MyID

Preface

Decentralized-ID is all about establishing a global, privacy-conscious identity layer that operates across the entire internet, without being owned by a single entity. This concept draws on technologies like blockchain and ideas such as self-sovereign identity (SSI), standardized systems, worldwide privacy, and digital identification rules.

The groundwork for this project was set by a diverse group of cryptographers, privacy supporters, and digital identity enthusiasts who explored the implications of electronic identification on privacy, giving rise to SSI principles. These principles have grown more relevant as digital tech has become a bigger part of our lives.

This trend has been reinforced by important regulatory measures and international initiatives. The EU's General Data Protection Regulation (GDPR) pushed for better digital privacy practices and championed SSI. Similarly, the UN's Sustainable Development Goals have promoted efforts to create identity solutions accessible to everyone.

The success of Bitcoin, created by Satoshi Nakamoto, demonstrated the potential of digital scarcity through a decentralized, peer-to-peer currency. This inspired businesses across various industries to incorporate similar features. At the same time, innovators in decentralized web and peer-to-peer technologies have accelerated the push for decentralized identity solutions, aligning with innovation, privacy needs, and evolving global regulations.