Utrecht, Netherlands, 14th December, 2022, Chainwire
AllianceBlock, the DeFi infrastructure hub building seamless gateways between decentralized and traditional finance, today has unveiled another innovative solution – Nexera ID. Nexera ID is a groundbreaking solution that utilizes a programmable smart wallet that promotes privacy, security and self-custody.
Nexera ID is a next-generation digital wallet designed to securely store your digital assets and identity information within a particular type of digital token called a MetaNFT. Users can set up custom rules for transacting with their digital assets, when sharing their personal information, and specify rules for wallet actions, including recovery options.
Built on top of Nexera Protocol, Nexera ID utilizes “soul-bound” MetaNFTs and inherits its flexibility and security to create a versatile, secure, self-custodial smart wallet with advanced recovery features. Balances, credentials and rules are stored as attributes in a mutable and composable NFT standard which protects user privacy and creates a digital passport that makes it easier for users and institutions alike to use or build solutions that will promote a new era of adoption into Web 3.0.
Nexera ID can integrate with custodial, semi-custodial and non-custodial wallets and from existing social Web 2.0-based login platforms for simpler onboarding towards Web 3.0. The vast majority of online users already have at least one Web 2.0 identity, with Nexera ID the barrier to entry will be much lower whilst leveraging these existing identities as Verifiable Credentials and authentication methods. Users can set up multiple authentication methods and add multiple Verifiable Credentials — such as social media accounts, email addresses, phone numbers, hardware-based authenticators, KYC reports, and more — and create privacy-preserving zero-knowledge proofs (ZKPs) for authentication.
Users can also set up custom rules and restrictions for their wallet, assets and identity information. Users can set transaction limits globally or per asset, set up multi-factor authentication, notifications, and automated locking of their wallets. With Verifiable Credentials and authentication methods, users can set transactions to be verified via multiple methods. With recovery options available in the smart wallet, even when the users’ mnemonic phrases or hardware wallets are stolen, they can immediately pause all transactions and approvals on the wallet at risk.
Being able to combine all of these features into one simple and accessible solution for consumers is unprecedented, putting Nexera ID at the cutting edge of self-sovereign technology. Nexera ID is the first programmable smart wallet of its kind, marking a revolutionary step forward for the industry.
Institutions and businesses can take advantage of Nexera’s ID integration with Know-Your-Transaction (KYT), Know-Your-Business (KYB) and Know-Your-Customer (KYC) verifications to authenticate and verify the user’s identity without sharing personally-identifiable information through the use of ZKPs. These are enabled through an open-source trustless identity verification (TIDV) technology, which interfaces with multiple KYC providers for user verification.
Builders and projects will be able to reduce their time-to-market for their products and enable extensive scalability options, all while being a part of an ecosystem that allows for the simple cross-pollination of users, liquidity and information. This flexibility means that builders can quickly adapt to the ever-changing landscape of blockchain, particularly in the areas of regulation and compliance. Nexera ID is available for builders or developers via our SDK to integrate into their products, by allowing this access to all in the industry the benefits of security, privacy and self custody can be standardized at a greater speed and at scale.
AllianceBlock Co-Founder and CEO, Rachid Ajaja, said: “Nexera ID solves some of the biggest challenges in the space today around self-sovereignty, self-custody and privacy. This solution allows users, projects and institutions to have programmable smart wallets with multi-factor authentication and to customize their recovery rules in case of hacks, lost private keys, or mnemonics. Builders and developers can easily integrate Nexera ID to create interoperable solutions that makes it easy to use their platforms and solutions. With Nexera ID, we are ushering in the next era of self-sovereignty, self-custody, security of digital assets and protecting users’ privacy. The launch of Nexera ID built on top of Nexera Protocol marks our biggest step forward in giving power back to users in protecting their assets and privacy, and towards our greater mission to bridge the gap between decentralized and traditional finance.”
To promote greater adoption of DeFi, it is becoming increasingly essential to make onboarding into Web 3.0 simpler and easier with secure, self-custodial solutions that preserve users’ privacy. Nexera ID’s key features together grant users full custody of their assets and identity, enable them to act with full sovereignty without relying on centralized intermediaries and let them set and comply with rules to be entirely self-regulated. This combination sets the standard and raises the bar in self-custodial solutions for assets and decentralized identity, and when integrated by users and builders will usher in a new era of blockchain adoption.
AllianceBlock is bridging the gap between decentralized finance and traditional finance, by remedying issues that exist in both spheres and linking them more closely together. AllianceBlock sees the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
Building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to seamlessly access the DeFi space.
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