What's the purpose of the app? What problem does it solve?

We are developing a self-custodial wallet that supports multiple chains and serves as a portal into the Web3 space by providing access to decentralised storage, NFT management and DeFi trading

Open wallet wallet utilizes advanced authentication technologies such as PassKeys to ensure enhanced security and provides supports for creating multiple recovery keys which can be stored in online(using distributed and centralised cloud storage services) or offline(metal sheet or paper etc) mode

All in all, we are trying to address the security drawbacks associated with a traditional non custodial wallet by eliminating the single point of failure ie seed phrases by introducing newer authorisation techniques like PassKeys and we are introducing redundancy by issuing multiple recovery keys

What problem does it solve?

• Effortless self custody
• Ability to sync auth credentials securely over multiple devices
• Ability to create multiple unique recovery keys
• Decentralised Data Storage
• Convenient multi chain wallet
• OTC Desk

What is your uniqueness?

Background story

A self-custodial wallet is a type of cryptocurrency wallet that gives users complete control over their funds. With a self-custodial wallet, the user is responsible for safeguarding their private keys or seed phrases, which are used to access their funds. This means that the user is solely responsible for the security of their wallet and must take measures to ensure that their private keys or seed phrases are not lost or stolen.

In contrast to a custodial wallet, where a third-party service holds the user's private keys and manages the security of the wallet, a self-custodial wallet allows users to maintain control over their funds and keep them secure. Self-custodial wallets typically provide users with more privacy and security than custodial wallets, as the user is not reliant on a third-party service to keep their funds safe

What Open wallet brings to the table ?

In Open Wallet, access to the funds is protected using three different mechanisms: WebAuthn (PassKey), Private Key, and Recovery Key. WebAuthn (PassKey) is used for authorisation purposes where users can authorise payments and other important actions without the use of a password, while the private key and recovery key are used to restore the user’s access to the wallet.

In addition, Open Wallet leverages MPC technology provided by dfns.co to split the wallet’s private key into multiple parts and distribute them among different parties. This means that no single party has access to the entire private key and the funds in the wallet. Instead, multiple parties must work together in order to access the funds. This greatly reduces the risk of a single point of failure, as an attacker would need to compromise multiple parties in order to gain access to the wallet.