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.
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