Solana Labs and Web3Auth have announced a collaborative digital wallet initiative designed to eliminate the prerequisites for seed phrases in cryptocurrency interactions, and in turn, streamline a presently tedious and complex process to drive consumer adoption in the Web3 sphere.
The Solana Torus Wallet is a non-custodial product that enables users to access all decentralized applications (DApps) and associated wallets within the Solana ecosystem.
Upon creation of a cryptocurrency wallet, a user is required to record a seed phrase, which is a random computer-generated list of words, typically twelve to twenty-four, that acts as the wallet holder's master key to their asset safe.
Web3Auth’s multi-party computation cryptographical infrastructure enables users to interact and log in via a multi-factor authentication approach, whether this is via a personally created backup code, Apple’s inbuilt touch identification mechanism, or through traditional networking platforms such as Google, Facebook, Twitter and Discord.
The primary purpose of this technology is to construct a simplified, easy-to-interact user interface by integrating accounts, profiles and platforms with which consumers are already vastly familiar.
This zero seed phrase technology has already been adopted by more than 500 DApps, as well as implemented into a number of leading Web3-orientated platforms and initiatives, such as Binance Chain, gaming giant Ubisoft’s nonfungible token launch and NFT marketplace Rarible, among others.
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Cointelegraph spoke exclusively to the co-founder and CEO of Web3Auth, Zhen Yu Yong, to discover more about the industry's concerns of seed phrases, and specifically their vulnerability in securing digital assets.
"Seed phrases are far from ideal. They’re a one-size-fits-all solution to a far more complex process, deceptively easy to steal or misplace, and they hinge on a single point of failure.”
Just last month, Web3Auth raised $13 million in an eighteen-investor Series A funding round led by Sequoia Capital India, with additional participation from FTX, Bitcoin.com, DARMA Capital, among others. Following the round, the team pledged to enhance the efficiency and security of the service, in addition to pursuing decentralization of the Torus Network.