Why this spells game over for current web3 wallets

Web3 was intended to be trustless. Now there is no need to rely on third parties anymore. GRVT is building a self-custodial centralized exchange (CEX). A key feature that distinguishes GRVT from other CEXs, is our self-custodial GRVT SecureKey, powered by Dfns. GRVT is working with the leading web3 wallet infrastructure provider to address a challenge in blockchain, that is often put in the ‘too-hard basket’: private keys. The GRVT SecureKey is where you can easily connect to all things in web3 without getting FTX’d. 

Unlike wallets used in decentralized exchanges, what sets the GRVT SecureKey apart is that you take full ownership of your assets, but with a simplified user experience. It’s about defense and protection, without user complexities found in current web3 wallets. No seed phrases, less effort in key recovery, and reduced risk of theft and asset loss. Many have promised this before, but GRVT has now delivered. 

Everything is wrong with current Web3 wallets

Like Dfns, we recognize that there are flaws in outdated private key storage methods - from handheld hardware to written notes. Despite the purpose of decentralization in fighting against centralized control and fraud, the reality is that crypto traders are not well-equipped with easy measures to manage cryptographic keys. This has resulted in irretrievable losses due to lost or stranded wallets. 

Decentralization means that you will be in full control of your assets and responsible for securing your wallet’s private keys and passwords. 

Currently, you must perform burdensome tasks to manage your web3 wallet:

• Remember seed phrases
• Create and remember a strong password that the wallets cannot recover for you if lost
• Protect against scams and phishing hacks
• Always be vigilant of unknown links and software download
• Constantly do your own research

These methods are treated as standard best-practice for anyone currently engaging in crypto. However, they are exhausting even for the most seasoned users. GRVT envisions an easier world.  

Crypto investors should all continue to question the difficulty of the current key management status quo. Constant stories of hacks and lost wallets reveal the struggles that even seasoned traders face. Such mistakes are even more costly for inexperienced investors, leading to increased mistrust in the crypto space, and stagnating the industry. 

Action needs to be taken to resolve the issue. Leveraging the innovative solutions developed by Dfns, we built  the GRVT SecureKey - an entirely self-custodial public and private key pair that removes major challenges associated with the current crypto user experience and asset security. 

What is the GRVT SecureKey?: self-custody made easy

Tailored for first-time wallet users and experienced traders alike, the GRVT SecureKey provides a straightforward web Authentication (WebAuthn) process: create your wallet and access it with a password and passkeys. This flow removes the complexity often associated with crypto wallets. 

Dfns allows you to access your GRVT SecureKey via fingerprint or facial recognition. Not only are biometrics a secure two-factor authentication (2FA) method, they are also quick, user-friendly and widely used in traditional internet banking. This streamlined approach combines the ease of web2 with asset security and self-custody.

Using Dfns technology, GRVT can leverage off-chain, permissioned peer-to-peer networks using multi-party computation (MPC) with traditional public key infrastructure. With MPC, GRVT SecureKey offers these key benefits:

1. No single point of failure: GRVT SecureKey allows you to link to multiple devices, setting multiple security barriers against hackers.
2. Responsive recovery: Various recovery options are provided, such as setting secondary or recovery SecureKeys and generating backup codes if you lose all your credentials
3. Transaction continuity: Changing your linked devices does not affect your public key or address, which Dfns uses to register and authenticate you. This ensures uninterrupted fund transfers and enhanced manageability that other wallet providers do not yet offer.

What’s more, the GRVT SecureKey does not save your private key and never sends your security details to any external server. Despite being called the GRVT SecureKey, it is entirely off-limits to GRVT. This safeguards your funds from server leaks and exchange risks. With the GRVT SecureKey, we are laying the groundwork for simple, safe, and secure trading in the crypto world.