MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

NFT Identity Management Becomes a Reality With Candao – CryptoMode

December 9, 2021
in NFT News
Reading Time: 4 mins read
A A
NFT Identity Management Becomes a Reality With Candao – CryptoMode
ShareShareShareShareShare

We are currently living in a highly digitalized world where more than 59% of the global population makes use of the internet. As much as it has made communication and interaction easier and quite seamless, online identity verification has proven to be one of the leading challenges of both individuals and business entities. Any digital asset on the internet can be copied and distributed worldwide with the click of a button.

There have been numerous efforts to curb the menace of online identity theft for individuals, creative arts like paintings, songs, and other intellectual properties. With the rise of non-fungible tokens (NFTs), people are starting to deploy the technology in solving online identity management problems. Although NFT has great potential in proffering solutions to the problem, it also comes with certain pitfalls.

Several projects are seeking to leverage the NFT technology to solve identity problems, but Candao appears to be leading the race at this point. Candao is an over-layer solution for the social cryptocurrency landscape. It connects every chain, layer, and decentralized application (DApp). Before going ahead to discuss the possible breakthroughs of Candao in NFT identity management, let us take a look at some of the notable problems of NFTs and identity management that Candao seeks to proffer solutions to.

One of the main issues of NFT in identity management is that anyone can claim a digital painting, identity, photo, etc., as their own by attaching a token in the form of NFT to it. Yes, many people can use NFTs to authenticate their work on the internet. However, this is only an honor system that assumes the first creator of the NFT is the original owner of the attached work. This has proven not to be the truth.

Earlier this year, Corbin Rainbolt, a digital artist who frequently shares his works on social media (Twitter), discovered that at least two of his works were being sold as NFTs without his consent. Although he blocked the NFT accounts he discovered, he has no way of knowing if there are more of them out there. 

According to Neil Daswani, the co-director of Stanford University’s Advanced Security Certification Program, using NFTs for identity management will not be feasible if the first person to mint the NFT for a digital asset gets acknowledged on the blockchain as the original owner. There has to be a way to know if the person minting the NFT for an item is the actual owner of the said item.

Candao makes it possible to know who is who in real-time using NFTs. One of its amazing features is the CandID. It is a dedicated NFT-based digital identification that is connected with an Omni-scan history of wallet transactions. With CandID, people can create a verifiable, unique followers system. It gets more interesting; Candao ensures that most of the activities and interactions of any user are saved on the pubic blockchain via its CandyChain. These interactions and activities are accessible by anyone and can be reviewed in the same manner token transactions can be reviewed on Etherscan.

You can track profile feeds, entries, follows, upvotes, jobs, projects, and the entire track record of someone right from the beginning. Therefore, with the CandID of Candao, people can actually determine if someone is actually who they claim to be. Anyone can create an NFT of any asset online, but with Candao, you can be able to ascertain the person’s track record, past projects, etc., in order to know the authenticity of the token.

CandID is undoubtedly a highly innovative approach to help solve the lingering problem in NFT identity management. As a relatively new project, Candoa might just be the missing link to further boost the mainstream utilization of non-fungible tokens. NFT technology is revolutionary, but it must be efficiently and effectively utilized to protect all parties. 

Looking to advertise?
We will gladly help spread the word about your project, company, or service.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio.
Contact us if you have any questions: [email protected]

Credit: Source link

ShareSendTweetPinShare
Previous Post

Someone Just Spent $10M in Ethereum on a Rare CryptoPunk NFT

Next Post

Global Crypto Regulation Should Be Comprehensive, Consistent, And Coordinated – Analysis – Eurasia Review

Next Post
Global Crypto Regulation Should Be Comprehensive, Consistent, And Coordinated – Analysis – Eurasia Review

Global Crypto Regulation Should Be Comprehensive, Consistent, And Coordinated – Analysis – Eurasia Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

UK Looks to Regulate Crypto Like Traditional Finance

UK Looks to Regulate Crypto Like Traditional Finance

February 1, 2023
Axie Infinity Shards Price Prediction as AXS Bears Growl, Eye 25% Drop

