Singapore-based company create innovative one-click wallet
Improving the security of blockchain and finding easier ways to transfer cryptocoins online is at the forefront of blockchain technology research and innovation. Torus, a company based in Singapore, offers simple, secure and seamless technology, allowing customers a one-click login for Web 3.0. The technology eliminates the necessity for users to log in to each site they use regularly, instead offering a decentralized ecosystem providing access to Google, Facebook and other OAuth logins. Not only does this save time and do away with the frustrating process of logging into different sites, but it also adds a layer of security that isn’t currently available through standard web browsers.
The announcement came on Monday regarding the launch of Torus’s new one-click Chrome browser extension for the Torus wallet, adding a new product key called tKey. tKey is a customized two-factor authentication, which not only works with Google Chrome but also with the web browser Brave. Torus is advertised as a wallet, but they see themselves as more of an “infrastructure layer” and more of a key management company. The crypto wallet market is fairly saturated, with new companies popping up all the time. There are numerous blockchain wallet reviews highlighting the latest crypto wallets available and providing a depth of insight into the products and their functionality.
Privacy is paramount and a decentralized key wallet is exactly what the internet needs. Torus highlighted this some time ago and has produced an excellent product, distributing sensitive data held by a user’s private key between the user and the Torus network. The Torus network supports a variety of crypto companies including: Ethereum, Etherscan, Binance, Skale, Zilliqa, Matic Network, among others. Torus has done well to service a variety of crypto networks, giving them a great foundation to push the product and make headway in the marketplace.
The new tKey puts control back in the hands of the users, allowing them to manage the incremental layers of security. It’s clear there’s been an overreliance on stock security systems. But Web 3.0 presents new opportunities, as we move towards a machine-driven more intelligent web. Torus recognised these possibilities and has turned them into something real. Torus Labs CEO Zhen Ju Yong discussed the extra layer of security they will bring to customers through this technology, such as the use of a mobile phone in order to store a user’s secret data in a secured space. If this data was Secured by a biometric passcode, the layer of security they would have is unrivalled in personal web security today. Moreover, if the user felt it necessary, they could add a second, third, fourth mobile or as many as they please, further adding layers of security.
In the summer of 2019 Torus raised over $2 million in funding for their project, with industry partners Coinbase Ventures and Binance Labs helping to ensure Torus’s vision would be realised. Binance was quick to recognise the potential of Torus Labs’ plans, investing $500,000 in the seed round. So much so, that Torus were intricately involved in the development of tKey. Torus’s CEO Zhen expressed his joy in a statement made just before release “We’re super-excited that Binance actually co-developed tKey with us. We are launching this together. Along with this SDK, Binance itself and the Chrome extension for Binance DEX and Smart Chain is going to have both Torus and tKey integrated into it as one of the core key management flows.” While everything seems very exciting, it’s still early days and we’re yet to see if it will gain any traction.