On the afternoon of April 9, Portkey started its Web3 trip to Hong Kong attending the BlockBooster Web3.0 Hackathon co-held by OKX, Gitcoin and 0xUclub at the University of Hong Kong.
The event also attracted developers, VCs, and exchanges such as Dorahacks, Animoca Ventures, and so forth. Speakers and participants shared insights on topics from “social content storage in Web3” to “on-chain identities and their roles in Socialverse” as well as “social layers on blockchains and applications”, etc.
For both Web3 and Metaverse, which essentially build on decentralized blockchains, the social layer is becoming more and more important. It is important for the infrastructure in terms of security, and for the application given social layer is related to user identities and user interactions, which are two important elements for the success of Web3 and Metaverse applications.
Portkey’s Potential Role in Socialverse
As the first CA wallet from the ecosystem of aelf, the high-performance layer 1 network, Portkey not only provides decentralized identity solutions but also enables social recovery for crypto wallets. Portkey’s CTO Steven Deng presented the product and demonstrated Portkey’s social login, DID design and how guardians and verifiers implement social recovery and so on to the entire audience.
Being amazed by Portkey’s innovation in designing the fully decentralized identity solution, and its potential to become an entry point for the Socialverse, Metavers and Web3 at large, the judging panel granted Portkey the “Cohost Select Prize” as the recognition of the importance of a fully decentralized and socially recoverable CA wallet for the development of Socialverse.
Portkey’s Social Recovery and DID solution
In line with Portkey’s goal to provide a user-friendly and decentralized crypto wallet to help Web2 users to enter Web3, Portkey designed the social recovery mechanism and decentralized identity solution resorting to two key roles: guardians and verifiers.
Guardians are responsible for safeguarding users’ accounts and they will provide signatures for account activities, while verifiers are decentralized external service providers that help verify info from guardians.
When a user loses his or her account, he or she can initiate the social recovery process to collect signatures from the guardians. When the number of signatures is enough, verifiers will help the user to verify the account, i.e. to recover it. Even when their lost or stolen devices still have their accounts logged in, users can log in on other devices and remove the management rights on the old ones, all made possible by social recovery.
Portkey recognizes the importance of social connections for decentralized Web and metaverse. Portkey’s social recovery mechanism makes full use of one’s social connections to form a decentralized identity and to guarantee security.
With the above design, Portkey allows users to
- sign up and log in using social info without seed phrases.
- regain access and control of the wallets when it’s lost or stolen.
- have full control of their accounts since the verifiers and guardians are fully decentralized.
With the above being said, Portkey is ready to become the best-to-use CA wallet for Web2 users to migrate to Web3. Meanwhile, it can also provide the CA wallet SDKs and DID solution for developers to easily transform their Web2 projects into Web3 ones, or develop new Web3 applications without difficulty.
Portkey hopes to work with more developers and projects to #BUILD.
About Portkey
Portkey is the first CA wallet from aelf’s ecosystem, migrating Web2 users and developers into Web3 with DID solution.
Users can swiftly log into Portkey via their Web2 social info with no private keys or mnemonics required. Underpinned by the social recovery and decentralized verifier design, Portkey safeguards users’ assets from centralized control and theft. Portkey also generates nearly zero fees for account creation and user usage with its special delegation mechanism.
Portkey provides crypto on/off-ramp services, allowing users to exchange fiat with crypto freely. It supports storage and management of various digital assets such as tokens, NFTs, etc. The compatibility with multi-chains and seamless connection to all kinds of DApps makes Portkey a great way to enter the world of Web3.
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