Cointelegraph Discussing it The podcast talks to Howie Jiang, Chief Architect of Web3 Solutions at Tencent Cloud Europe, and Fakhul Miah of Elastos about how cryptocurrencies can leverage cloud technology. The two companies recently announced a partnership to “accelerate the Web3 space.”
Tencent Cloud, a popular global cloud provider, is betting big on Web3 with operations in 27 regions and multiple Web3-related projects. Jiang highlights the company’s experience with Web3 and explains that the cloud company wants to expand abroad after working with non-fungible tokens (NFTs) and other blockchain products in China.
Elastos has been building what it describes as “the next phase of the Internet” for the past five years. Miah explains that the commitment to giving people true digital sovereignty sets it apart from other projects.
One of several areas that Elastos is looking to improve on the Internet is identity verification. Miah explains that a sustainable way to verify the identity of the people behind accounts on the Internet is through a decentralized identifier and a verifiable credential because the user has full control. She explains that users should be allowed to go to the Know Your Customer (KYC) provider of their choice and carry out the verification processes independently. After this, the KYC provider will issue the user a credential which she can submit to online applications when necessary.
Jiang and Miah explain how the partnership between Tencent and Elastos uses cloud software to power Web3 solutions for everyday Internet problems, such as identity verification. The episode also discusses the next steps needed for global Web3 adoption and how regulations will impact the industry in the coming months.
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