, and the DNS team were quick in their announcement to explain a preference for the Tezos network.
“Tezos is just plain superior to Ethereum,” said a team statement.
“We were surprised. It’s fast, it’s cheap, it’s green. It already does Proof of Stake. Stably. For a long time.
“Does everything that ERC-20, ERC-721, and ERC-1155 do. It’s less complex, consumes less gas, and much easier to design minting for.
“It’s becoming the home to hackers and artists who want to try new things in crypto. Things that aren’t defi and gambling. It’s a place where tinkerers, creators and curious minded people can play. And it’s great! It’s where early adopters are. It’s where the energy from Bitcoin 2011 and Ethereum 2016 is.”
More crypto news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.