Web3Auth (formerly known as Torus), the key management solution replacing old-school seed phrases with a host of intuitive and decentralized authentication methods that live on a user’s front end. The company has been tapped by Solana to streamline the public blockchain platform’s onboarding process and eliminate the need for seed phrases.
The new development is a result of months of collaboration. The new Web3Auth-powered wallet on Solana is a feature-rich non-custodial wallet and a gateway to access all decentralized applications (dApps) on Solana blockchain.
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It enables meta transactions so users can interact with applications prior to having SOL in their wallet, and supports mobile and web flow.
This partnership is another huge vote of confidence in Web3Auth’s decentralized solution to key management. Web3Auth currently powers 500+ dApps and has over 8 million users. Last month, the company secured $13 million in Series A funding led by Sequoia Capital India, with participation from LD Capital and others.
Unwieldy seed phrases can be as long as 24 words and easily misplaced or stolen. If you misplace your seed phrase or if it is stolen, you lose any chance of recovering your funds.
Instead of making fund recovery contingent on one seed phrase, Web3Auth splits a user’s key across a multitude of possible and intuitive login points: verification through linked social accounts like Twitter, their personal device, computer-generated recovery codes, and more. If a user loses access to one of these points, they can still recover it through another.
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This decentralization makes all the difference. If seed phrases are a one-time password, then Web3Auth is multi-factor authentication. Users can log straight into dApps in under a minute with these non-custodial social logins. This will significantly streamline Solana’s onboarding process.
