Good. Hello everyone. Congratulations. I'm Shbam from Web3 O, and we're developing a key management- as-a-service solution. So, let's begin.
Our motivation for creating this is that the number of active Web3 users has been growing exponentially over the past couple of years . We have reached over 100 million users or active keys at any given time. So today's standard solutions don't meet the needs that still require us to scale from 100 million to a billion users and beyond. Uh-huh. Key management is complicated.
Key management, because modern wallets that are standard, say Chrome extensions, use a seed-phrase process, and that requires users to store it. This requires users to understand that if you lose your seed phrase, you lose access to your keys; there is no "forgot password" button here. The registration process results in a poor user experience (UX) because it takes over 10 minutes to create a wallet. Another liability is the security of the seed phrase, and over 3 million bitcoins have been lost precisely due to improper management of private keys. So this is the part we want to optimize, and how do we get the next billion users?
We have a three- point strategy: a simple, secure, and non-custodial wallet. Our key management system is simple because we use Web 2.0 login solutions like Google or Facebook. You can use your own entrance through JB. You can have your own wallet server linked to login solutions.
It's still secure because we have processes like multi-factor authentication that you can add. The SDK is customizable, and at the same time the entire system is non-custodial, meaning the user has full control over their keys at all times. How do we do it? We use a technology called " Shamir secret sharing." It allows us to split the private key into multiple parts key into multiple parts .
Therefore. Sorry. It allows us to split the private key into multiple parts key into multiple parts . We take the private key and, say, divide it into three parts. We assign one of the parts to log in via Google.
We assign one part to your device, and you can choose the third part for backup. Or it could be a part of the password. And it can also be a control question. Let's say you lost one of the shares. Let's say you lost your device.
You can still log in through Google, enter your password, and gain access. If you lose access to your Google Account, you still have your device. This system scales very easily. You can go from a “two out of three” scheme to a “two out of ten”. You can use your laptop and phone as backups.
So even if you lose one of your devices, you will still have access to the others. Yes. Here's what it looks like in practice. As you can see, the first options are social login and login via email and password. You click the button and enter your email.
Then go to your email, click on the link, and that's it—you're in the system. This way the application can easily access the key. So what makes us unique? Even using methods like Google methods like Google login or password, it's still a non-custodial solution because there are multiple pieces. So no one will have access to your keys unless you want them to.
We use familiar Web 2.0 login mechanisms that over a billion users are accustomed to . People are used to passwords in their emails and logging in through their OAuth accounts. The best thing is that even if you have your own OAuth system, you can connect it to our SDK and everything will work. Here are some statistics.
We have been developing this for 3 years and are now used by over 3,000 decentralized applications (DApps). Over 7,000 developers have already registered their interest in our control panel. There are already about 9 million keys in our network. Here are a few applications that use our technology. Binance uses us in their Chrome extension.
Kepler uses us in its wallet. 100 Thieves recently integrated us for their NFT drop. We have a Solana-based wallet. We have the Unity SDK for games, and the list goes on and on. Our SDK works on the web, iOS, and Android devices.
We also have an SDK for React Native. Let me add some more statistics: Binance reported that the user conversion rate on their extension increased by 74%. Cash io is one of the applications on the Terra blockchain. They have about half a million active users per month, and we get about three support tickets per month. 100 Thieves did their NFT did their NFT launch with us two months ago, and we were able to add over 300,000 users in just seconds.
Well, in a matter of minutes. So the system really scales according to the number of users. And yes, that's all. So, how can I help? Any questions, guys?
Can you tell us about the rewards? That's right about the rewards? That's right . Actually, I don't know the exact numbers. So, for first place— 4,000 dollars.
Yes. The second is $2,000. Third—1000 dollars. There are also two UX prizes of $500 each and a business prize of $500. Do you have a slide I can look at?
Okay, no problem. You can problem. You can ...we are always there. We will also post this in the group.
Are there any more technical questions, or anything I can explain in more detail? Yes. Greetings. Which one exactly? To what extent...
I understand. Let's look at the first part. So, SSO part. So, SSO login. Even the share or private key associated with your login is shared between nine nodes between nine nodes .
We have a network of nine nodes. The nodes are serviced by large companies in the industry. Binance operates one of our nodes. Polygon, ENS, Ontology, Matt—they all run one of our nodes one of our nodes . And in this set of nine nodes, let's say you log in through Google, and then the shares are redirected to the browser.
We recover the key directly in the browser. So at any given time the server is not involved. And as soon as you close the browser, the key disappears. Yes. This moves on to the second part.
The first part is your browser, let's say you go into a browser. Local storage or session storage is available there. We keep one of the particles there. So at particles there. So at any given moment in time...
none of the particles has the same context as the other. Therefore, only the user's actions can help obtain the final private key. Because the login provider will not have access to the first share. The second will not have access to the first. Yes.
OK. As you said, so...and a few other companies...you, me... Yes, yes, we have plans to launch our network.
The system is currently closed ( The system is currently closed ( permissioned). We are going to launch a network where anyone can join and become a node operator, and applications can choose whether they want to store keys on certain nodes depending on a few parameters. And it will be a fully MPC wallet. For now, the key needs to be created for signatures, but we plan to develop this further. There are many companies involved in decentralized identification.
So many in one You are ahead? How is that? OK. We provide some of the key management even for DID. I'm not very knowledgeable about the specifications.
But you still need a key or some kind of key management system to sign transactions or messages. You still have to verify the user's identity, right? Yes. So this can be used as a supplement. as far as I understand.
Yes. Does anyone else have any questions? OK. Thanks, guys. We will be there at will be there at any time.
We will also be available online on Discord. So just write to us. Thank you. See you later.
Automatic transcript — names and jargon may be misspelled.