As a pioneer in the DID field, Lifeform continuously fulfills
its mission amidst the BTC wave, contributing to the development of
the BTC ecosystem. Lifeform token has announced the
official launch on Bybit and kuCoin exchange, trading commences on
15th May, 2024.
Lifeform, supported by investments from a host of prominent
institutions, excels in focusing on the mentioned two objectives.
Let us explore how Lifeform is executing its DID blueprint.
Unlike other DID solutions that are constrained by the specific
characteristics of different public blockchains, thereby limiting
their cross-chain capabilities and application scopes, Lifeform
offers full-chain domain names with .btc services. It is the first
platform to support multi-blockchain domain name resolution
(including, but not limited to, Bitcoin, Ethereum, BNB Chain,
Solana, Base, Avalanche, and OPBNB) as an all-in-one domain
resolution platform. This platform has already implemented mappings
for .eth, .bnb, .sol, .arb, and other domain names under the
Lifeform Universal Domain .btc, enabling functionalities such as
cross-chain transactions, multi-chain asset inquiry, multi-channel
integration, interactive social networking, and cross-chain
finance.
In its roadmap, Lifeform also proposes collaborations with
various wallets to integrate the .btc domain SDK into exchange
wallets; its plan for supporting seamless interaction across
multiple Layer1 and Layer2 networks.
Lifeform leverages its technological edge in AI to analyze
cross-chain activities. By profiling users based on their asset
management behaviors, Lifeform provides tailored recommendations
for blockchain services, tokens, or dApps.
Particularly for Web2 users who hold substantial amounts of idle
BTC assets, Lifeform facilitates easy linkage to BTC Layer2
protocols, such as decentralized staking protocols characterized by
stable yields and DeFi Machinegun Pool. This approach enhances the
possibility of earning additional income without the need to sell
cryptocurrency assets.In the future, Lifeform also plans to utilize
AI to launch various practical smart devices, such as BTC Mobile
and head-mounted displays. These innovations will contribute to the
establishment of a free, unrestricted Bitcoin ecosystem mobile
application store, providing comprehensive mobile solutions for the
Bitcoin developer community.
In terms of presentation, Lifeform is a leader in visual DID.
With advanced high-resolution engines, users can easily create any
virtual avatar and link it with one click to Web2 streaming media
for dynamic virtual persona manipulation. Ultimately, Lifeform aims
to bring the next billion users into Web3. Users will not only
possess a unique full-chain identity and social space, but in the
near future, they will also be able to navigate through the AR
& XR world using smart devices with the Universal Domain.
From Digital Gold to Application-Driven Asset
2024 is set to be a landmark year for Bitcoin: with the SEC
finally approving the Bitcoin ETF, and the quadrennial halving
event taking place. If prior to 2024, Bitcoin DeFi applications
were merely tethered as value anchors, the subsequent approval has
shifted BTC from merely being the digital gold of the crypto world
to a truly application-driven asset.
One manifestation is that, spurred by the rapid rise of
inscriptions last year, a plethora of Layer2 projects aimed at
constructing new scaling solutions on Bitcoin sprang up like
mushrooms after rain, with the TVL in DeFi surpassing the $2
billion mark. However, at the same time, Bitcoin, which has
followed a developmental path similar to Ethereum, has replicated
the same issues: Layer2 solutions are not the panacea for enhancing
scalability. As economic activities between various protocols
become segregated, forming a barrier to blockchain
interoperability, the construction of "bridge builders" is
inevitably seen as a crucial element in this transformation, with
Decentralized Identities (DID) being an important part of this
process.
As other application-specific public blockchains have developed
their own representative DID projects, Bitcoin ecosystem has seen
the emergence of service providers like Lifeform. Over the past
year, Lifeform has raised $400 million in valuation through two
funding rounds, with investments from notable institutions such as
Binance, IDG Capital, GeekCartel, Foresight Ventures, KuCoin Labs,
and SevenX Ventures, whose actions are becoming increasingly
influential.
Why is DID so critical, and why is Lifeform a leader on the BTC
DID track? This article will outline the importance of DID and the
activities undertaken by Lifeform.
Offers A Promising Solution to Enhance Blockchain
Interoperability.
