Not so long ago we relied almost entirely on phone numbers to identify and communicate with people. Conceptually, an email address and phone number share similarities: they identify you and they enable communication. As email addresses gained popularity, phone numbers didn't vanish; rather, they evolved, taking on new utility, like being used alongside email addresses for two-factor authentication (2FA).

Addresses and IDs are essentially distinct combinations of numbers and/or letters that help route items between individuals and locations. Sound familiar? They serve to identify people, objects, and places, so that items reach their intended destinations. Who, then, makes sure an identifier is unique? Who prevents crossed wires and catastrophic collisions? It depends on the type of identifier. Most identification systems are centralized, operated by municipal, state and provincial governments, federal agencies, private coalitions, ICANN, T-Mobile, and even your local coffee shop.

In contrast to phone numbers, email addresses, and physical addresses, wallet addresses (crypto accounts) possess traits of hyper-portability, decentralization, and flexibility. They lack a central governing authority and can be used for a bunch of different things. You can liken the public key to a username and the private key to a password. This perspective is vital as it underscores that blockchains serve not only as a means to send and receive value, but as an exceptionally effective authentication system for various purposes.

That’s why I think of crypto addresses as the “everything account". One account that can be instantly recognized as unique by any business or entity that builds with blockchain. The challenge with the everything account is the consequence of losing it. Imagine losing not just access to one critical account, but all of them at the same time. And worse, there's no one to help you get it back. That's a feature of blockchains, they're meant to do that, but that means we still need clever work if we have any chance at making it viable at a global scale. We aren't ready for blockchain-based authentication, but I don't doubt we will be very soon.