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Web3 Reputation Challenges and Solutions

Amazing things are built on Web3, often by pseudonymous individuals who prefer to keep their real-world identities private.

In a way this is liberating. This means that everyone, regardless of background, can have the opportunity to participate in the project and provide value to the community.

But as decentralized identities proliferate, there is one issue that cannot be ignored. It’s about ensuring that you have an easy way to check the reputation of others.

This is important…for many reasons. If you’re getting started with a DeFi project created by someone pseudonymous, you need a way to know they’re trustworthy and trustworthy.

If you’re reading an article someone wrote online, there must be a way to make sure the past work is true and well received.

Also, when purchasing items from fellow users in peer-to-peer marketplaces, it is important to ensure that they will deliver what you requested on time.

All of this makes Web3’s reputation a hot topic. Multiple crypto enthusiasts are currently investigating this concept in detail, yielding evidence that it is necessary to trust others without knowing their name or background.

This could be a refreshing antidote to the disbelief of everything we see online. Product false testimony is a long-standing problem, and Twitter bots can distort reality and distort our perception of people and companies. In one experiment, a fake restaurant rose to the top of TripAdvisor rankings.

Understanding decentralized identities

As a concept, DID remains in its infancy. But one day, crypto wallets may be able to store much more than altcoins and NFTs. Instead, they can be a rich backdrop for what you’ve accomplished — open to everyone. but you have full control over all your data.

Ethereum co-founder Vitalik Buterin recently explained how this works in practice when he unveiled his proposal for “soul-bound” NFTs. Known as SBT, he envisions how these digital assets can be used to represent everything from college degrees to driver’s licenses and even credit to provide modern alternatives to his scores. I’m here.

Buterin cited proof of attendance protocols as an example of a promising technology. POAP NFTs can be used to indicate that someone has attended a particular event, such as a conference or concert. While this could have many exciting use cases in the future, there is one problem that needs to be faced: prevent this.

Buterin argues that as we find ways to faithfully record the achievements and attributes that shape our reputation online, we need to create a non-transferable type of NFT. This could also bring tangible improvements in how governance is achieved in decentralized autonomous organizations.

Moving away from technical limitations, you may be wondering why we need a digital reputation in the first place. increase. Also, it is difficult to transfer from one place to another. If he gets a 5-star rating on eBay after selling 50,000 items, he can’t easily transfer this great reputation to Etsy.

reputation is power

Metis is one of the projects focused on these challenges. The platform has established a reputation that is earned through on-chain achievements. Users can earn RP by contributing to protocols, DApps and decentralized autonomous enterprises through the deployment of smart her contracts or the creation of his NFTs.

In the years to come, we have a vision to create an environment where you can easily see someone’s reputation in just one profile, bringing together all aspects of life, from loved ones and colleagues to friends who share hobbies. This is the ultimate way to show your trustworthiness, commitment and reliability. You can also show your contribution to the movement you care about.

The project told Cointelegraph:

“Metis reputation power is a portable and configurable reputation that is specific to a user’s particular achievements and on-chain history. It can be collected by users performing on-chain actions.”

$100 million was recently established to help foster projects that want to build on top of Metis, including DeFi protocols, NFT collections, the Metaverse platform, games, and more. Because the fees are low, which helps make microtransactions affordable.

At the heart of this ecosystem’s heartbeat is a “robust, scalable, cheap and decentralized” technical infrastructure called Smart Layer 2. It’s a secure environment that can handle growing user demands with the robustness worthy of the Web3 economy.

There’s a lot to be excited about — and a lot of work to make sure the power of reputation is worthwhile for both businesses and consumers.

The focus is on mass adoption and creating infrastructure that will last for generations to come.

As the project recently said, “The market is bearish, but let the builders never stop!”

Disclaimer. Cointelegraph does not endorse any content or products on this page. While we aim to provide all material information available, readers should do their own research before taking any action in connection with the Company and take full responsibility for their decisions. Nor should this article be considered investment advice.

Web3 Reputation Challenges and Solutions

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