Tech
The Hedera network welcomes Identity Snap from Tuum Technologies for seamless decentralized identity
- Tuum Technologies enhances MetaMask with Identity Snap for DIDs and VCs on Hedera, promoting self-sovereign identity.
- The integration aims to drive broad adoption and simplify identity management in the blockchain ecosystem.
According to the latest news on the ecosystem of HBAR FoundationThere has been a revolutionary development on the Hedera network, marking a significant advancement in the blockchain industry.
Tuum Technologies announced the integration of Identity Snap with MetaMask, targeting developers interested in developing digital identifiers (DIDs) and verifiable credentials (VCs) on the Ivy net.
This collaboration represents an important step forward in promoting the concept of self-sovereign identity (SSI), which is central to the Web3 vision of empowering individuals to manage their own data in the digital realm. View the original tweet here.
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Self-sovereign identity (#SSI) is fundamental for the intersection between healthcare and web3 🔒
Here because @TuumTech developed @Metamask Identity Snap, introducing support for decentralized identifiers (DIDs) and verifiable credentials (VCs) on the @Hedera network 🧵 pic.twitter.com/dDOCLt17BT
— HBAR Foundation (@HBAR_foundation) June 11, 2024
Identity Snap serves as an advanced plugin that significantly upgrades MetaMask’s functionality by introducing support for DIDs and VCs, specifically designed for the Hedera network. It features an intuitive API that makes it easy to create unique DIDs using a private key and Hedera account ID, addressing industry challenges of unverified data and limited functionality.
Strategic growth and adoption
Tuum Technologies’ strategic decision to utilize Hedera’s robust infrastructure is motivated by its scalability and ongoing efforts in DID development. This partnership with the HBAR Foundation aims to extend Hedera DID ownership to various projects, leveraging the potential of MetaMask vast catchment area.
Industry leaders, including Jim Nasr, CEO of Acoer, have endorsed this move, highlighting its potential to boost adoption of Hedera-based DIDs. Elaine Song, vice president of strategy at the HBAR Foundation, expressed optimism about the broad adoption this initiative could spark, pointing toward a new era of decentralized identity that supports all on-chain activity.
Despite the positive developments, current market conditions contrast with the CNF’s previous optimistic forecasts, which assumed an increase in the price of Hedera (HBAR) potentially reaching $1 in 2024. According to the latest data from Coin Market Cap, Hedera (HBAR) is currently priced at $0.08954with a decrease in 0.14% in the past day and 13.24% during the past week.