Web3 is seen as the future of the internet because it allows people to control their own data and digital assets, but the developers of cryptocurrencies have learned from the past when it comes to new users.
The seed phrase, a series of words created by the wallet to regain access, makes the current state of the coin's onboarding unwieldy and unnecessarily lengthy. The loss of 20% of all bitcoins in circulation is equivalent to the GDP of Hungary, according to a Singapore-based startup. The lengthy passwords that users are asked to store in a safe place can be a significant barrier to entry for non-technical users. There are security issues when it comes to platforms holding control of a user's private keys.
Web3Auth wants to solve these problems by using social accounts and devices that mainstream users already own to enable users to manage their keys.
Zhen Yu Young, the chief executive officer and co-founder of the company, told the website that control and security of the keys is important. Non-custodial wallets can help you manage your key, from solutions as simple as writing a phrase on a paper to more secure methods.
The Torus Network is an open-source, non-custodial, distributed key management network. Web3Auth builds on this infrastructure to make it easy to use and simple to understand in apps and wallet.
The Series A round was led by Sequoia Capital India.
Since its inception, the company has raised over 15 million dollars. The Series A funding will allow it to accelerate expansion into new areas and make it accessible to all. The company plans to increase its workforce.
The image is called Web3Auth.
Web3Auth's infrastructure is designed to make it easy for developers to build familiar login flows such as single sign-on with Google and Twitter, eliminating the need for users to directly interface with vulnerable public-private key pairs. It is designed to give more advanced users the ability to connect the wallet.
Web3Auth was designed to overcome the obstacles holding back mainstream adoption of cryptocurrencies. We wanted Web3Auth to meet users wherever they are. If we want to onboard the next wave of mainstream users into cryptocurrencies, we need intuitive and familiar login flows. We are encouraged that some of the best investors in the world care about accessibility. We are going to use their support to catapult Web3 into the future.
More than 300 applications selected Web3Auth to protect their users' private keys. Young noted that its users have increased 30 times.
Web3 wallet and applications are our main users. Many popular wallets in the ecosystems are powered by Web3Auth in their core flows to boost conversion rates, reduce loss and support tickets, according to Young. Skyweaver, Rarible MyCryptoHeros, and others are some of the popular NFT and gaming applications that use Web3Auth.
Young pointed out similar platforms like Magic Link, which provides key management through a different infrastructure like a cloud HSM to store user keys, and Fireblock's underlying infrastructure that utilizes multi-party computation (MPC)/threshold cryptography. They are more enterprise and internal-facing than the Torus platform is, Young said, adding that a similar analogy could be Okta and Auth0 in the web 2.0 authentication space.
The non-custodial nature of Web3 is a huge step forward in bringing power back to the users. The data is more portable and safer, and the features of the product are still available. Anandamoy Roychowdhary, principal of Sequoia India, said, "Sequoia Capital India is excited to partner with a team and a product that is concentrating on making cryptocurrencies more accessible not by adding more bells and whistles but by addressing a long-standing problem at its most
Hong Kong-based XanPool raised $27 million for its payment network.
Auth0 raises $120M Series F funding round.
Fireblocks raised $310M, tripled its valuation to $2.2B.
All Rights Reserved © 2024
