Recently, I saw a project called @plasma at Binance Square. At first, I thought it was some new public chain or DeFi protocol, but upon checking, I found out that it is actually addressing a more fundamental and critical issue: digital identity.
Every day we go online, registering accounts requires a phone number, email, and even an ID card. But can you really control this data? No! If the platform wants to freeze your account, it will, and if there's a data leak, you can only stare in disbelief. The goal of Plasma is to truly allow you to own your digital identity without relying on any centralized company.
Its core technology is called 'Decentralized Identity' (DID). Simply put, it generates a unique blockchain identity ID for you, which belongs only to you and exists in your wallet. In the future, when you log into any application that supports Plasma, such as DeFi, social platforms, or NFT markets, you only need to click 'Authorize' without having to enter a password or receive a verification code. Moreover, no one can see your complete information unless you authorize it.
So what is the use of its token $ XPL? It mainly has three functions:
1️⃣ Payment service fee: For example, if you log into a paid application using your Plasma identity, you may need to spend some $ XPL;
2️⃣ Staking for rewards: You can lock your $ XPL into the protocol to earn rewards;
3️⃣ Participation in governance: How the project will develop in the future, such as whether to add new features, can be decided by voting from token holders.
One aspect of Plasma that I particularly appreciate is that it does not pursue short-term speculation, but rather focuses on building solid infrastructure. The future of Web3 is not just about trading tokens, but about having foundations like identity, storage, and computation. Plasma is laying that foundation.
The project is currently in its early stages, but the team has a transparent background, complete technical documentation, and an active community. I have started to invest small amounts in $ XPL and keep an eye on @Plasma 's official updates. Although the price may fluctuate in the short term, I believe that whoever controls identity controls the gateway to Web3.
If you are also concerned about privacy and security, or want to lay the groundwork for the next generation of internet infrastructure, you might spend ten minutes learning about Plasma. It may seem inconspicuous now, but it could be ubiquitous in the future.