Torus Launches Key Management System to Streamline DeFi

Crypto key management platform, Torus, has launched its non-custodial key management solution DirectAuth — enabling streamlined log-in experiences for web3 applications. DirectAuth builds on top of the Torus Wallet, which facilitates one-click logins for decentralized applications, or dapps . The addition of DirectAuth allows persistent logged-in action, streamlining transactions and signing from within a single app. DirectAuth utilizes multi-party computation, or MPC, for distributed key generation. Users can also send ERC-20 and ERC-721 tokens to Google emails, Reddit usernames, or Discord IDs through Torus. Speaking to Cointelegraph, Torus co-founder Zhen Yu Yong emphasized Torus’ desire to “bring web2.0-like to Web3 dapps.”For Zhen, creating more streamlined customer experiences is critical to driving widespread greater adoption of crypto assets and decentralized finance, or DeFi . Zhen emphasized that the current dapp ecosystem requires cumbersome log-ins at every turn, creating an off-putting experience for beginner usersYong described many existing user-interfaces in DeFi as offering a “terrible” user experience, stating: “We all know triggering a pop-up on every transaction is not a great UX for the end-user, especially a mainstream user.”Torus is targeting the “class of applications that really target a mainstream audience that [also] need to maintain their own permission structure,” Zhen said.“Any application can implement this [software development kit] and get the [Torus] UX, but on their own application, and with their own permission controls,” Yong added. DirectAuth has already seen integration among notable blockchain-based games, including SkyWeaver and Good Dollar. Torus launched its one-click key management system Torus Wallet during February, attracting support from leading crypto projects as node operators including Binance and Ethereum Name Service. Torus raised a $2 million seed round during July 2019 led by Multicoin Capital. The raise also saw participation from blockchain notables, Coinbase Ventures and Binance Labs .

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/torus-launches-key-management-system-to-streamline-defi

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Torus Launches Key Management System to Streamline DeFi: https://www.youtube.com/watch?v=4Ar5sd9y2xo