The Role of CID in Web3 and How It Reshapes the Value of Data
Summary:
- In Web2.0, your data is valuable, but it does not belong to you and the value is not shared with you.
- The data on the chain is a gold mine. The more applications, the more the data and the bigger the gold mine.
- In Web3.0, your value behaviour will eventually be rewarded and the carrier of value is your data, and the best part is that it belongs to you.
- The value you create in the project side will bring you feedback
We have always used ‘Read-only’ to describe Web 1.0, which is not only about content, but also about rights. When the internet first came into the scene, we were more like seeing the world in a walled garden, and the world appeared what those in power wanted us to see. We did not have the power to create, let alone the power to choose.
The innovation of Web 2.0 was that suddenly you found that you could not only read content, but also create content. Yet, the Internet-era of Web2.0 is generally considered to be an era of over-centralization, because Web2.0 has been commercialized by very few companies, such as Facebook, and Google.
In the world of Web 2.0, every application is doing everything possible to lock users, improve stickiness and retention, build a moat for users and data, and extract maximum value from it. As a user, although you get the experience of using the product, you actually have nothing and all your data can be wiped out overnight. In essence, the user’s behaviour and data are working for the company. When you tick the “Service Agreement” and “Privacy Policy” on registration, you have signed an extremely unequal contract, that is, you. The data now belongs to the company and can be used and realized at will.
Therefore, in Web2.0, your data has value, but it does not belong to you, and the value is not shared with you.
The difference with Web 3.0 is that we can truly own the Internet.
This Internet is not only the web pages we usually browse, but also the ownership of the underlying network represented by the cryptocurrency itself.
Under the Web3.0 framework based on blockchain technology as the underlying layer, it seems to have taken a step forward.
Interoperability
The interoperability, or composability, brought about by the blockchain is the most amazing and imaginative value in my opinion. The so-called interoperability can be understood as token assets/NFT assets/user addresses/smart contracts on the blockchain, etc. that can be natively referenced by any application on this chain.
From a data point of view, interoperability is a great revolution unimaginable in Web 2.0. Coming ID (CID) is exactly that revolution and what we are doing is creating a decentralized digital identity of Web3.0 with interoperability. We aim to use one address-account to log in to thousands of applications. The high-value behaviours generated by these applications are recorded under one account. For the on-chain interaction behaviour of each address, you can know who the address holder is be it an early DeFi liquidity mining user, an NFT collector, a DEX trading user, a certain GameFi player, etc.
We believe that every Internet user will have a unique-internet-identifier. Just like email, Facebook or LinkedIn, in Web 2.0, CID is a decentralized-identity that can be locally linked to any application and stored on the blockchain.
In the world of Web 2.0, every footprint you make on the Internet is in the hands of different companies. Each company only has a fragment of all your actions, and the bigger the company is the more fragments it has, though bigger fragments but not the complete picture. But now, with the advent of Web 3.0, the user portrait of an address can be completely described by these on-chain behaviours. On the blockchain, the full picture of an address is hidden in each of your on-chain interactions. We use CIDs to organize and present a user’s on-chain profile and behaviour: a permanent, time-stamped record of a person’s achievements, contributions, interests, and activities to date.
With a unified decentralized identity, a person’s online activity-data will become more open and transparent, and can be easily searched through a personal crypto wallet. Currently, you can use CID to communicate with others, use CID for crypto-transfers, use CID for threshold wallet signature transfers, and more. As the ecosystem of ComingChat prospers, CID will be widely adopted by more applications, and people will be able to carry a more complete profile of themselves when traversing in the cyberspace. What they create, contribute, earn and own online will reflect their achievements and experiences. This will bring us closer to how things work in the physical world, where our possessions and reputation are tied to us rather than the space we occupy; we can take them with us and use them however we want.
Though it may sound far-fetched or incomprehensible today, the real opportunity presented by decentralized digital identities in Web 3.0 is to leverage on-chain reputation for off-chain use. In the creator economy, for example, we might see a web 3.0 version of YouTube where videos don’t belong to the platform, but to the creators. So creators can take their videos to any online space and derive whatever value is associated with those assets. Likewise, on-chain data can be used to measure engagement or interest for a particular creator or brand. For example, music artists can easily identify their top fans based on platform-agnostic on-chain interactions and reward them with exclusive access or other perks. In finance, decentralized identities enable internet-native credit scoring, which may be used to issue loans, perform tenant checks, establish credit, and more.
