The Identity Stack ... Traditional online bank accounts represent balances as numbers stored in a centralized database... requires placing trust in a banking institution. Blockchain protocols plus private key cryptography ...introduce ... full possession of digital assets, without having to trust a third party. Hence the terms “self-custodial” or ... “self-sovereign”...
blockchain-based accounts [allow] to “own” your identity... as did W3C's Decentralized Identifiers (DIDs):
an Ethereum-based account does not require personal data and you can create an unlimited number of them using wallet applications like Metamask, which can connect to Ethereum and some web 2.0 platforms (eg Discourse). That wallet is actually a very powerful identity regime:
Identity is on a spectrum: private, persistent and not-persistent pseudonymity, real life. We need a technical stack that supports not an identity, but a collection of identities.
Wallets can be multi-signature: have as owners multiple keys (which can be other wallets), can require multiple key signatures to confirm a transaction... allow cooperatives to hold resources in common ... liquid democracy (through delegation) ... multi-signature accounts have become the operating system for DAOs. multi-signature accounts presuppose groups or identity collections as their primary unit -> composable identity.
web 3.0 accounts will underpin the metaverse's interoperability... likely candidate for navigating the metaverse because they offer wallets, identity, and login functions ... function like in-game inventories, holding assets including identities, complete with cross-platform and cross-game narratives, which can be worn like clothing suited to their platform along with the corresponding accountable reputation, and cooperatively shared.
Multi-signature accounts provide accessible infrastructure for coordinating groups.
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See also: Blockchain, Crypto, NFTs etc