CRYPTOCURRENCIES

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.

Torus wants to streamline Web3 experiences

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 users

Yong 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.”

User-experience critical for adoption

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.

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