Decentralized finance became quite popular nowadays, especially due to innovative DApps and DEXs that aim to bring in more and more people, by developing tools and interfaces focused on user-friendly experience, as well as delivering effective tools to solve recurrent issues. Torus is a well-known company amid the DeFi scene, having developed remarkable projects that brought attention to their work. Now the buzz is all about Torus Wallet, a cryptocurrency wallet that allows users to access multiple DApps using social logins.
A Quick Story About Torus Wallet
Torus is an open-source and non-custodial key management system for Dapps. It runs a protocol based on the so-called DKG (Distributed Key Generation), which allows applications to access its generated keys using the standard OAuth (an open standard for access delegation) and thus existing user accounts.
And here lies the biggest between Torus Wallet and other web3 wallets in the market. Here users can create a crypto wallet simply by using their social media accounts. Let us dive into it and discover how it works.
How Does Torus Wallet Work?
Torus Wallet is a secure and non-custodial wallet that allows users to use social identities to generate private keys, which makes access to DApps so easy it seems to be a lie.
The main goal behind the project is to bring DApps to the mainstream, allowing anyone to get into DeFi.
This one-click tool works using major OAuths, permitting users to log into DApps using popular web2 applications such as Google, Facebook, Reddit, Discord, and Twitch.
Developers are free to integrate the solution into their DApps simply by adding up a few lines of code.
Dig Into It
Instead of having to download a chrome extension like MetaMask (which makes key management and interacts directly with DApps), Torus only requires a digital identity account for users to log in and start using a DApp.
It can be an interesting product for non-technical users, as they do not have to deal with their private keys.
Torus Wallet was specially designed to be trustless and decentralized, so users’ identities and data are not controlled by any central authority or personnel whatsoever.
Another amazing possibility is that users can send tokens directly to any Google, Reddit, or Discord account, even if the account owner has never seen Torus before.
To redeem the received cryptocurrency, the person who got it just has to create an account on Torus and follow an intuitively simple process to withdraw the “gift”.
Users also can buy cryptocurrencies using credit cards and wire transfers. This feature came to reality due to partnership with providers worldwide (also ensuring the best rates).
Torus Wallet is compatible across all browsers and platforms, with no requirements of registrations, downloads, or installations.
It has already partnered with Totle Swap, Kyber Swap, Augur, DDEx, and other major DApps.
DKG Explained
The users’ keys are generated using a distributed model, amongst a Multi-Party Computing network of nodes. It means private keys are broken apart and stored on the network’s node partners.
Some of these node partners are well-known within the DeFi scene, such as ENS (Ethereum Name Service), Binance, Skale, and Matic, just to name a few.
These keys are only reconstructed when the authentication process is done successfully on the customer side.
Who Is Behind the Idea?
The project was established in 2018 in Singapore, having as its’ two founders Young Zhen Yu and Leonard Tan, both software engineers.
Young also graduated in Business and Finance and worked with important companies such as Visa and JP Morgan. Tan has also a background in Economic studies and also have worked with Visa.
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Torus is backed by Multicoin Capital, Binance Labs, Accomplice, and Coinbase. Having constant innovation as a motto, the project looks to add up new partners over time.
There are also plans to issue a native token for the network, although this possibility is not a priority right now, according to Young.
Final Words
A revolutionary platform on its right, Torus Wallet is an open-source and non-custodial wallet that works as a one-click tool to allow DeFi users to access DApps more easily.
It allows users to log in to DApps using Google, Facebook, Reddit, Discord, and Twitch social identities, using DKG as the main system to ensure decentralized custodianship of private keys.
A remarkable unique feature enables users to send tokens directly to any Google, Reddit, or Discord account. It is also possible to buy cryptocurrencies using credit cards and wire transfers.