ComingChat launches an exclusive reputation warrant system (WEB3.0 contribution value system) on January 25.
The Reputation Warrant system provides an opportunity for platforms to identify and therefore incentivize high-quality contributions from participants, which will include content creation, community building, and gameplay, to name a few. This is critical to the growth and sustainability of any Web3.0 project. At the same time, designing a Reputation Warrant system requires complex considerations around reputation supply, distribution, and credibility. Therefore, using our knowledge of economic theory and game design, we advocate the design of a Reputation Warrant system based on a pair of tokens — one to represent reputation and the other to provide liquidity — which can serve as tangible measurements for meaningful contributions expressed.
In ComingChat, Mini Points will serve as a liquidity-providing credit, providing a form of compensation that enables contributors to liquefy some of the value they create into a convertible currency. For example, the early invitation of the platform can get 2 Mini Points based on recommendation activities. Contributors can obtain liquidity tokens — Mini Points through invitations, which are used for NFT transactions and exchanges in the platform, and support the exchange between Mini Points and other cryptocurrencies.
This time around, we’re issuing new Reputation Warrant that identify and reward users who contribute value to the platform — a form of signalling that these users can use to boost public reputation. We will use “Birds, ETH, BTC, Moon” to withdraw reputation level.
ComingChat’s Reputation Warrant will take the form of Social Contribution Points. These Reputation Warrant can be acquired by users including people and communities through access to services, content contributions, financial conversions, and more. Importantly, in the Comingchat crypto environment, social contribution values can often represent ownership and uniqueness (in the case of CID NFTs), and they are decentralized and portable due to the existence of the blockchain. Reputation Warrant can be used in the global Internet economy, not just limited by a single platform or policymaker.
We propose a dual-Reputation Warrant system in which one token, which we call “Mini Points”, is a user-transferable asset. The second type of warrant, “icon such as the moon”, is used as a non-transferable reputation signal. In effect, tiers generate a bonus of Mini Points that can be used as a tradable currency. Also, since Mini Points accumulate towards levels, the two are actually linked.
At a high level, our design facilitates a feedback loop where users receive tier bonuses from high-quality contributions on the platform, such as contributing content, moderating, or winning gameplay. Then, when users with higher levels will get more platform benefits, the Mini Points included in the benefits can be traded as currency. User demand for Mini Points drives the need to earn tier bonuses, which incentivize high-quality contributions.
In the platform bonus policy, under the convex bonus rate, a larger share of each bonus should go to users with higher grades. That is, the bonus increase from 1 to 2 is higher than the bonus increase from 0 to 1. Convexity rewards users who have participated in the system for a long time, providing more motivation to maintain the state of participation. We believe that there is a direct proportional relationship between the bonus returns obtained by users for level upgrades and the returns obtained by ComingChat. The platform revenue obtained by ComingChat depends on the value contributed by the contributors to create the platform. In other words, we believe that users with higher grades create more value for the platform and should receive more dividends.
ComingChat will receive various dividends in the future. Whether it is listed on Coinmarket or Nasdaq, it cannot be separated from the output of every contributor. Therefore, when ComingChat really starts to gain benefits, it will also obtain the income feedback from the contribution value according to the rating of the Reputation Warrant.
2022 will be an extraordinary year for Web3.0, and even more extraordinary for ComingChat.
We will unite like a DAO to democratize all assets and contributions. The birth of the NFT creation platform promotes the creation of every individual, and more importantly, NFT protects emerging young artists and retains the ownership of their works. Play-to-earn offers new possibilities for the digital economy and distributed networks addresses the digital divide and more.
Every interaction of a ComingChat user when he spends time and effort on the platform will be considered a valuable behaviour. We use the benefits brought by these high-value behaviours to piece together the user’s reputation value and contribution value, so as to return the benefits. And that’s what we’re going to talk about in the next section, Value Actions Get Feedback.
