By Cointime.com 237

In the traditional world of the Internet, data sovereignty has always been an important topic. Large technology companies have a monopoly on users' personal data, which they analyze, exploit and sell under their control. This centralized data control has created many problems for users, including privacy breaches, misuse of data, and data opacity.

However, with the rise of blockchain and Web3 technologies, a new concept is beginning to attract widespread attention: the reclaiming of data sovereignty.

Web3 is dedicated to decentralized data management by returning ownership and control of data to users. It is based on the tamper-evident nature and distributed storage of blockchain technology, enabling users to securely store, manage and share their data without relying on third-party intermediaries.

With Web3, users can selectively share their data and ensure that only those they authorize can access and use it. Personal data is encrypted and stored on the blockchain, ensuring its security and privacy. In addition, because the data is stored in a distributed network, its availability and resistance to censorship are enhanced.

Web3 provides individuals with more data sovereignty, enabling them to control their digital identity and privacy. This technological development has also given rise to a variety of decentralized applications (DApps) that are dedicated to building a more open and transparent digital world. Through Web3, people can selectively share data and participate in areas such as decentralized finance (DeFi), digital asset trading, social networking, and more, and reap the financial rewards from doing so.

The rise of Web3 technology marks a new revolution on data sovereignty that brings greater freedom and control to users. This new digital paradigm will drive the Internet into a more democratic, decentralized era, allowing individuals to become masters of their data again.

.bit: an open source cross-chain Web3 identity system

.bit is a blockchain-based, open source cross-chain decentralized account system. .bit provides a globally unique naming system with the .bit suffix, which can be used for cryptographic asset transfers, domain name resolution, identity authentication, and other scenarios.

A .bit account is a very inclusive data container in which users can place any type of data. A large number of Web3 applications will serve it and index the relevant data stored in the .bit account.

As a decentralized account system, one and only one user has full control and access to the .bit account. Also, .bit is the first decentralized account system with broad compatibility, allowing any public chain address or even email to be used to register and manage .bit accounts.

The core elements of a .bit account include: the owner/administrator, and the resolution record (i.e. the data it is associated with).

Unlike ENS, the owner/manager of .bit can be any public chain private key or even an email address; unlike DNS, .bit supports any type of resolution record.

The structure of a .bit account is shown in the following figure:

Features

A .bit account is a powerful data container that can store various types of data and has a wide range of functions. It brings a lot of convenience and control to users.

First, you can store blockchain addresses in a .bit account and use .bit to make token transfers in mainstream wallets. This way, you no longer need to copy and paste addresses, saving time and effort.

In addition, the platform displaying NFT can index the addresses in your .bit account and display your non-homogenized tokens on different chains.

Second, you can store social media accounts such as Twitter, Facebook or Discord in your .bit account. profile applications can generate a decentralized social account homepage based on this information. Unlike a centralized application, you always remain in control of your data, and you can always switch to another profile application if a particular one doesn't meet your needs.

In addition to storing blockchain addresses and social media accounts, you can also store IPFS links in your .bit account. This way, others can access your decentralized app or website directly through an app like bit.cc, improving accessibility and interconnectivity.

The capabilities of .bit accounts are not limited to specific types of data. You can store your PGP public key in it so that your contacts always have access to your latest public key via your .bit.

In addition, you can store magnetic links so that your friends can download files through your .bit account.

In addition, you can store smart contract addresses in your .bit account to help users verify that they are interacting with the right contract. Likewise, you can store the MD5 hash of the software, allowing users to verify that they have downloaded the correct software.

Finally, you can also store a profile in your .bit account so that others can quickly get to know you.

Overall, .bit is a secure and autonomous information distribution tool that provides users with extensive and powerful features that allow them to better manage and control their data.

Cross-Chain Implementation

.bit is a system with cross-chain capabilities that are not limited to specific public chains. In the Web3 world, blockchains are much more than a single public chain or a chain compatible with the Ether VM.

