Introduction
🌐 The myBID Vision
We stand at the dawn of the Web3 revolution, marking the next evolutionary leap in the internet landscape following the surge in social media and user-generated content. This new era is characterised by transitioning from centralised applications and services, traditionally dominated by giants like Facebook and Google, to a paradigm centred around decentralisation, collectively powered by a network of users. In this emerging technology environment, the emphasis is on open protocols, seamless interoperability, and, crucially, granting users full autonomy over their personal data.
We are entering the beginnings of a Web3 revolution — the next internet generation after the social media and user-generated content boom. In this era, instead of apps and services being run by centralised entities (like Facebook and Google), we're seeing a shift towards systems powered by a network of users— a shift called decentralisation. This system is defined by open protocols, interoperability, and, most importantly, user control over their data.
With this shift in control over data, the importance of digital identity takes centre stage. As seen in this Web2 era, the average individual has been commodified and is constantly at risk from opaque data deals, privacy infringements, and undisclosed security breaches. Conversely, some suffer from the lack of identity — any identity — that not only removes them from the digital economy but also many rights that we take for granted, like access to education and a bank account.
Navigating the digital age requires robust identity solutions, and myBID stands at the forefront of this challenge. Rather than continue to build on top of an outdated system, myBID aims to shake things up by introducing a new, cutting-edge, privacy-preserving identity verification infrastructure that is more efficient and adaptable to multiple use cases, catering to unique pain points experienced by each nation.
In an era where economies hinge on digital interactions, we provide a unique blend of transparency, security, and accessibility. Inspired by the UN Sustainable Development Goal 16.9 (SDG 16.9), myBID's vision is to provide a billion individuals with a trusted and secure identity, regardless of their background or circumstances. It is also the belief that these secure and trusted digital identities can bolster economies—up to 13%, according to a McKinsey report.
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