Blockchain isn’t ready for logins (yet)
The internet login system originated with ARPANET in 1969, requiring usernames and passwords for access. Early web logins in the 1990s had poor security, often storing passwords in plain text. Over time, security improved with server-side scripting, encryption, and two-factor authentication. Despite advancements, the username-password system remains prevalent. Blockchain technology has not effectively addressed login challenges due to scalability issues; Ethereum can handle only about six verifications per second, necessitating nearly 200,000 blockchains for global login demands. The cost of verifying logins on Ethereum could reach $60.5 million daily, making it impractical. Zero-knowledge proofs (ZKPs) offer potential for secure logins without revealing sensitive data but require significant computational resources and high verification costs. Current blockchain solutions, like Worldcoin's retina scan method, remain expensive compared to traditional cloud services. While blockchain has potential for login innovation, it currently lags behind established cloud infrastructures in cost and efficiency.