Value behaviours gets rewarded
In the world of web 2.0, due to the locking of resources, the permissions between platforms are not compatible with each other. In the world of Web 2.0, the value of users is entirely determined by the platform project side. If the value of the user’s interactive behaviour on the platform is not recognized by the project party, the user’s contribution is considered invalid.
But in Web3.0, users can get rewards through their value behaviours. We believe that the value of a product comes from every interaction on the chain of every user, whether it is the transactions of NFT or the addition of liquidity. ComingChat users spend time chatting, creating communities, posting content, participating in NFT transactions, playing games, etc. in ComingChat and we will grade each seed user through a series of filter conditions, and airdrop them some benefits.
In the reputation token economic model released by ComingChat this time, we are considering:
How do we find the first batch of seed users to give them airdrops?
How do we give back to the users who provide value to our products?
Hence, you can do whatever you want on the chain, and your “high-value behaviour” will bring you “value” sooner or later.
Traceable Identity of value without proof
If you are an old player of Web 2.0, if the server is down, it will be difficult for you to prove that you have played because of data loss.
On the contrary, if Opensea shuts down the website after a few years, you can still use your Ethereum address to prove the identity value of your previous on-chain data.
On-chain data is worth a thousand words.
This data can not only truly reflect a person’s history and identity on the chain, but also can natively establish social relationships and group relationships. We now have many groups, still built on Web2.0 applications like WeChat, Discord, and telegram, such as DeFi enthusiast groups, NFT discussion groups, and xyz project large groups. In fact, many users in the group may have nothing to do with the project concept. They may have never used DeFi or bought a token for a certain project, but they are rhythmically in the group and that’s exactly what ComingChat is changing.
Different from the social software of Web2.0, the community tools logged in through CID can make the community more efficient and real. Community management, whether it is manually managed by group administrators or served by robots through keywords, is not real data.
If it is a community tool based on wallet address login, it is natural to create groups according to certain screening conditions, such as NFT communities that can only be joined by holding Punks or BAYC addresses, or such as holding certain DeFi Tokens and the DeFi communities that can only be joined when users meet certain conditions. For example the DAO community that can only join the Snapshot voting governance that has participated in more than 3 projects. These group entry thresholds can be automatically judged by reading the asset information and behaviour history of the address on the chain, without proof. If the conditions are no longer met, users who do not meet the threshold will be automatically kicked out. Permission management can also automatically escalate and de-escalate rights based on data on-chain, instead of having to be manually set by administrators.
The release of ComingChat’s reputation warrant system will be the first step in ComingChat’s implementation of community management. For example, with different reputation warrants, you can enter the corresponding group chat and so on.
The community established in this way is more transparent and efficient. Everyone is a member who meets the threshold for joining the group. This process is native, real, dynamically updated, and trustless.
Data-Driven Web3.0 Development
There are billions of dollars of token transactions and hundreds of millions of dollars of NFT transactions on the chain every day, and this information is public and it’s not really difficult to imagine how much data there is.
In Web 3.0, the data on the chain belongs to each individual, and is readable by each individual or organization, and everyone can capture the value of this data. The way value is distributed is being reshaped. In the foreseeable future, when you use any application in Web 3.0, you will not start from scratch, but walk in each application with your address portrait and label. The carrier of value is your data, which also belongs to you.
If we move towards an internet where our identities are connected to us, rather than scattered in isolated spaces on the web, we will be closer to how things work in the real world: our online possessions will belong to us and we will be able to travel through cyberspace with our full, authentic selves.
About ComingChat
ComingChat’s mission is to build a metaverse for the entire ecosystem. With the economic structure of Bitcoin, it aims to reshape the digital economy system for billions of people around the world by building a simple, secure, and private global payment system and financial infrastructure. It further strengthens the interaction between the Internet and the real world by serving as a gateway for users to enter the Web3.0 world where a programmable identity system is established with CID as users’ digital identity, thus achieving unprecedented interoperability.
It will be a trustworthy, and user-centered metaverse platform that enhances user interaction services including:
- Decentralized social system
- Bitcoin wallet
- GameFi
- NFT ecosystem
- DApp
