In an increasingly digital world, we've all felt the frustration of having to manage countless login credentials and passwords to access different websites and apps. Juggling multiple passwords is akin to trying to keep a dozen wet bar soaps in the air while blindfolded. However, a solution is on the horizon with the advent of web3 and blockchain technology, promising a significant upgrade in authentication.
In the current web2 reality, authentication heavily relies on passwords. Truth be told, most of us are not great at creating secure passwords. They're either easy to guess—like "123456" or "password"—or so complex that we resort to scribbling them on a sticky note and praying it never falls into the wrong hands. This vulnerability leaves our accounts wide open to hacking and identity theft, similar to fortifying a castle with a moat filled with Jell-O. It's simply ineffective.
This is where web3 and blockchain technology step into the picture. With the emergence of decentralized apps (dApps), web3 introduces a novel method to authenticate users. Moving away from traditional passwords, dApps can utilize blockchain-based authentication protocols, like the one provided by Moongate.
Moongate, a multi-chain authentication-as-a-service platform, allows users to log into dApps using social logins. Imagine a nightclub bouncer, but instead of checking IDs, they're verifying your blockchain identity.
As awareness and understanding of web3 and blockchain technology grow, we can expect to see an increase in the adoption of web3 authentication. In fact, this shift is already underway. A recent survey found that 48% of respondents would be open to using blockchain-based authentication for online banking. With the rise in dApps, it's reasonable to predict that web3 authentication will soon become the standard.
However, the path to adopting web3 authentication is not without obstacles. The primary challenge lies in educating the public about its benefits and functionality. Many people are still unfamiliar with blockchain technology, and it might be daunting for them to embrace something so new.
Think of trying to convince your grandma to switch to a new smartphone. It will likely take a bit of persuasion and several demonstrations before she becomes comfortable with it.
Despite these challenges, the future of web3 authentication seems promising. As more and more people become comfortable with blockchain technology and dApps, we'll see a surge in the adoption of web3 authentication. It promises enhanced security and convenience, making it a potential future norm in online authentication. It's like a shining beacon on the horizon, guiding us towards a safer and more streamlined online experience.
To sum up, the future of authentication is looking bright with the rise of web3 and blockchain technology. Platforms like Moongate, with their added security and convenience, suggest that web3 authentication is likely to become the standard in the near future. So, feel free to let go of those password-filled sticky notes; the future is here, and it's simpler and safer.
Co-founder & CEO of MoonGate with 5+ yrs of building products in the space Web2 and Web3
