Everyone knows cryptocurrency. Traditional tokens such as Bitcoin and Ethereum have swept the financial world, showing people that money can be inherently held and transferred without arbitrary scrutiny from big banks and agencies.
Beyond the currencies themselves, non-fungible tokens and other digital assets – built on the same foundations of blockchain – make up what is known as Web3.
“I think what’s happening in general, this whole revolution around cryptocurrencies and then NFTs,” said Bradley Kam (pictured), co-founder of Unstoppable Domains Inc. “And what Unstoppable Domains does is all around creating this idea that people can own something that’s digital. What we are working on is like a decentralized identity, like a username for Web3 and each individual domain name is an NFT. It’s been a wild ride over the past 10 years.
Unstoppable Domains creates unique addresses on blockchain networks that serve as user identifiers for use cases such as sending money, accessing user profiles, and accessing content.
“He’s got all these different things he can do, but where it starts is inside crypto wallets and crypto applications, and they embrace it for this idea of identity,” added Kam.
Kam spoke with furry jeanshost of theCUBE, SiliconANGLE Media’s live streaming studio, during the Unstoppable Domains Partner Showcase Event. They discussed blockchain advancements and how it will positively affect every internet user. (*Disclosure below.)
The nagging problem of today’s internet, or Web2
One area where the traditional internet has faltered is in identity management, according to Kam.
“Identity is just this huge issue in Web2. It’s very difficult to get real information about the users you’re interacting with,” he said. “If you’re in the Web3 paradigm, then what is happening is that you can go and check some things on the blockchain to see if they are true. And you can know that they are 100% true. »
Web3 will also allow for increased competition between technology companies, as opposed to the old model which created vast monopolies on the Internet.
“If you think, from a user’s perspective, what’s going to happen is that instead of Facebook storing all my data and me being trapped inside Facebook, I’m going to store it. I will roam the internet, log in with my Web3 username, my NFT domain name, and I will have all my data with me.
Decentralized applications, or dApps, are another core paradigm that UD helps generalize. Instead of logging in with traditional usernames and passwords, users only need their wallet information. By doing so, dApps will keep ownership and control of users’ private data in their own hands, Lam explained.
The reason this shift to decentralized identities, digital properties, and currencies will be huge is due in large part to the growing adoption of things like crypto wallets.
“It’s not just the crypto companies you think of. Each app will have a wallet. And it’s really going to change the way we use the internet,” Kam said.
Watch the full video interview below and be sure to check out more of SiliconANGLE and theCUBE’s coverage on the Unstoppable Domains Partner Showcase Event. (*Disclosure: TheCUBE is a paid media partner for the Unstoppable Domains Partner Showcase event. Neither Unstoppable Domains Inc., the coverage sponsor of theCUBE event, nor other sponsors have editorial control over the content of theCUBE or SiliconANGLE.)