Internet Computer Launches Verified Credentials (VC) to 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.

Internet Computer (ICP), one of the largest decentralized blockchain networks by market capitalization, has unveiled Verified Credentials (VC), a solution designed to facilitate efficient and secure sharing of personal data within Web3.

Moreover, Verified Credentials will be equipped with tools to combat the spread of disinformation and spam on social media platforms by eliminating bots and fake accounts.

The solution will markedly differ from popular platforms such as MetaMask and OKX Wallet, offering a walletless infrastructure and tooling to issue, share, and consume credentials privately. According to Jan Camenisch, CTO of the DFINITY Foundation:

“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 also forms an integral part of Internet Identity, which is among the nine core focus areas of the Internet Protocol. Other focus areas include 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.

Furthermore, Verified Credentials will introduce novel features that are currently unavailable on existing platforms. For instance, 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 continuously introduced new features within its ecosystem. Among 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 expanded to include dApps such as Helix Markets, Funded, Orally, and ICDex. Developers opt for the network due to its capability to offer all features required to deploy dApps, including EVM smart contracts. ICP, its token, has a market capitalization of over $3.7 billion, ranking it as the 24th largest cryptocurrency in the industry.