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Internet Computer launches Verified Credentials

internet-computer-launches-verified-credentials
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Internet Computer launches Verified Credentials

Internet Computer, one of the largest decentralized blockchain network by market cap, has launched Verified Credentials (VC), a solution that will enable efficient and trustworthy sharing of personal data in the Web3. 

Verified Credentials will also have tools to limit the spread of fake news and spam in social media by eliminating bots and fake accounts. 

The solution will be highly different from the popular platforms like MetaMask and OKX Wallet because it will offer walletless infrastructure and tooling to issue, share, and consume credentials in a private way. Jan Camenisch, the CTO of DFINITY Foundation said:

“The new Verifiable Credentials feature of Internet Identity addresses long standing problems for online privacy-preserving authentication: all a user needs is a computing device that has a passkey (all recent ones do) and a browser.”

Part of Internet Identity

VC is also an integral part of Internet Identity, one of the 9 central focus areas of Internet Protocol. Some of the other focus area are decentralized artificial intelligence (AI), Chain Fusion, which enables external blockchains like Ethereum and Solana to be fused together with ICP, platform decentralizayion, and digital assets. 

Verified Credentials will also introduce new features that have not existed before. For example, existing platforms like MetaMask have always assigned their users unique and pseudononymous identifies for each dApp. VC’s framework will allow users to assign identity attributes to their internet identity. 

Launched in 2021, Internet Computer has continued to introduce new features in its ecosystem. One of its most notable features was the Chain-key Bitcoin (ckBTC), a token backed 1:1 by Bitcoin. Data shows that it has over $17 million in total value locked (TVL).

Internet Computer’s ecosystem has also grown to include dApps like Helix Markets, Funded, Orally, and ICDex. Developers choose the network because it has all features needed to deploy dApps, including EVM smart contracts. ICP, its token has a market cap of over $3.7 billion, making it the 24th biggest cryptocurrency in the industry.