When people think of Web3, the first things that might come to mind are things like NFTS, meta-universes, or blockchain technology, all concepts that fall under the umbrella of Web3. In addition to the above mentioned, credential data networks also fall into this category, and they also play an indispensable role in the development of Web3.

In contrast to Web1, the first version of the Internet that was limited to "read only," the current Internet structure, often referred to as Web2, allows user-generated content to be published on different channels, such as Posting images to their social profiles, where other users can comment and share what they like.

With technology changing rapidly, Web3 is seen as the next step in web transformation. Dubbed "the future of the Internet", it is a decentralized version of the Internet, integrating the likes of NFTS, DAOs and decentralized finance into one space.

In other words, Web3 provides a vast ecosystem of the Internet that can be read, written, or owned, allowing users to make a financial stake in it and to form communities.

Web3 is so different from Web2 that one of the biggest and most overlooked differences is the credential data network that exists on Web3.

What is Credential Data Network?

In technical IT terms, credentials refer to authentication performed on the network, similar to an ID card or passport.

However, this online identity is related only to a user's username and password, not to user-specific behavior patterns.

"How much time does the user spend on the current application before moving on to the next?" "And" What features of the app do users use most often?" Probably a common question app developers might ask when trying to figure out how to optimize the user experience.

Traditionally, a user's credentials data is stored on a central server at the relevant website.

For example, if a user creates an account on Meta (formerly known as Facebook), their personal data, along with that of all other users, will be stored on Facebook's central servers.

At first glance, this may not seem like a problem, but the risk of personal data being compromised is extremely high, with 530 million Facebook users having their personal data compromised in 2021.

Web3 supports data security

Since there is a high risk of the credentials data being corrupted in Web2, it is now up to Web3 to solve this problem.

The decentralized nature of Web3 allows data to be stored in a number of "distributed ledgers," known as blockchain technology. Using blockchain technology for data storage, the possibility of hacking will be greatly reduced.

In Web3, not only is the likelihood of data being compromised much lower, but data ownership is no longer in the hands of tech companies like Meta or Google. Thanks to the power of credential data networks, this new age of technology allows users to have data autonomy.

Credential data is coming into the public eye

The concept of credential data in Web3 seems to be making waves, with Ethereum co-founder Vitalik Buterin working on a new project called Decentralized Society: Finding the Soul of Web3, where a fully decentralized society (SBT) can be created via Soulbound NFT or tokens.

These SBTS are non-transferable forms of identity, which will allow individuals to verify their information and identity using blockchain technology. A lot of information can be verified through SBT, including educational background, medical certificates, and so on.

Summary

So far, the status quo of the Internet has not only stagnated, but also presented problems related to the security of users' personal data. The power of Web3 to give people sovereignty over their personal data is becoming a reality through the Web3 Credential data network.

By empowering users to own and control their own data on an open, collaborative network, could a credentialing data network, for example, enable the migration of the current Internet to Web3? Is this the future of the Internet? Only time will tell.