The essence of the network is connectivity. On the internet,
most platform data still cannot be freely traded or leveraged to
create additional value. Blockchain technology faces similar
challenges. Not only is inter-chain interaction difficult, but the
transitions between different smart contracts on the same chain, as
well as interactions among Layer1, Layer2, and Layer3, are also
severely limited.
Decentralized Identifiers (DID) have emerged as a solution to
enhance blockchain interoperability. DIDs serve as containers for
identity, certificates, private keys, and assets, designed to
bridge multiple service scenarios and data sources. Compared to
traditional internet IDs, Web3's DIDs, with their decentralized
nature, have inherent privacy advantages. Control is in the hands
of the users, eliminating the security risks associated with
outsourcing identity management to centralized entities.
Furthermore, compared to crypto wallets, DIDs can integrate
multiple blockchain addresses and even multiple wallet accounts.
They can evolve from 2D to 3D identities, providing a richer user
profile and a more vivid and dimensional identity image. The
combination of different data enhances the richness of application
scenarios.
An ideal DID would aggregate addresses from mainstream public
blockchains, supporting basic functions like signing and
transferring while integrating fragmented data from different
blockchains that a user may have. Additionally, it would allow
users to autonomously authorize which data to disclose to projects,
thereby helping users achieve data sovereignty.
Poised to Become the Super Gateway That Helps Web3 Go Viral
DID is playing a pivotal role in expanding the reach of
Web3. Particularly significant was the approval by the U.S.
Securities and Exchange Commission of the Bitcoin ETF in January of
this year, which officially recognized BTC as a U.S.
dollar-denominated investment. According to the latest data,
leading financial institutions like BlackRock and Fidelity, among
others, have collectively purchased over 500,000 bitcoins through
10 ETFs (excluding Grayscale), injecting more than $30 billion into
the sector.
For individuals eager to embrace the world of cryptocurrency yet
lacking a low-barrier entry point as an opportunity, a sufficiently
simple Web3 gateway is the first step in creating a positive user
experience for non-Web3 users.
DIDs offer a lower barrier to entry and lower cognitive load,
combined with a strong network effect, making them a likely
candidate as a super gateway for users entering Web3. Once DID
becomes a new channel for capital inflows, its ability to transform
non-financial behaviors into trustable reputation scores and
financial behaviors into quantifiable credit values could drive
transformative development across Web3 applications.
Lifeform’s introduction of a full-chain domain has opened a
gateway to the crypto world for Web2 users, acting as the first
Web3 passport for new entrants. With crypto assets, users can
easily earn high annual yields without needing to master complex
blockchain technologies; a single click is all that is required. As
2024 sees an influx of new Web2 users, the majority of whom are
unfamiliar with blockchain operations, this segment of capital is
in search of a familiar entry point. Lifeform provides this
accessible gateway, serving as a bridge between Web2 and Web3 and
enabling every user to manage their finances effortlessly. With the
significant influx of capital, the future development prospects are
unimaginable.
Lifeform will kickstart a transformative era for BTC.
In conclusion, the future of BTC and
Lifeform is intertwined, mutually empowering each other's
endeavors. With increasing interoperable integration, Lifeform
is enhancing the BTC ecosystem to become simpler, faster, more
equitable, and more trustworthy.
For Lifeform, leveraging the widespread recognition of BTC, the
earliest-born and most valuable blockchain network, outside the
crypto circle, opens up broader market opportunities and prospects
significantly.
BTC will also usher in a truly decentralized user ecosystem
centered around credit and reputation in the future: DeFi may see a
world of low collateral or even uncollateralized credit loans,
spawning a wider array of credit financial products; meanwhile,
advanced and simplified social service behaviors, such as chatting,
reputation scoring, and personal achievement displays, will also
build a mature on-chain social network comparable in scale to Web2;
GameFi, NFTs, and DAOs, among other Web3 applications, will also
have a distinct future within the BTC ecosystem.
Looking ahead, as the frequency and complexity of user on-chain
operations increase, alongside the continuous advancement of
cryptography and Web3 technology, we can expect Lifeform to become
a key hub and foundational infrastructure connecting BTC and even
broader Web3 assets, applications, and services.
Disclaimer: The views, suggestions, and opinions expressed here
are the sole responsibility of the experts. Do your own research
before making a financial decision related to any crypto company or
asset.
Joanna Simpson
official@lifeform.cc