How to Build Your Decentralized Identity in Web3 with the Nexo Wallet?
The emergence of Web3 and decentralized identities will grow to be fundamental for DeFi, since it will grant individuals full autonomy over their data, digital assets, and digital presence. Аt Nexo, we have taken a giant leap in this direction by introducing the smart, non-custodial Nexo Wallet. We took the capabilities of Web3 to the next level by not only allowing you to build a unique decentralized Identity but also fully personalizing it to embody your newfound digital persona.
Why Should I Create an Identity?
While in Web2, you have multiple accounts to control and access different products and services online, in Web3, this is simplified. By building a decentralized Identity through Nexo, you create the ultimate tool for managing all your decentralized apps, non-custodial wallets, and assets from one place at the same time. In other words, your Identity becomes the center of all DeFi interactions, including accessing various networks and signing transactions.
How Does the Identity Work?
The key to managing your funds and digital persona at any time is through your Identity. To operate, it needs a digital management system – an “Identity address”, basically a smart contract deployed on-chain. This contract ensures the aggregation of all your balances and NFTs, but it cannot solely authorize network operations due to its nature.
To act on the blockchain, the Idenity uses signers. Those are regular non-custodial wallets, which you connect to your Identity. You can have an unlimited number of linked wallets to your Identity, however, the first one you add becomes the Primary Signer and is in charge of all your on-chain or off-chain operations. Nevertheless, you can always reassign this status to either one of your connected wallets.
How Can I Create My Identity?
Creating your first Web3 Identity through the Nexo Wallet can be done easily in just a few steps. All you need to do is go to wallet.nexo.com and follow the instructions shown on the dashboard. In less than 2 minutes, you can begin your decentralized journey!
Can I Personalize my Identity on the Nexo Wallet?
Yes, you can customize your new digital look for the DeFi space to show off your style! Here’s how:
- Profile Name
Make your profile stand out with a custom .eth name through the Ethereum Naming Service (ENS). All you need to do is go to your dashboard, click on the edit icon on the right of your profile picture, and select “Profile Name”. From there, choose “ENS” and type your preferred name.
Example: nexonian.eth, instead of 0x7a3w539571bD345ffhs17c06er5f96s8974f.
- Profile and Cover Pictures
You can customize your Nexo Wallet and make it easily recognizable by selecting a profile and cover picture. We have provided you with a range of options for both and the ability to use your favorite NFTs for this purpose.
What Makes the Nexo Wallet Identity Unique?
By creating a decentralized identity through the Nexo Wallet, you can more easily keep track of and manage your assets, and gain access to a broader range of DeFi services and benefits. This grants you complete autonomy over your personal data rather than relying on a central entity.
Your decentralized Identity can offer you a number of advantages when it comes to conducting transactions on the blockchain. Firstly, it can facilitate trust between parties by providing a secure, and verifiable means of confirming your Identity, ensuring that the transaction is carried out with integrity. This, in turn, can ensure a more streamlined process. Your decentralized Identity allows easy access to linked assets and non-custodial wallets, eliminating the need for manual input of login information or account numbers. Furthermore, having an Identity enhances the transparency and accountability of blockchain transactions, as they provide a clear record of the transaction's participants and the assets being transferred, thereby fostering trust between parties and promoting fairness and transparency.
Now that you have your Web3 Identity and have personalized it to your liking, it's time to explore all the amazing features of the Nexo Wallet!