As crypto adoption continues to expand globally, user security in terms of authentication is definitely one of the big challenges to the crypto environment.
The need for a solution like Avarta, a multichain wallet, with biometrics security, Trust Score records, and cybersecurity platform for the ever growing DeFi, is absolutely necessary.
Avarta’s most distinguishable feature is its unique manner of addressing the many security flaws in authentication within blockchain platforms. Avarta came up with a groundbreaking solution to address the user id challenge in the crypto finance universe as well as traditional markets.
Avarta simply uses your face, yes your own and irreplaceable face details as your private key to multiple wallets and blockchains, explained in simple words.
In other words Avarta is a solution for the blockchain industry and crypto companies bringing new standards of authentication to serve the crypto industry. Avarta offers a decentralized proof of identity in opposition to outdated standards from centralized organizations.
More specifically, Avarta is an advanced security enabled wallet that enables its user to control their private keys at a complete user’s discretion and freely across multi-chain platforms.
Thanks to Avarta, users can consolidate all of their keys in a single Avarta wallet that requires no ID and password, no seed phrases and of course no need to keep the phrase in a ‘never-too-secure’ piece of paper.
Avarta Makes ID Work on Blockchain
Avarta makes its authentication process work through a combination of biometrics and the device’s data. After the user’s successful login utilizing a human face to certify identity, users have access to control its private keys conveniently.
The level of security and trust upon this biometric authentication procedure is up to military grade, making it a robust and hack-safe authentication solution for crypto wallet providers.
But Avarta not only watches for the authentication safety, but assigns an Avarta Trust Score based on user’s full transaction history.
This user’s transaction log book serves as a trust scorecard or ‘credit rating’, to support the user’s reliability at investments, loans taking or borrowing or any type of operation in DeFi. This ‘scores keeper’ book is very valuable for DeFi professionals, since most crypto financial operations are primarily based on trust.
However, unlike classic and centralized credit ratings, Avarta leaves the full control in the hands of the user. It is the user who chooses when and how the users’ information is disclosed. Users may even keep the ‘anonymous’ profile as long as it is allowed by the platform in use.
In a nutshell, Avarta is a secure, private and user-controlled crypto authentication layer that leaves full-control powers into the users’ hands.
Four-in-One Authentication Layer
Avarta is a patented solution for the DeFi and blockchain authentication security.
The core four components that makes it unique are:
1 – Multichain blockchain wallet with Biometric-security
2 – Anti-bot technology for public DEX lists
3 – Multi-signature wallet for legacy planning and corporations
4 – Decentralized identity management with Trust scoring mechanism.
The beginnings of the Avarta project dates back to 2017, when a multi-factor biometric platform was released, capable of detecting active biometrics (eg facial) and passive biometrics (eg fingerprint) in real time.
Since its birth, the Avarta developer team has had Prince Abdul Qawi, Prince of Brunei backing from its initial Seed Round.
Later the following Private Rounds were backed by remarkable investors like Magnus, x21Digital, CRT and Maven Capital among other companies. The Avarta project counts with supporting partnerships from companies like cheqd, GBC.ai, and SupraOracles.
Also, Avarta’s biometric wallet is currently on Testnet for Ethereum, Binance Smart Chain and Solana). According to the Developers’s Team at Avarta, by the end of this month the smart contracts will be audited by Certik.
Another milestone worth mentioning is that Avarta has registered patents in the USA (patent No.10,277,603) & and in South East Asia (Malaysia Patent: No. MY-176069-A) related to the ability of authenticating transactions in a multi-faceted manner.
Last but not least, The platform worked with NCSC (National Cyber Security Centre) (GCHQ) towards a proving of grounds certification
Avarta’s Initial Support
Avarta’s Chairman and primary investor is Prince Abdul Qawi of Brunei. Prince Qawi is also Chairman of the National Insurance Co Bhd of Brunei and is renowned for having invested in and supported many high profile tech projects.
The Avarta Management has invested over $4million into the existing biometrics platform. Going into its launch, the Avarta project has raised over $2 million from a mix of Prince Abdul Qawi of Brunei’s investment combined with VC funds X21 Digital, Magnus Capital, Maven Capital and Andromeda Capital. They plan to raise further funding into the public sale.
