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In an increasingly online world, the invasion of privacy through data breaches, unwarranted surveillance and misuse of personal information has become a formidable threat to humanity. One of the leading causes of data insecurity is its centralized ownership by monopolies, despite numerous data privacy laws around the globe.
It's time for people to regain ownership and control over their data. Web3 makes this possible through decentralized identities (DIDs), which are digital identifiers that let users leverage blockchain technology to own, manage and control their online data. DIDs improve data security by making it tamperproof, anonymous and transparent through a distributed, public ledger.
Getaverse is taking the concept of DIDs a notch higher through a multi-chain credit system that dramatically improves interoperability between digital identities and applications in the metaverse. Let's learn more.
Key Takeaways:
Getaverse is a blockchain credit system developed to provide the crucial next-generation decentralized digital identity management platform through credit systems to boost and accelerate innovation in web3 and the metaverse.
Its DID platform implements soulbound tokens (SBTs) and event proofs NFTs to create a tamperproof digital credit score profile for web3 and metaverse users.
Deployed across multiple public blockchains, Getaverse promotes ultimate interoperability and efficiency for a truly decentralized society.
Getaverse is a multi-chain credit system developed to provide a digital authentication platform for web3 and metaverse projects via the use of decentralized identities (DIDs).
Its vision is toestablish an ecological metaverse service platform built upon the web3 protocol, focusing on digital authentication systems. The platform aims to empower digital users and developers with better control and management of the various components of their digital identities by providing a way to store, authenticate and preserve them securely.
Getaverse DID utilizes a blockchain credit system, a key component needed for the successful implementation of a fully decentralized identity ecosystem.
In the Getaverse system, each individual address stores soulbound tokens (SBT), which are nontransferable, verifiable digital identity tokens that create a value system for personal data representing the identity of users, credentials and reputation.
The Getaverse DID credit system then rates users and assigns credit scores, based on various data collected from social accounts and SBT information.
Each user is assigned an exclusive DID identity after signing up. The new identity enables every user to create their own credit system and become active members of the Getaverse community by taking part in building and managing the digital authentication system.
Initially, Getaverse was deployed on Arbitrum and BNB, but is now available on many more chains, such as Ethereum and Layer 2 solutions Optimism and Polygon.
As an open data network and credit protocol, Getaverse is accessible to all interested developers, and encourages joint contributions to provide custom features or enhance users’ product experience.
Getaverse features five incentivized roles that ensure the smooth running and security maintenance of the entire network.
Data Provider — Also known as curators, data providers contribute data through various on-chain and off-chain sources. The network assigns a revenue stream to each set of data. Data providers are paid in GETA tokens for furnishing the data, and for every time the data is queried.
Data Consumer — This term refers to anyone who utilizes Getaverse's open API interface to query any data held by the data providers. Data consumers usually pay a data access fee to the curator.
Trusted Verifier Node— These are Getaverse operational nodes that oversee the interactions between data providers and consumer nodes, and the distribution of fees.
DAO Governor — Getaverse implements a decentralized governance model, which allows users to stake GETA to gain a vote toward the governance of Getaverse via the Trusted Verifier Node. They can vote on proposals, or present new ones and submit them for voting and possible implementation.
Committee Event Node — This node enables curators to pull data from off-chain sources integrated with Getaverse, such as Github, Twitter, Telegram and Discord.
Getaverse deploys Getaverse DID, Credit Score and Getaverse Node as its core technologies to build this next-generation digital identity infrastructure for web3 and the metaverse.
The Getaverse DID platform enables users to create a verifiable DID identity (Getaverse ID) that they can use to build, manage and improve a credit-based digital profile. DID implements soulbound tokens (SBTs) and event proofs (in the form of Getaverse NFTs) to capture data from both on-chain and off-chain user activity.
This information creates an exclusive identifier of each user through their activities, including asset ownership and frequency of participation in Getaverse and its integrated on-chain and off-chain platforms.
Getaverse has made significant improvements to the DID platform to enhance the experience for individual users and projects. Some of these changes include the ability to add and change a profile avatar, an optimized credit score button, and the ability to generate and download credit scores in poster format.
