It's a bear market, now what?🤔 #2
I continue my journey to Web3 literacy through platform, community and protocol research.
Last week, I introduced this column to help newbies find value in web3 by exploring new opportunities in the space and publishing the results.
Here are my findings from this week’s journey.
Before joining Web3, I’d heard about two types of crypto enthusiasts. One half who contemplated suicide due to the bear market, and the other half who took loses as well, but still declared bullishness for the blockchain space. I spent time wondering why. In my opinion, nothing could be worth that amount of passion or energy. But look at me now.
Since joining Web3 and being at the frontier of very exciting projects, I finally get it. The Web3 space has helped many people advance their careers in spectacular ways or kick start new ones. The technology being built and all the new exciting things that are and will be possible in the world is why Web3 pulls such ardent supporters.
I’m learning tons, chief of which is taking my security in Web3 very seriously.
In the past week, I’ve donated to projects and new infrastructure in Web3 via Gitcoin grants. Claimed 0.1 XDAI (a cryptocurrency similar to the US dollar) from RARE and verified my identity on Rabbithole, a platform that gives you money for learning about crypto.
These on-chain actions were possible because of BrightID, a social network that helps you verify your identity in Web3.
Two weeks ago, I wrote about opening a BrightID account and figuring out the steps to getting an identity verified on this platform. I’m excited to share that I’ve explored five ways to verify your identity on BrightID and will go over them with you.
How to Verify Your Identity in Web3 Using BrightID
Create connections: BrightID believes in fostering social connections, commitment, and responsibility, so one way to verify your BrightID is by creating connections. Once you share your connection code with someone for the first time, you’ll be asked to verify if the person is a new friend or close friend. You can be held responsible and penalized for the actions of an old friend, so please choose appropriately. You only need to create one connection for starters.
Link with an app: This involves scanning your BrightID connection code with the website or app you wish to verify your identity on.
Setup social recovery: BrightID’s strongest ethos is social responsibility. This means that you’re responsible for the connections you make and vice versa. To prevent losing your BrightID account, if you lose your device or uninstall your app, you’ll need the approval of three of your close connections to be allowed back on the app.
Set backup password: When creating a BrightID profile, the system urges you to create a password which will act as your backup password if you’re unable to set up social recovery.
Attend a BrightID meet: This is the most important thing to do. Attending a BrightID verification party and connecting with an administrator will get you verified almost instantly. First thing you need is a schedule that works for you, then go to Discord and check in the “Connection party reminder” server to get the password for the room.
I can barely keep up. I still believe we’re yet to scratch the surface of what’s possible in Web3, and I can’t wait to find out.
What I read this week:
Web3 Use Cases: Today by Not Boring
20 valuable notes on Crypto, NFTs and Web3 from Naval, Chris and Tim Ferris.
Trivia:
What is Xdai?
Thanks for reading. Please write to me if you enjoyed this article or think it could be better. I’d also appreciate suggestions on what to write on else my next article will be on crypto wallets, the different kinds there are, how to own one and how to keep it safe.