Dynamic Decentralized Identity- Another New Technology Developed By COTI

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Every week I seem to be reading something new with regard to COTI and it is looking more and more like I backed the right horse.

Data and privacy ae the next big changes that are going to happen to crypto and many believe this will be the narrative to lead this Bull cycle. Time will tell who is right and wrong but things are definitely moving ahead at a rocketing pace. This was not even something mentioned or leaked information even though COTI mentioned that they were working on a technology that would help regulate crypto and this is part of the whole package.

Those of us who were around when the internet first started will remember the basic log in procedures before moving onto KYC or known as know your customer. This was fine, but the downside is someone is keeping your KYC on information on hand and this is a security risk. I know I have a few KYC's I had to submit as this is regulatory requirements so there are many risks with so many sites having your data. Data is big business today and whoever controls the data controls basically everything else. Just last week my kids bank accounts were compromised with a data breach and banks are meant to be super safe and secure.

The use of Zero Knowledge technology followed KYC, but even though it is seen as the next step forward it has some serious limitations. When it comes to data not known it is useless and can only use information it knows in advance.

Dynamic Decentralized Identity is what has now been developed trumping what Zero Knowledge had to offer making it obsolete due to it's limitations. This is always the danger when you invest in a project and someone else develops something far better. Dynamic DID does everything all in one whilst not compromising your identity or sensitive information whilst verifying who you are and making sure you are not in breach of any regulations. I think this is important for web 3 and web 2 especially as more and more real use cases emerge using blockchain technology. For it to be adopted it needs to be better than what is currently on offer when it comes to privacy and security and it is no wonder businesses have not jumped in yet.

Dynamic DID is what businesses are looking for because the information you want to share is the only information used whilst your identity still remains private. The information is encrypted on the blockchain and only the parties involved know what it entails all this happening under regulation and not breaking any laws. The smart contract running the Dynamic DID will know where you are from and who you are and regulates the transaction so no laws are broken according to your jurisdiction. This is perfect for cross border financial transactions or even just checking identity verification online.

COTI who are behind Dynamic DID technology announced that they have a new partnership today and will look forward to seeing who this new partner is over the coming weeks. This may give us more insight into where this is leading because they have a $100 million development fund being deployed with key developers targeting strategic areas.