Axie Infinity Shards Price Prediction as AXS Bears Growl, Eye 25% Drop

January 31, 2023
NFT trademark stoush heads to trial in Manhattan

NFT trademark stoush heads to trial in Manhattan

January 30, 2023
Best and Safest Ways to Store Crypto – Forbes Advisor Australia

Best and Safest Ways to Store Crypto – Forbes Advisor Australia

January 30, 2023
New Fintech regulations and the changing climate of 2023

New Fintech regulations and the changing climate of 2023

January 26, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • The January figures are 92.7% lower than the $121.4 million
  • Britain Announces Plans for ‘Robust’ Crypto Rules, Launches Consultation – Regulation Bitcoin News
  • SNX/USD Could Hit $3.0 Resistance

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 24,179.00 4.54%
  • ethereumEthereum (ETH) $ 1,688.52 6.61%
  • tetherTether (USDT) $ 1.01 0.54%
  • bnbBNB (BNB) $ 322.10 2.71%
  • usd-coinUSD Coin (USDC) $ 1.00 0.1%
  • xrpXRP (XRP) $ 0.418975 3.41%
  • binance-usdBinance USD (BUSD) $ 1.01 0.91%
  • cardanoCardano (ADA) $ 0.405090 3.82%
  • dogecoinDogecoin (DOGE) $ 0.096080 1.1%
  • matic-networkPolygon (MATIC) $ 1.25 12.5%
  • okbOKB (OKB) $ 40.31 6.69%
  • solanaSolana (SOL) $ 25.51 7.08%
  • staked-etherLido Staked Ether (STETH) $ 1,682.20 6.43%
  • polkadotPolkadot (DOT) $ 6.57 4.83%
  • litecoinLitecoin (LTC) $ 102.06 6.82%
  • shiba-inuShiba Inu (SHIB) $ 0.000012 3.36%
  • avalanche-2Avalanche (AVAX) $ 21.67 10.05%
  • tronTRON (TRX) $ 0.063873 2.22%
  • uniswapUniswap (UNI) $ 6.97 5.73%
  • daiDai (DAI) $ 1.00 0.15%
  • cosmosCosmos Hub (ATOM) $ 15.08 12.42%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 24,055.00 4.13%
  • chainlinkChainlink (LINK) $ 7.32 5.38%
  • the-open-networkToncoin (TON) $ 2.43 4.88%
  • moneroMonero (XMR) $ 179.93 1.41%
  • ethereum-classicEthereum Classic (ETC) $ 22.77 4.95%
  • leo-tokenLEO Token (LEO) $ 3.36 5.24%
  • aptosAptos (APT) $ 18.52 11.32%
  • bitcoin-cashBitcoin Cash (BCH) $ 137.80 2.65%
  • stellarStellar (XLM) $ 0.093387 2.79%
  • apecoinApeCoin (APE) $ 6.14 4.12%
  • filecoinFilecoin (FIL) $ 5.75 9.71%
  • quant-networkQuant (QNT) $ 151.37 6.01%
  • nearNEAR Protocol (NEAR) $ 2.49 7.08%
  • crypto-com-chainCronos (CRO) $ 0.082270 3.85%
  • lido-daoLido DAO (LDO) $ 2.34 7.87%
  • algorandAlgorand (ALGO) $ 0.257088 6.12%
  • hedera-hashgraphHedera (HBAR) $ 0.070090 8.07%
  • vechainVeChain (VET) $ 0.025189 8.39%
  • internet-computerInternet Computer (ICP) $ 6.14 3.04%
  • fantomFantom (FTM) $ 0.586016 9.47%
  • decentralandDecentraland (MANA) $ 0.812099 6.49%
  • axie-infinityAxie Infinity (AXS) $ 11.58 5.81%
  • aaveAave (AAVE) $ 90.50 8.38%
  • the-sandboxThe Sandbox (SAND) $ 0.778722 6.09%
  • flowFlow (FLOW) $ 1.15 8.39%
  • eosEOS (EOS) $ 1.09 2.45%
  • elrond-erd-2MultiversX (EGLD) $ 44.68 4.31%
  • theta-tokenTheta Network (THETA) $ 1.10 6.89%
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000174 0.96%