Cryptocurrency and DeFi users now have a better way to protect their identities and ensure they won’t lose access to their crypto assets, and it’s all thanks to a new, self-sovereign identity solution called Nexera ID.
Nexera ID is a non-custodial solution that enables users to create a programmable smart wallet that relies on multi-factor authentication, as opposed to private keys. With it, users can store verifiable identity credentials on the blockchain that can be used to access any kind of Web3 service. The solution works by using a technique known as “zero-knowledge proofs”, which allows users to prove that they are who they say they are, without giving up any personal information.
For those scratching their heads wondering how this is possible, it’s actually fairly simple. With Nexera ID, individuals can undergo a KYC check just once, or businesses can verify themselves via KYB with a single provider.
What’s really good about Nexera ID is its flexibility, being able to integrate with any wallet, be it custodial or non-custodial. It means users can sign up for almost any service with their preferred wallet while retaining control of their private data.
Nexera ID offers an interesting solution to this conundrum, with a slick and easy-to-use interface that enables users to set up access to their wallet using more familiar login credentials such as email, facial recognition, and social logins. Using multi-factor authentication, users can also set up their own recovery mechanisms to regain access to their wallet, in the event, they misplace their private key.
The capabilities of Nexera ID, therefore, solve a number of key problems that AllianceBlock says are holding back user adoption in crypto and the wider Web3 space. It provides a simple solution to login into a range of Web3 apps using familiar credentials, a way for users to protect their identity, and most importantly a simple method for recovering crypto assets.
Nexera ID is just the first of a number of promised solutions built by Nexera and AllianceBlock, with others targeting areas such as blockchain gaming and automated trading strategies for Defi users set to arrive in the near future