Hedera Network Welcomes Tuum Technologies’ Identity Snap for Seamless Decentralized Identity

• Tuum Technologies enhances MetaMask with Identity Snap for DIDs and VCs on Hedera, promoting self-sovereign identity.
• The integration aims to foster broad adoption and streamline identity management across the blockchain ecosystem.

According to the latest Ecosystem News from the HBAR Foundation, there’s been a groundbreaking development on the Hedera network, marking a significant advancement within the blockchain sector.

Tuum Technologies has announced the integration of Identity Snap with MetaMask, targeting developers who are keen on developing Digital Identifiers (DIDs) and Verifiable Credentials (VCs) on the Hedera network.

This collaboration represents a major step forward in promoting the concept of self-sovereign identity (SSI), which is crucial to the Web3 vision of empowering individuals to manage their own data in the digital realm. View the original tweet here.

Self-sovereign identity (#SSI) is core to the intersection of healthcare and web3

That’s why @TuumTech developed @Metamask Identity Snap, introducing support for Decentralized Identifiers (DIDs) and Verifiable Credentials (VCs) on the @Hedera network pic.twitter.com/dDOCLt17BT

— HBAR Foundation (@HBAR_foundation) June 11, 2024

Identity Snap serves as an advanced plugin that significantly upgrades MetaMask’s functionality by introducing support for DIDs and VCs, specifically designed for the Hedera network. It features a user-friendly API that simplifies the creation of unique DIDs using a private key and Hedera Account ID, addressing the industry’s challenges related to unverified data and restricted capabilities.

Strategic Growth and Adoption

The strategic decision by Tuum Technologies to utilize Hedera’s robust infrastructure is motivated by its scalability and the ongoing efforts in DID development. This partnership with the HBAR Foundation aims to extend Hedera DID ownership throughout various projects, leveraging MetaMask’s extensive user base.

Industry leaders, including Jim Nasr, CEO of Acoer, have endorsed this move, noting its potential to boost the adoption of Hedera-based DIDs. Elaine Song, VP of Strategy at the HBAR Foundation, has expressed optimism about the broad adoption this initiative could trigger, pointing towards a new era of decentralized identity that supports all on-chain activities.

Despite the positive developments, current market conditions show a contrast to earlier optimistic forecasts by CNF, which speculated a price surge for Hedera (HBAR) potentially reaching $1 in 2024. According to the latest data from Coin Market Cap, Hedera (HBAR) is currently priced at $0.08954, with a decrease of 0.14% in the past day and 13.24% over the past week.