Digital Identity reimagined: A look behind the scenes at digitalsocial.id

In an era where digital identity plays a crucial role, we dive into the fascinating world of Digitalsocial.ID (DSID) in the second part of our conversation with Simon Molitor. DSID is an innovative platform aimed at reshaping trust in the World Wide Web through a user centric identity management solution.

 DSID strives to bridge the gap between the need for privacy and the necessity to establish a reliable online reputation. By creating a measurable reputation system, DSID enables more transparent interactions between users and service providers in the digital ecosystem. This paves the way for a more trustworthy internet landscape.

DSID: Redefining trust and reputation

Philipp: Let’s talk about DSID – what is your mission? What problems are you looking to solve?

Simon: Digitalsocial.ID is a user-centric  identity management solution that allows individuals to build a measurable online reputation and promote good behavior on the World Wide Web.

Trust is the foundation of good human relations and business. To trust someone, I need to know them better. That no longer works on the internet today. That’s why DSID offers a system where trust can be measured objectively by storing rating data in digital wallets, which serve as proof of the owner’s reputation.

In the rapidly changing digital world, reputation is hard to define. Decentralized platforms and anonymous crypto wallets make it difficult for users to showcase their diverse online interactions. These interactions range from professional achievements to credit history.

Anonymity provides privacy but prevents users from leveraging their good reputation to gain access to certain products and services. For businesses, the lack of identity in crypto wallets makes it hard to assess their credibility. This discrepancy prevents the possibility of offering personalized products or services through better risk management.

Philipp: The first pillar, as I understand it, is initially a credit score for the web3 – can you explain that to us?

Simon: An individual can use multiple wallets to interact with various Decentralized Finance services. In doing so, the user leaves behind a myriad of data points that swirl around uselessly on the net until someone makes sense of them.

DSID analyzes these data points of all wallets connected by a user with our app and calculates a value between 0 to 1000 using our algorithm. This value then translates into a grade from A+ to E.

In addition, we are working with Boniversum (Creditreform) on integrating the credit score from the “real” world. Since August 2023, we have been researching how we can offer a holistic score that considers both DeFi and traditional finance data.

DSID Credit Reputation Score

Philipp: Who is your offer aimed at? Who are your customers, and how do they benefit from your offer?

Simon: Our primary target is end users, meaning individuals who want to build a better digital identity.

Our data analyses are particularly interesting for dApps (Decentralized Apps) that want to better identify their users. Ultimately, our data can also be of interest to banks and credit bureaus in the traditional financial sector.

Philipp: What is your current status? What does the future look like for DSID?

Simon: We are a team of 4 founders plus a handful of external service providers. With our limited resources, we have already been able to publish an MVP, the DSID Alpha V1, which is accessible via a waiting list. We plan to have the next iteration with many more features ready for release by November 1st.

DSID 2024: Ambitions, networking and the future of digital identity

Next year, we have set ourselves some big goals. DSID must be present on all major blockchain networks so that users have the opportunity to carry their digital reputation throughout the entire web3. Additionally, we need far more customers who can offer value to our users by recognizing their scores.

Philipp: Where does one go if they want to meet you?

Simon: To the internet 🤓 You can catch me on all major social media channels. They’re all linked at https://simon-molitor.xyz. For a personal touch, usually at Web 3.0 conferences or for a coffee when I’m in Frankfurt.

Philipp: And if you could wish for something for DSID – what would it be? What helps you further develop?

Simon: User feedback  is incredibly helpful. This includes business customers who would integrate DSID to better identify users. So, I’m always open for introductions to potential customers to exchange ideas with them.

Additionally, we are of course also fundraising. Our pre-seed round will close by the end of the year at the latest and we are still open for discussions and introductions.

The conversation with Simon reveals the ambitious mission of DSID to redefine trust and reputation in the digital space. By creating a measurable reputation system, DSID aims to establish a more transparent and trustworthy environment for both individuals and businesses in the digital ecosystem.

With a holistic approach that considers both traditional and Decentralized Finance data, DSID demonstrates the potential for revolutionizing digital identity management. The connection between web3 and traditional financial systems is key to this transformation.

We are eager to see how DeFi will continue to evolve in the coming months and years and remain interested in the story of DSID!

The interview was originally conducted in German and was subsequently machine-translated.

#digital transformation #business models #mobile wallets