From the perspective of asset theft, the advantages of the ICP ecosystem

Sep 27, 2022#web359

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Recently, there has been a significant risk to unified user identity and asset security, as demonstrated by wallet asset theft. When a project that involves user interaction has security issues, vulnerabilities can spread to all of the user's assets. While unified identity and assets bring convenience, large-scale project vulnerabilities can have devastating effects on users. However, the ICP project does not have this risk. For example, in DstarNote, users first need to register their native identity with ICP, which represents their identity. Then, they use this identity to interact with DstarNote, and DstarNote only receives a unique identity authorized by the user's ICP identity. If there are any issues with any projects on ICP, they will not spread to other projects and assets because decentralized identities are not unified. In the case of DstarNote, the sub-identity generated through the ICP identity is unique to DstarNote and remains private. Additionally, the locally generated encryption in DstarNote ensures that even in extreme situations where node personnel act maliciously and access user's note information by removing all hard drives, the information will appear as encrypted text that can only be decrypted using a local key. In practice, other Web3 projects like Socialfi also face similar problems. If your wallet is compromised due to one project or if your domain identity like Ens is stolen, can you still be yourself? This is also why Ethereum cannot achieve large-scale Web3 projects. Currently, ICP is the only project that fully embodies Web3 characteristics. Although it is currently small in scale, as the cryptocurrency market expands, the demand for the security of decentralized identities and asset security between projects will increase.

Recently, we can see that the risk of unified user identity and user assets being stolen is significant.

When a project that involves user interaction has a security issue, the vulnerability will spread the risk to all of the user's assets. Although unified identity and unified assets bring some convenience, once a large-scale project vulnerability occurs, it will have a devastating impact on users.

However, there is no such risk in the ICP project. Taking DstarNote as an example, users first need to register the native identity of ICP, which represents their identity.

Then, use the Identity to interact with DstarNote. DstarNote only obtains a unique identity authorized by the Identity.

If users log in to Dscvr and Distrikt, they will find that the Principal ID in each application is different. If there is a problem with any project on ICP, it will not spread to all projects and assets because decentralized identity is not unified.

Speaking of DstarNote, the sub-identity generated through Identity is unique to DstarNote, and no one knows which identity generated it. Your information is private, and it will not be transmitted to other projects.

In addition, DstarNote has local encryption generated during creation. Even in extreme conditions, if node staff act maliciously by removing all hard drives and finding users' note information, they will only see garbled characters. They need to use a local key to decrypt it. In theory, there is no way to crack it except forcing the user to reveal the content of the note.

In reality, Web3 projects like Socialfi also face this problem. Once your wallet is stolen because of one project or your domain identity like Ens is stolen, can you still be yourself? This is also the reason why Ethereum cannot achieve large-scale Web3 projects.

Currently, the only project that fully meets the characteristics of Web3 is ICP. Although it is currently very small in scale, with the expansion of the crypto market, the security of decentralized identity and the security of assets between projects in ICP will be in demand in the market.