The Elastos Essentials wallet is a cutting-edge tool for managing your digital identity, data, and communication in the new Web 3. Data protection is the main calling card for Essentials. The trifecta of Decentralized ID (DID), Hive storage, and Carrier provide a robust and secure way to navigate the decentralized internet and secure, control, and monetize one’s data. Let’s break down these core pieces and tie in how each contributes to data protection, ownership, and monetization.
Decentralized ID (DID)
DID is a decentralized and W3C-compliant identification system verified on the blockchain. These DIDs mean that users can trust their ID and use it to access various Web 3 websites without relying on centralized entities like Facebook or Google. DID eliminates the risk of data leaks and lets users control their own information. Unlike other Web 3 wallets requiring multiple logins, the Essentials wallet allows users to link up to various dApps in and outside the Elastos ecosystem using just one verifiable ID. In addition, users can access multiple services such as DeFi, NFTs, Identity, and Social Media dApps without having to remember multiple usernames and passwords.
DID is a tamper-proof digital fingerprint showing who signed off on a transaction. Whenever someone uses a “free” centralized service, the user pays with their data. This data is then sold to the highest bidder and utilized for their gain. When people use the Essentials wallet with DID, it’s always transparent and verifiable without the risk that data gets sold into the open market without someone’s permission. Users can arrange their data on their terms if they want to share it.
Hive 2 Storage Solution
Hive storage is a decentralized storage solution that allows users to store, share, and manage their data and soon-to-be items in their own personal storage vault. The latest version, Hive 2, gives users various storage options and the ability to maneuver data around to trusted parties. Users have complete control over their data and don’t have to rely on external storage providers like IPFS.
Soon, users will also be able to store NFT assets directly in their Hive vault. Essentials wallet has a massive advantage over other Web 3 wallets which store user data internally, making it vulnerable to breaches and censorship. With the Essentials wallet, users can manage and share their own data using Hive’s proprietary advanced decentralized storage technology.
Carrier 2
Lastly, Carrier 2 is a peer-to-peer protocol that manages traffic in the new Web 3. dApps on Essentials Wallet can utilize Carrier to allow users to communicate and post directly with each other without going through third parties or centralized entities on Essentials. The risk of censorship gets eliminated and ensures that users always have access to the information they need. For example, Feeds is Elastos’ Social Media platform that acts as a decentralized Twitter. Users can access Feeds directly from the Essentials wallet via the dApps section and communicate with each other without the risk of their posts being taken down or censored because traffic and data go through Feeds and Hive, which lets users store their channel posts in their chosen Hive server. This data can be moved anywhere at any time, thus reducing censorship. Finally, the Carrier technology provides a significant advantage over other social media platforms prone to censorship and data breaches.
The fact that Carrier enables the user to share data without needing an intermediary is a game changer. All social media platforms, email services, and other communication mediums risk being compromised by their digital landlords. When using Essentials, your speech and communication peer-to-peer are always a given. Gone are the days in which people are getting policed and told what to say and what to do. When assessing dApps using Essentials wallet, sharing data and protecting it on social and communication platforms is now a pleasant reality.
Interoperability
Essentials Wallet has the first-mover advantage in data empowerment and protection and can also interoperate with many other blockchains. In the last update, the next-generation Web 3 Wallet added Evmos, the EVM-based blockchain built on the Cosmos SDK. People cannot only access dApps on Elastos like Feeds and Elacity, but they can also access dApps in 18 other blockchain ecosystems. Want to trade crypto on Sushiswap via Ethereum? No problem; Essentials Wallet allows users to connect on the Ethereum mainchain and execute the transaction directly. What if you wanted to make a trade on Anyswap via the Fantom blockchain? Connect to the Fantom main chain, select the Anyswap dApp, and you’re there.
What if a dApp is not directly available on the Essentials Wallet for another ecosystem? That’s not an issue because Essentials Wallet can link to any blockchains it supports via the Wallet Connect feature. All the user needs to do is visit the website, let’s say, MakerDAO’s Oasis.app. Then, connect your wallet via Wallet Connect, which will prompt the Essentials Wallet to connect to the Ethereum blockchain. You can easily access MakerDAO’s lending and borrowing services via the Essentials wallet via your browser. Whether in Essentials or on Brave Browser, this versatile Web 3 wallet allows users to access most of the popular dApps in the crypto ecosystem.
Ledger Hardware Integration
The one thing about mobile wallets is that their security is in question. Essentials is a hot wallet that’s stored online. Many other mobile wallets use cold storage, with the assets held offline. However, Essentials is one of the few Web 3 mobile wallets with Ledger integration. Users can easily link their hardware wallet to Essentials and quickly make their assets much more secure than any other mobile Web 3 wallet on the market. For example, users can access Bitcoin, Elastos, and Ethereum-compatible networks via the latest Ledger Nano X hardware product.
The Elastos Essentials wallet is a revolutionary tool that empowers users to take control of their digital identity, data, and communication in the new Web 3. With its cutting-edge combination of Decentralized ID (DID), Hive storage, and Carrier, the Essentials wallet provides unparalleled security, ownership, and data monetization. This new generation of Web 3 allows users to access various dApps, DeFi, NFTs, Identity, and Social Media without relying on centralized entities and without the risk of data leaks, censorship, and breaches. Experience the power of data protection and ownership by downloading the Elastos Essentials Wallet on Apple or Android today!
