How Caduceus utilizes the value of Web3 through DID technology (Part Two): Application Scenarios of Caduceus DID.
In the context of the metaverse, Caduceus has developed a unique framework to leverage the value of Web3 through DID technology. This series of articles will explore the various layers of DID technology, including the identity layer, data layer, and application layer, in order to provide a comprehensive understanding of Caduceus’ revolutionary DID framework.
Overview:
The rapid development of DID technology has unlocked its full potential, with Caduceus leveraging technologies such as digital twinning, blockchain, and decentralized real-time edge rendering to create an economic system that seamlessly integrates the virtual and real worlds across economic, social, and identity systems. This system empowers users to engage in content production and world editing, while also enabling them to fully participate in the metaverse.
Application Scenario 1: Digital Products
Caduceus DID technology provides a new way for enterprises to issue NFT digital products with circulation value, based on brand consensus. With the help of decentralized autonomous organization (DAO) asset allocation, these digital products can be integrated into the economic system of the virtual world and the real world.
As the interaction between people and digital products continues to increase, the value of these products is also constantly rising. They can represent the material reality in virtual space or exist independently from it. In this context, Caduceus DID technology enables users to purchase, use, experience, and share digital products within their virtual domains, creating new opportunities for industry upgrades and empowering the growth of the digital economy.
Application Scenario 2: Digital Twin
Industrial equipment is the most fundamental tool for production and manufacturing. Through digital twin technology, a digital twin of industrial equipment can be established in the metaverse, enabling the optimization and monitoring of equipment assembly and workflow. In the assembly of industrial equipment, after the CNC system is assembled, it is necessary to verify the processing program before actual use.
Through DID technology, the digital twin of industrial equipment can be operated in the virtual world to run the processing program, replacing the actual material input for trial processing in the real world, greatly reducing equipment debugging time and cost. At the same time, the process can be recorded to provide a basis for future analysis and optimization. It can also effectively prevent data leakage and protect user identity and privacy.
Application Scenario 3: DeFi
Currently, due to the lack of credit system, over-collateralization is a common practice in most DeFi projects, which actually violates the underlying rules of finance. With the application of DID identity authentication, all types of operations related to borrowing and lending will accumulate as positive or negative behaviors for users, ultimately forming a credit scoring system. Various protocols can then analyze the borrowing and lending limit based on the user’s credit score, encouraging users to form good on-chain borrowing and lending behavior.
Application Scenario 4: DAO
Currently, the system model that relies on governance tokens to gain voting rights is easily manipulated by capital, and members who truly bring value and contributions to the organization will be ignored. Therefore, through DID certificates, badges, and other reputation proofs, a DAO member’s contribution can be measured, presenting a more complete user profile of the community and giving voting rights to members who are truly contributing.
Caduceus will use DID custom protocols at its core to enable richer application scenarios and creativity, while embracing new ecosystem technologies and using new methods to solve the problem of deploying application scenarios in the metaverse.
Join the community:
Caduceus Website: https://www.caduceus.foundation
Discord: https://discord.com/invite/caduceus
Twitter: https://twitter.com/Caduceus_CMP
Telegram: http://t.me/CaduceusMetaverse
Instagram: https://www.instagram.com/caduceus_cmp/
