The key-management startup that offers one-click logins to decentralized apps (dapps) Torus has announced it has new partners for its Web 3.0 product.
Joining Torus, those that will run nodes to support the decentralized login system are going to be Binance, Etherscan, Ethereum Name Service (ENS), Ontology, Ziliqa, Skale, Matic Network and Tendermint Core.
Web 3.0 Enables Holding of Personal Data Independently
Web 3.0 allows users the holding of personal data independently, all without compromising efficacy or speed. Just like with cryptocurrency, users still need to have a private key in order to login into dapps. Zhen Yu Yong, Torus’ CEO, said Torus combines private keys with mainstream login applications.
Torus Raised $2 Million in a Seed Round for the Web 3.0 App
In July last year, Torus raised $2 million in a seed round for the Web 3.0 app that was led by Multicoin Capital. Yong explained how Torus users are allowed to login into Web 3.0 apps at the same speed as with the OAuth internet protocol, all without security being compromised. Torus works with Web 2.0 applications like Google too, not to mention it has added 5 new one-click partners, Discord, Twitch and Facebook included. As of date, the startup has more than 100 partnering applications.
Crypto Being Sent to People Who Don’t Have a Crypto Wallet Yet
With Torus, crypto can be sent to people who don’t have a crypto wallet yet. For example, ERC-20 can be sent through Gmail, only to be claimed when the recipient has created a Torus account. Yong tried to explain the difference between Torus and other decentralized login startups by saying:
“The difference between us and [other projects] is they are all using a password manager model. While they can’t outright keep your key, it’s not quite censorship-resistant – they can withhold your key from you.”
More Partners to be Added in the Future
Yong mentioned that Binance and other partners of Torus are going to receive a part of the fees when subscribing dapps like DDEX, for example. He also said his company is looking to bring on board more partners in the future, also to issue a network token.