What is Web3 Reputation
In the current Web model, people are users who do not own their data or identity. They are given accounts by companies and their data is held captive in app silos.
To create a new class of decentralized apps and protocols that put individuals at the center, we must empower them with self-owned identities and restore control over their data.
For 99% of people on the Internet, the value of their digital identity is locked within platforms.
Our digital identity exists in fragments and is not owned or controlled by us. It isn’t interoperable across the platforms it was built on, and it has little reusability other than cross-platform authentication. Yet all-in-all, our digital worth is measured by the engagement (and advertising revenue) garnered.
We don’t own our digital identity, and it’s not composable at all. It boils down to three main problems -
- Data Fragmentation — Data leading to a User’s reputation is scattered and not portable across Platforms, Networks, and Dapps.
- Data Ownership — Users do not have access or control over their own reputation data as it is stored in centralized platforms leading to privacy concerns and a lack of self-sovereignty.
- Data Composability — Reputation Data from one Platform cannot be reused and shared with other Platforms leading to Data Siloes and a broken user experience.
There’s no globally trusted system for earning and issuing credentials, we have to rely on trusted intermediaries to establish trust. These challenges and problems have made a compelling case to explore the utility of new forms of representing reputation.
While it was complex to manage online identity and Reputation on Web2 because of Lock-in data and centralized power, Web3 and crypto mechanisms allow every action happening on the Blockchain (on-chain) to be linked to your unique decentralized identity, which means your reputation will follow you throughout your life. Put simply, thanks to crypto mechanisms, instead of having separate accounts on different platforms, you can now have a single account (online identity) that you can bring on different platforms.
In web3, user-centricity is as much about giving control and ownership back to the user, as it is about recognizing a user’s fluid and multifaceted identity. In an open and connected metaverse, identity and reputation will remain highly contextual, with users regaining control over which parts become shareable and transferable as they navigate the different “yous and yours” of their web3 ecosystem.
The programmable reputation infrastructure Quest is building will form the base layer of trust enabling Communities, Platforms & Protocols to add to a User’s reputation in a portable and composable way.