Digital Identity
Dominica works with Huobi for digital identity program
Cryptocurrency exchange Huobi has partnered with the Commonwealth of Dominica to roll out a digital identity and national token service that promises digital citizenship of the West Indian island nation. Not to be confused with the nearby, larger Dominican Republic, Dominica is home to some 72,000 people and is situated in the middle of the Lesser Antilles archipelago. The government is looking to explore metaverse and Web3 technology to drive its development and attract talent from the cryptocurrency and blockchain ecosystem. The island nation is one of the first Caribbean countries to adopt a citizenship-by-investment program. Dominica passports allow access to over 130 countries around the world, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom an...
Self-sovereignty in the creator economy and Web3 — Is there room for both?
On Oct. 28, NFT Steez, a biweekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Web3 content writer Julie Plavnik to discuss the importance of self-sovereignty while building a digital identity in Web3. Plavnik referenced author Gavin Wood when describing Web3 and said that “communication” is a core tenant in the subsequent iteration of the internet. “Web3 is the communication of encrypted channels between decentralized identities,” Plavnik affirmed. According to Plavnik, the emerging concept of Web3 placed a magnifying glass on user data and ownership, especially concerning the creator economy. Plavnik described the creator economy as a place with “no entry barriers or casting.” During the show, Plavnik explored how users are coming around to the notion that the...
Government crackdowns are coming unless crypto starts self-policing
Self-regulation will be critical in governing the rapidly changing landscape of the cryptocurrency industry in order to preserve its autonomous, decentralized nature. Months after the collapse of the Terra ecosystem that propelled crypto’s market capitalization below $1 trillion, the industry is beginning the long process of rebuilding not only retail trust but also faith in itself. Current market conditions are in part due to structural weaknesses in smart contracts, models and governance processes. This is made evident by the many hacks and exploits that have taken place this year and the ballooning of projects with flawed tokenomics and that are governed through dubious operations. The implementation of stricter self-regulatory standards will be necessary for the industry to build...
