Kresus brings a new wave of innovation to the Web3 ecosystem.
Kresus Labs, a developer of a new crypto wallet and Web3 SuperApp, has introduced a crypto wallet that uses innovative Web2 technology to eliminate the need for seed phrases and passwords.
According to the press release share on May 11th, the wallet gatekeeps customers' private keys in an Amazon Web Services (AWS) Hardware Security Module (HSM), employing "magic links" and 2FA for user authentication.
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Traditional crypto wallets require users to memorize or write down a recovery phrase or "seed words" during account setup. Loss of the recovery phase and a device failure often lead to permanent account inaccessibility.
Due to this reason, some users opt to keep their crypto in exchange accounts, but events like FTX's collapse have raised concerns about the safety of such storage methods.
Kresus Labs aims to tackle this issue with its new wallet app, which uses a wallet infrastructure and software development kit (SDK) called "Magic." The user's private key is stored on an AWS computer designed for highly sensitive data storage.
According to the Kresus team, the AWS computer uses Master Key to encrypt the user's key that cannot leave the hardware module, similar to a hardware wallet. Thus, eliminating the need for seed words or private keys.
Kresus CEO and founder Trevor Traina explained that their goal is to provide an accessible, highly secure solution for experienced Web3 users and newcomers hesitant to join due to lockout fears.
We’re really trying to offer something that is truly a better mousetrap for any Web3 user. Where you can move all of your things from multiple places into one place, have it be very accessible but highly secure <…> but also a gateway portal for people who aren’t comfortable yet on Web3 because they’re terrified they’ll be locked out.
Kresus bypasses passwords for user authentication, as password hash theft and cracking are common hacking techniques. Instead, users click a link within an email every time they log in. The app also employs 2FA to safeguard the account if the user's email is compromised.
To send crypto, users can use a free .kresus domain name, launched in partnership with Unstoppable Domains, eliminating the need to copy and paste crypto addresses.
In other news, Unstoppable Domains recently partnered with Binance.US to create exclusive ".BinanceUS" domains.