The credit score system records Getaverse credit points for every user with a Getaverse ID. The higher the credit score, the higher the trustworthiness of the user. Some ways to score credit points include performing tasks assigned by Getaverse, and interacting with web3 or metaverse platforms with your Getaverse ID.
Users with a good score are eligible for great deals, such as low mortgage lending rates, access to high-yield farming protocols and priority status in web3 project giveaways.
A Getaverse Node is the single unit of the decentralized network of computers needed to run the network by validating transactions and carrying out maintenance tasks. Users can purchase nodes to run Trusted Verifier Nodes.
Trusted Verifier Node operators earn GETA tokens for performing three functions, operating the nodes, voting on governance in the Getaverse DAO, and other associated community rewards.
Getaverse launched the Getaverse Node Guardian Program in January 2023 in partnership with KuCoin Labs to extend the influence and decentralization of the network. The Node Guardian Program is open to existing and new Node operators and assigns a role to each participant in the incentivized testnet.
The primary role of each Node Guardian is to help more people understand Getaverse nodes and promote Getaverse awareness to web3 and metaverse communities. Getaverse currently consists of 50,000 active Getaverse nodes.
GETA is the native token that represents the tokenomics of Getaverse. Getaverse’s tokenomics mechanism is designed to encourage node operators to promote the network’s accessibility and sustainability.
A total supply of 5 billion pre-mined GETA tokens will be distributed according to the production mechanism of the Trusted Verifier Node. GETA is deployed on BNB Chain (Formerly Binance Smart Chain) as a BEP-20 token.
GETA completed its IDO in early July 2023, with a token allocation of 1.5% (75,000,000). Its total allocations as are follows:
GETA incentivizes participation in several ways:
Curating Dataset — GETA is used to facilitate the sale and purchase of datasets between providers and consumers. Each dataset has an assigned revenue stream that's paid in GETA tokens.
Dataset indexing fees — Data consumers or DApp developers who use Getaverse to query datasets from data curators are required to pay a fee in GETA tokens. Getaverse is designed to allocate more fees to curators to encourage them to provide more data. Some of the fees are also allocated to governance voting through the DAO.
Staking and DAO governance — GETA allows you to vote and participate in Getaverse DAO governance. A voting right enables a GETA staker to propose or vote on projects. The Getaverse DAO fund also rewards stakers with a 3%–15% APR for participating in governance.
Paying for Trusted Verifier Nodes and fees — You can use GETA tokens to buy Trusted Verifier Nodes, and spend GETA for node operations.
Improving credit score — Some of the parameters used to measure and assign a credit score include the frequency of the user's interaction with the Getaverse ecosystem, such as participating in DAO governance, and the value of total and period of total GETA assets held. The more GETA you hold over a longer period, the higher your possibility of gaining access to IDOs, airdrops and NFT rewards.
As of Aug 1, 2023, the price of the GETA token is $0.024, which is over 30% higher than its all-time low (ATL) of $0.018 and 0.02% lower than its all-time-high (ATH) of $0.023, both of which occurred in the previous week.
The latest GETA price prediction data seem bullish. According to experts at PricePrediction, GETA’s price could hit $0.068 by 2025 and swing up to around $0.43 by 2030. CoinArbitrageBot makes similar projections, estimating GETA will hit $0.098 by the end of 2025, followed by a climb up to $0.136 in 2028.
While these forecasts do seem optimistic, they aren't a guarantee of GETA’s future prices. We recommend you do your own research before investing in GETA tokens or any other altcoins.
Getaverse believes DID identity is the missing link to propel web3 and the metaverse to the next phase of building a fully decentralized society. Its DID credit system empowers users with an incentivized way to own, control and manage their data while enabling developers to create better, user-centric applications. Furthermore, the successful implementation of the DID system will unhook the current reliance of web3 implementation on Web 2.0 infrastructure, which limits its ability to scale and innovate.
In turn, a distributed digital identity management ecosystem will help the futuristic decentralized society grow in a healthy, more efficient and transparent manner than that which exists today.
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