Avarta’s Solution Against Hacking:
Avarta’s users can take the advantage of combining several wallets from multiple chains into a single, non-custodial wallet operating over a new crypto authentication layer.
The Avarta wallet allows users to swap and stake digital assets on DeFi protocols. Also the Avarta Trust Score technology allows users to lend digital assets at special rates.
When users voluntarily opt into Avarta’s exclusive biometric feature and/or opt into building their own Trust Score, users grant themselves streamline interaction and access to a broader financial catalogue available in the world of DeFi.
Avarta’s Competitive Drivers
Because of the Trust Score feature, users will benefit from lower collateral loans increasing the acquisition compliance.
Avarta’s Trust Score allows the use of avatars in various metaverses to provide decentralized transparency, allowing peer-to-peer and institutional transactions on the metaverse.
The Avarta wallet is a securely installed app on a mobile device acting as a hub to a portfolio of wallets with a secure biometric access requirement.
The solution appears in the market in good timing with the tighter enforcement of FATF’s Travel Rule, pertaining to anti-money laundering laws for the DeFi space.
Avarta’s Native Token, Three Ways
Avarta’s native token has a variety of utilities, which we categorised into three groups: service-oriented, rewards-oriented, and governance-oriented.
Service-oriented benefits paid in Avarta’s native token exist to linkup and promote Avarta’s products and services. Avarta’s proprietary crypto currency follows the main fundamental: the finite supply of tokens grants the scarcity value that varies proportionally with Avarta’s products demand.
Users with a higher membership tier within their Trust Score records take advantage of accessing reduced fees and exclusive offers like better loan rates and larger benefit in returns when paid with the native token.
Reward-oriented benefits are meant to leverage the value of the service-oriented utilities. In other words, these rewards with Avarta’s native token is used to compensate early adopter support and contributors so necessary to continue developing and improving Avarta’s services.
For example these reward-oriented benefits include revenue sharing through APY returns, circumstantial trading to ensure the token value’s increment in time, and new users’ referral bonuses.
Governance-oriented utilities are implemented as a way of recognizing the User as an official stakeholder in the decision making process and rulebook definition within the Avarta community.
These Governance utilities provide its holders with the means to participate in important decision-processes that will affect the development of the platform.
How to Start:
The first step is to set up a profile within the Avarta platform. Setting up a new profile necessarily includes generating a Trust Score, configuring a new multi-chain wallet with biometric user authentication, and finally signing up for whitelisting purposes.
These three initial steps don’t necessarily involve the use of Avarta’s native token, but will enable any other token use cases.
Your “Avarta” or New Digital Self
At the Avarta Platform users create an “Avarta” of themselves to associate to their wallet addresses.
The user sets up its Avarta choosing which information needs to be informed in its digital identity, configuring different levels of access to specific information to trusted parties.
Users also gain priority access to centralized platforms with whitelisting requirements.
A Great New Way to Track Biometrics
Avarta is basically a Multi-Chain Consolidated Crypto Wallet with the highest (military grade) level of security.
Thanks to their patented solution that combines biometric authentication in addition to machine-learning tools capable of replacing the need for passwords, private pins or security tokens. It is a way of linking the User’s multiple wallets to a single clear console.
Avarta has respectable competitors like Celsius, DegenScore, Spectral Finance, ZenGo or XDefi but none of these reach the same level of security granted by Avarta’s creative solution that provides a unique decentralized transparency.
Avarta’s solution utilizes data already collected by people’s mobile devices to create a highly secure multi-chain wallet. The Avarta wallet stores the user’s keys and transaction history generating a ‘credit log book’ that eventually improves the User’s efficiency in the DeFi ecosystem.
The Avarta solution is meant to service DeFi applications. Avarta becomes a sort of reliability certifier on behalf of its users, whenever they invest, lend or borrow crypto assets.
The main difference with centralized solutions though, is that Avarta leaves full control to the user. It will always be the user, the one determining the information disclosed.
To learn more about Avarta – just click right here!
The post AVARTA: The Next Level in Crypto Biometric Authentication appeared first on Blockonomi.
