Web3 is seen as the future of the internet because it allows people to control their digital data and assets, but crypto developers have been learning from the past when it comes to introducing new users.
The current state of appending cryptocurrency is impractical and unnecessarily long due to the initial statement, which is a string of words created by the crypto wallet to regain access. On a technical level, the initial ferries contributed to a loss of nearly 20% of all bitcoin in circulation, roughly equal to Hungary’s GDP, according to Singapore-based crypto startup Web3Auth, formerly known as Torus. Long passwords that users are required to store in a safe place can be a big barrier to entry for non-technical users who are accustomed to the “Forgot your password?” Workflow on almost every traditional internet platform. There have also been security issues when it comes to platforms that control a user’s private keys.
Web3Auth, a non-security infrastructure solution for Web 3 applications and wallets, wants to solve these problems by taking advantage of the accounts and social devices that regular users already have to enable users to intuitively manage their keys.
“Users use keys as accounts to trade, hold assets, or just interact with blockchains, so the control and security of these keys is important,” CEO and Co-Founder Zhen Yu Young told TechCrunch. “Non-wallets help you manage your key, from simple solutions like writing a phrase on a piece of paper to more secure methods.”
Web3Auth is powered by the Torus Network, an open source and unguarded distributed key management network. Web3Auth builds on this infrastructure to make web3 authentication — including passwordless authentication, SMS authentication, or other OAuth methods such as Google, Twitter, Discord, and Reddit — in apps and wallets simple and easy to use.
Web3Auth announced today that it has closed a $13 million Series A led by Sequoia Capital India. This round included participation from Union Square Ventures, Multicoin Capital, FTX, Bitcoin.com, DARMA Capital, Terabyte, Hash, KOSMOS Capital, Kyros Ventures, LD Capital, Minted Labs, P2P Capital, Phoenix VC, Staking Facilities, YBB Capital and Moonwhale Projects and Decentralab.
The new capital has raised its total to $15 million since its inception in 2019. It will accelerate expansion into decentralized games, NFTs and social applications, and advance its mission to eliminate seed phrases and make blockchain authentication decentralized and accessible to everyone with Series A funding. The company also plans to increase its number of employees, Young told TechCrunch.
Image credits: Web3Auth
Web3Auth’s authentication infrastructure is designed to make it easier for developers to create familiar login flows such as single sign-on with Google and Twitter, eliminating the need for users to interact directly with weak public and private key pairs. It is also designed to give more advanced users the ability to connect a wallet or key management system.
“We designed Web3Auth to bypass UX hurdles that hinder mainstream crypto adoption. Sticking to our focus on accessibility, we wanted Web3Auth to meet users wherever they are. Intuitive and familiar login flows are needed if we are to prepare the next wave of casual users in cryptography,” Young said. “We are encouraged that some of the best investors in the world care deeply about the usability and accessibility of crypto. We are very grateful for their support, and we will use it to drive web3 into the future.”
In 2021, more than 300 applications and wallets chose Web3Auth to secure the private keys of more than four million users. Young noted that his users have increased 30 times since the same time last year.
“Our main users are 3 web wallets and applications. Many of the wallets popular in ecosystems, such as Binance Extension, Kepler, Kukai, Skyweaver and Kash, are powered by Web3Auth” in their core streams to boost conversion rates, reduce losses, and support support tickets, Young stated. for TechCrunch. “On the app side, particularly popular NFT apps and games that use Web3Auth include Skyweaver, Rarible, MyCryptoHeros, and others.”
Young pointed to similar platforms such as Magic Link, which provides key management through a different infrastructure such as AWS Cloud HSM to store user keys, and Fireblock Core Infrastructure that uses Multiparty Computing (MPC) / Threshold Encryption. They are, however, more enterprise and internal authentication compared to the Torus platform being external, Young said, adding that a similar analogy could be Okta and Auth0 in the Web 2.0 authentication space.
“We believe the unguarded nature of Web 3, which allows users to control their data and destiny, is a huge step forward in returning power to users. This makes data more portable and more secure while still enabling existing login product features, giving users better What’s in Both Worlds. Anandamwi Roychodari, Managing Director of Sequoia, said Sequoia Capital India is excited to partner with a team and product focused on making cryptography more accessible not by adding more bells and whistles but by addressing a long-standing problem at its most fundamental level.” India.