Why you Need a Koii DID (Decentralized ldentity)

Feb 11, 2022 · 3 mins read
Why you Need a Koii DID (Decentralized ldentity)
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Pop quiz.

How many logins do you have to different websites? Now take that number and add to it the sites and apps that have access to your personal information. Got it? Don’t feel bad if you can’t come up with something specific. This task is made almost impossible when we realize that each platform we interact with has access to our information and decides how to use, trade, and profit from it.

While this is the web2 reality we exist in, it doesn’t have to stay that way. Our goal in creating the Koii Decentralized Identity (DID) is to make it possible for each of us to own and possess the most personal of all assets, our identity.

What is a DID?

DIDs are essentially self-sovereign (self-owned), independent IDs designed to free people from endless passwords, emails, text messages, and apps attempting to verify our identity. The goal is to put these identifiers under your control and custody, giving you the power to decide who has access to your information while providing greater security and convenience. As we transition from web2 to a decentralized web3, the need for a safe place to store our IDs, logins, and keypairs is growing by the day. With this exponential growth, the need for cross-chain interactions facilitated by DIDs is increasing and paving the way for new use cases and applications.

Is a DID similar to a traditional ID?

Although physical IDs like a driver’s license or a passport were not designed with the digital world in mind, they have some valuable attributes. For example, they exist in your wallet under your control, and you can decide who to show your ID to and how much of the ID they see (i.e. covering over the personal info on your driver’s license when you show your birthdate to the bartender).

Unlike their physical counterparts, web2 based IDs from Google, FB and Apple collect and share information about your identity with advertisers and anyone else they deem fit. In the current environment, our online identities and the information they generate are not under our control, leaving us unaware of the data these identities contain and with whom and when they are shared.

DID Advantages

By combining the advantages of physical and digital IDs into self-sovereign decentralized IDs (or DIDs), we are excited to provide the community with something that will make their digital lives more convenient, secure, and transparent. DIDs will become a critical element in the development of the decentralized web. In an upcoming article, we will take a detailed look at some of the specific use cases and highlights of the Koii DID such as:

  • Integration with the Finnie wallet and NFT gallery
  • Cryptographically signed and verified credentials that eliminate the need for centralized intermediaries
  • Arweave storage layer implementation providing decentralization, data permanence, and censorship-resistance
  • Multi-device DID recovery
  • Cross-chain asset ownership and tracking
  • Reduced friction and enhanced user experience when building cross-chain dApps
  • Customizable DID profile pages that generate attention rewards ($KOII)
  • Spam prevention when combined with our reputation system

In the massive sea of information that we refer to as the web, it’s easy to feel lost and overwhelmed. In the current web2 sea, we have grown accustomed to floating from site to site and platform to platform in a lifeboat. A DID powered web3 gives us the opportunity to move from a boat to having our own island - we can still take the boat out to travel where we would like, but now we can have a place to call our own. The Koii DID is a step towards a web3 where we will have the freedom to go where we want without relinquishing ownership of the things that are rightfully ours.

Stay tuned to our blog and socials for updates and make sure to register your personal Koii DID with the Finnie wallet.

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