Cardano Foundation Launches Decentralized Identity Wallet

 Key takeaways:

• The Cardano Foundation is developing an “Identity Wallet” to enable decentralized digital identities on the Cardano blockchain and other blockchains
• The Identity Wallet will allow users to create W3C-compliant decentralized identities tied to their Cardano accounts
• It also aims to address blockchain’s weakness around usability through a human-centric approach focused on identity ownership and control. Its success could increase adoption of decentralized identity
• ADA is currently trading at $0.57, down 2.47% in the last 24 hours

The Cardano Foundation recently announced the development of a new crypto wallet designed specifically to enable decentralized digital identities (DIDs) on the Cardano blockchain.

This wallet, called the “Identity Wallet”, is designed to allow users to create decentralized identities tied to their Cardano accounts, with the goal of eventually supporting digital identities across multiple different blockchains.

While details about the wallet are still scarce, the foundation has taking to X social media to list some of its features”

“Introducing the Identity Wallet developed by the Cardano Foundation –  a W3C-compatible mobile wallet that manages self-sovereign identities across Cardano and other blockchain networks Key benefits:  Supports multiple identity and credential standards, Securely manage digital assets, Seamless – Interact with DApps on Cardano, Lowers entry barriers for new users, Interoperability across ecosystems, Integrates Key Event Receipt Infrastructure (KERI) for enhanced interoperability”

This announcement also comes after previous partnerships with governments to build identification systems, like the Atala PRISM identity tool, which is currently being piloted in Ethiopia.

It is not yet clear whether the identity tool framework used in Atala PRISM will be integrated with the Identity Wallet.

According to the Github page, the Identity Wallet will allow users to generate W3C-compliant decentralized identities tied to Cardano addresses.

Additionally, there are mentions of “social recovery” on the page as a feature, which could allow users to regain access to their accounts through designated contacts. This could help avoid issues like losing access due to forgotten passwords.

Some menbers of the Cardano community have expressed concerns about the fragmentation of identity efforts on the platform. However, the developers believe that keeping the Identity Wallet independent will allow for better alignment with user needs rather than infrastructure limitations.

While much relies on the execution and interface design of the wallet, the Identity Wallet concept shows promising awareness of blockchain’s biggest weakness, which is usability. If the project is successful, this human-centric approach of putting identity ownership first could push decentralized identity toward viability for daily applications.

Cardona (ADA) Price Movement

According to our chart, Cardona (ADA) is currently trading at $0.57 with a market cap of over $19.69B and a 24-hours trading volume of $2.1B. The token’s price has declined by 2.47% in the last 24 hours.

Our algorithm has also estimated that Ada could surge to $0.59 by the end of 2023, which is a rise of nearly 4.47% from the current price.