Accounts in decentralized domain name systems (such as ENS) can only be managed by the private key of a specific public chain. This leads to each public chain having its own domain name system, and each domain name system is identified using a different suffix.

However, the Web3 world should not be so compartmentalized. We need an account system that can cover both blockchain and non-blockchain scenarios.

For users, cross-chain means the following:

1. The .bit account can be managed using the private key of any public chain.

2. The ownership of .bit can be transferred between any two public chain addresses.

3. You can use .bit as an alias for public chain address, contract address and asymmetric encryption public key.

4. You can use any asymmetric cryptographic public key to manage and transfer .bit.

So, how does .bit work across chains?

First, security is ensured through cryptography. .bit consists of smart contracts deployed on multiple chains. Unlike traditional cross-chain approaches, where a third party locks your assets on one chain and then mint your tokens on another chain, .bit is cryptographically cross-chain, with no intermediaries involved and security guaranteed.

.bit's smart contract has unique features. It can efficiently verify the signatures of different asymmetric cryptographic algorithms. For example, when you modify data in a .bit container using your bitcoin private key, you are actually sending a transaction signed by your bitcoin private key, and the smart contract can verify that you have provided a valid bitcoin private key signature. Similarly, when you move a .bit from an ethereum address to a wavefield address, the smart contract can verify that you provided a valid ethereum private key signature.

In addition, .bit covers a wide range of cryptographic algorithms. Various pluggable cryptographic algorithm modules are deployed in its system architecture. Algorithms already supported include secp256k1 and ed25519, and the corresponding private keys can be used to manage .bit in public chains such as Ether, Wavefield, BNBChain, Polygon, and Dogcoin.

In the future, .bit will also be extended to support private key management for major public chains such as Bitcoin, Polkadot, Difinity, etc. This is a crucial step in the .bit roadmap to cover more cryptographic algorithms, so that .bit can be widely used in all public chains and non-blockchain scenarios.

Introduction to the core components

.bit is a decentralized protocol that runs on the Nervos CKB. Nervos CKB is a PoW public chain with a highly open architecture using the UTXO model. .bit provides a complete set of components in an open source manner, including

1. Core Protocol

The Core Protocol is a set of Lock Script and Type Script deployed on Nervos CKB, which defines the .bit account and related operational standards of the .bit account, and is a concrete implementation of the .bit core protocol.

2. Keeper

Keeper is a set of off-chain programs that can be run by anyone without a license, and is responsible for triggering a series of transactions that conform to the core protocol, and is a key module of the .bit system. It is the key module of the .bit system. Running Keeper can get the system rewards of .bit.

3、Resolution Service

It resolves the global state of .bit based on the transactions on Nervos CKB and provides the account resolution service in the form of an interface to the public.

4、Client SDK

Includes SDKs in various languages to simplify the integration of mobile wallets, web wallets, server wallets and other .bit related applications.

5、Dapp UI

Users eventually use the functions of .bit through various application interfaces. These applications can be used directly in the browser or can be integrated into popular wallet software.

Conclusion

In the future, .bit may be expected to become an important identity system in a Web3 world that will facilitate the interconnection of networks. With support for more major public chains and cryptographic algorithms, .bit will be more widely used through cross-chain technology. Users will be able to manage and transfer .bit accounts using private keys from different public chains and use them as aliases for addresses, contract addresses and asymmetric cryptographic public keys. This will provide greater flexibility and convenience for users.

The open and inclusive nature of .bit also makes it possible to store and manage all types of data, from blockchain addresses and social media accounts to IPFS links and PGP public keys. Users are free to choose and control their own data and switch between applications without fear of data loss or misuse.

Through continued development and extended support, .bit is expected to become a hub that connects all corners of the Web3 world. It will provide users with better authentication, asset management and data control, driving innovation and growth in both blockchain and non-blockchain domains. As Web3 technology continues to evolve, .bit will continue to work to break down the barriers between blockchains and build a more open and connected future.