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The Demand for a Highly Trusted Digital Identification System

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The Demand for a Highly Trusted Digital Identification System
Image Via WorldBank

Identification for Development Principles

— According to the Worldbank Identification for development scheme. A global effort is set in place to develop a set of shared Principles that are fundamental to maximizing the benefits of identification systems. In order to achieve sustainable development goals (SDG) come 2030.

The ten-rule principle is centered around a robust and responsive solution with the ability to appeal to a wide variety of Users. One that can protect User rights while covering a universal outreach. These rules are slated with the mindset of creating a secure, inclusive as well as a trustworthy identification system. Specifically to enhance and empower individuals towards their access to rights, services, and formal economy. 

As technology continues to enjoy more mainstream adoption, the development benefit increases exponentially. With respect to the successful development of a fully secured identification system. These principles would be subject to future amendments as lessons emerge from implementation. Having that, the confederation has agreed to incorporate new ideas into these principles. Thereby establishing global cooperation to provide legal identity for all.

What is a Digital Identification System?

In modern-day terms, Digital identity refers to a set of attributes that uniquely identifies an online entity. This entity/agent has been an individual, business, application or a device. That generates such sensitive data including but not limited to personal details, online search activities, business meta-data, social security and transaction records.

Similarly, Jonathan Donner describes Digital identification as;

“The recording of certain attributes — biodata, biometrics, claims — in a formal record, a “credential,” that grants specific rights or permissions to the individual. Identification is a concept we care about because it is that process that grants access and rights.”

Just the same, Wikipedia verifies this definition, adding that;

“The information contained in a digital identity allows for assessment and authentication of a user interacting with a business system on the web, without the involvement of human operators. Digital identities allow our access to computers and the services they provide to be automated, and make it possible for computers to mediate relationships.” 

Hence increasing the events of a third-party hack!!!

The Worldbank Initiative 

Worldbank currently fosters this ‘Principle of Identification’ by means of a consortium comprising of a handful of diverse organizations. Through a regulatory framework, this ‘Principles of Identification’ initiative underway, proffers a method for entities to not only prove their identity. But also protects these end-users against data pilfering while interacting with the world wide web. By creating a unique ID for each individual, it becomes easy to track their participation in societal and economic development. While granting these entities the ability to exercise the range of human rights set out in international laws and conventions. 

The major driving force behind the Worldbank initiative is target 16:9 of the UN’s SDG. This principles explicitly specifies the need to grow, verifying this in its opening statements as follows;

“Universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity.”

Other occurrences as the Cloudflare Outage that could have put in jeopardy, billions of Customer records. Highlights the need for a highly secured identification system. Because, just as building a standardized identification system —particularly digital ones— creates opportunities to further development goals, it’s also fraught with new risks and challenges.

Cryptocurrency

Crypto Researchers Concerned About The ‘Centralized Structure’ Of The Binance Smart Chain

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Crypto Researchers Concerned About The 'Centralized Structure' Of The Binance Smart Chain

Binance Smart Chain has been rising in popularity as interest rates from different parts of the world, including South Korea, sent the network’s transaction records to new highs. However, this has not deterred analysts’ from pointing out the increasing level of centralization within the network. Ryan Watkins, a Messari analyst recently addressed the influence that Binance has on the entire Binance Smart Chain, explaining that most of the commendable progress made on the network is not the result of the implementation of innovative concepts. Rather, it is a product of Binance’s control over the BSC network.

“The reason why BSC is faster and more scalable is not because of some magical technological innovation. No, it’s instead the magic of centralization. BSC is an Ethereum fork with a centralized validator set. That’s it. Nothing more.” He wrote on Twitter.

Unlike some other networks, the Binance Smart Chain has a total of 21 validators (people who verify the transactions and confirm their legitimacy, before adding them to the Blockchain). These validators are handpicked by the Binance Chain, further strengthening the notion that the network may be more centralized than it shows itself to be. 

Wilson Withiam rolls out some points to consider, starting with the pattern of resetting active validators, which is determined by the voting power of each validator. He notes that BNB staking and delegation is carried out on the Binance Chain, by Binance Chain validators as well.

In essence, Withiam argues that the pattern of validator distribution across the Binance Smart Chain is questionable as the identities of those behind the nodes in the validator sets are not made transparent. As he puts it “BSC now supports several third-party validators, although at least 5-6 others have close ties to Binance. The distribution of validator accounts is far less clear for Binance Chain.”

To dispute that Binance’s user experience is not ahead of other networks is false, and Withiam agrees with this. Even Watkins acknowledges this as he noted that BSC has fueled mainstream adoption of DeFi “Binance has incredible reach and influence and has used that to funnel a boatload of new users in DeFi. Binance executes period. That’s why BSC is winning.” He asserted. 

However, he argues that speed and scalability outside Ethereum without sharding or a centralization can only be legitimately found on the Solana Blockchain. Conclusively, Withiam urges BSC users to poke into the network, enough to understand where the loopholes are. 

“For those using BSC, take the time to understand the topology of the network. Sure, the fees and speed (both UX factors) are undoubtedly preferable. But strong censorship resistance and fault tolerance are not part of the package.” He wrote in conclusion.

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Elon Musk Promises to Literally Take Dogecoin to the Moon with SpaceX

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Elon Musk Promises to Literally Take Dogecoin to the Moon with SpaceX

Elon Musk spiked the price of Dogecoin by 3% after tweeting that SpaceX will take the meme-themed cryptocurrency to the literal moon.

“SpaceX is going to put a literal Dogecoin on the literal moon.”

Traders often use the term “to the moon” when expecting prices of a certain stock or digital currency to surge.

Elon Musk is a self-appointed Dogecoin and Bitcoin advocate and frequently tweets witty statements about the Japanese dog Shibu Inu, the central appeal and logo of the meme-themed cryptocurrency. The last time tweeted about Dogecoin was in mid-March:

“I’m getting a Shiba Inu #restistanceisfutile.”

The tweet also comes a month after Elon tweeted a meme of a Shiba Inu standing on the moon in a spacesuit while holding a Dogecoin flag, followed by the words, “literally” and “on the actual moon.”

Elon Musk and Dogecoin

Elon’s ability to influence bitcoin and Dogecoin’s price actions by merely tweeting about it has been both acclaimed and criticized for boosting crypto adoption and hindering mainstream acceptance, respectively.

Dogecoin has a total circulating supply of 129 billion Doge and an undefined maximum supply, unlike Bitcoin. Analysts including Binance CEO Changpeng Zhao have warned investors against exposing themselves to assets with infinite amounts of supply.

However, Elon’s influence and Dogecoin’s price action in the past 6 months have inspired its developers to revamp its development. Speaking during an interview, Dogecoin’s lead developer Ross Nicoll said the team is working to make changes to Doge.

“People say it’s a joke coin but we’re very careful to take care of the code. When it took off there was a resurgence in attention and we want to keep the currency operational.” 

SpaceX was founded in 2002 with the goal of reducing the cost of space transportation by using relaunchable rockets to enable the colonization of Mars.  The company’s first commercial trip around the moon on its Starship rocket will take place in 2023.

Elon Musk previously said that he is highly confident that SpaceX will have reached orbit many times with Starship before 2023, and that it will be safe enough for human transport by 2023.

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