myDid is a project that aims to create a secure and decentralized digital identity solution. myDid uses blockchain, crypto and self-sovereign identity (SSI) technology.
This is to give users full control over their data and privacy. myDid also uses the SYL token as a utility token, which can be used to access the services, features and benefits offered by the project.
Well, this article will explain what myDid is and how it works.
What is Digital Identity?
Digital identity is a collection of data and information that describes a person's identity in the digital world. Digital identity can include name, address, telephone number, email, photos, social media, educational history, employment, health, finances, and others.
Digital identity can be used for various purposes, such as communicating, transacting, sharing, learning, and others.
However, current digital identity still has many problems, such as:
Lack of security
Data and digital identity information are often stored on central servers that are vulnerable to hacker attacks, theft, or leaks. This could compromise user privacy and security, as well as cause financial or reputational loss.
Lack of control
Users often do not have full control over their digital identity data and information. Users must rely on third parties, such as companies, governments, or platforms, to manage, verify, or delete their digital identities. This could lead to discrimination, manipulation or misuse of data.
Lack of standards
There is no standard and universal standard for digital identity. Each third party has a different system and format for digital identity. This may cause inconsistencies, incompatibilities, or difficulties in interactions between users and third parties.
What is myDid?
myDid is a project that aims to create a secure and decentralized digital identity solution. myDid uses blockchain, crypto and self-sovereign identity (SSI) technology to give users complete control over their data and privacy. myDid also uses the SYL token as a utility token, which can be used to access the services, features and benefits offered by the project.
myDid is part of XSL Labs, a non-profit organization focused on developing SSI technology. XSL Labs also has other products and services related to myDid, such as:
SDI (Secure Digital Identity)
SDI is an application that allows users to create, manage, and use their digital identities easily and securely. SDI also allows users to share their digital identity data and information with trusted third parties, with clear terms and consent.
ONE (Open Network Ecosystem)
ONE is an ecosystem consisting of various parties involved in the use of digital identity, such as users, service providers, verifiers, developers, and others. ONE is also a platform that allows these parties to interact, collaborate and innovate in creating better digital identity solutions.
SYL Library
SYL Library is a digital library that provides various resources, information and knowledge about digital identity, SSI, blockchain, crypto and others. SYL Library is also a place to learn, discuss and share experiences about digital identity.
How Does myDid Work?
myDid works using the SSI concept, a new paradigm for digital identity that gives users full authority and responsibility for their digital identity data and information.
SSI also gives users the ability to prove their identity without having to reveal unnecessary or irrelevant data and information.
myDid uses blockchain technology to store, secure, and distribute digital identity data and information. Blockchain is a system consisting of a computer network that is connected to each other and stores data in the form of encrypted and distributed blocks.
Blockchain has several advantages, such as:
Transparency
Data and information stored on the blockchain can be seen by anyone connected to the network, without anyone being able to hide or change it.
Security
Data and information stored on the blockchain is protected by cryptography and consensus, which makes it difficult to hack, counterfeit, or change.
Decentralization
The data and information stored on the blockchain does not depend on a single party or central authority, but is spread across the network, which makes it more resistant to failure, censorship, or intervention.
How to Get SYL Tokens?
myDid uses the SYL token as a utility token that can be used to access the services, features and benefits offered by the project. SYL is an ERC-20 token running on the Ethereum network. SYL can be obtained in two ways, namely:
Using the SDI application
Users can earn SYL by using the SDI application to create, manage, and use their digital identities. Users will earn SYL in proportion to their level of activity and participation in the SDI app.
Buying SYL on a crypto exchange
Users can buy SYL using fiat currency or other cryptos on crypto exchanges that provide SYL trading pairs, such as Uniswap, Bilaxy, ProBit, and others.
What are the Benefits of myDid?
SYL can be used for various purposes, such as:
Accessing services
Users can use SYL to access various services offered by service providers who are members of the ONE ecosystem, such as education, health, finance, entertainment, and others.
Users can choose services that suit their needs and preferences, and pay with SYL.
Accessing features
Users can use SYL to access various features offered by the SDI application, such as data storage, data verification, data encryption, and others.
Users can choose features that suit their desired level of security and privacy, and pay with SYL.
Access benefits
Users can use SYL to access various benefits offered by the myDid project, such as discounts, bonuses, prizes, exclusive access and more. Users can choose benefits that suit their interests and loyalties, and pay with SYL.
How To Buy Crypto With Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read also:
What is Decentralized Currency?
What is Decentralized Maximalism?
What is a Decentralized Database?
What is Decentralized Governance?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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