In the context of Authereum, a login confirmation email is sent when a user attempts to log in using an existing username and a password — this email is sent to the email address belonging to the ENS name. All the user has to do is open the email in their browser where the auth key lives and sign the login key with the auth key. If using the app the user receives a push notification and confirm or reject the request on the app. We demonstrated an example of using ENS for web 2.0-esque authentication at the ETHNewYork hackathon (and won an ENS integration prize).
The ability to recover a lost account is a possibility with contract-backed accounts because the funds are tied to a contract and not to a single key. Each account contract has the ability to add new accounts to that have permissions to act on the contract and its funds.
Argent is a good example of a contract-based account that allows you to have guardians which are trusted friends and family members to be able to lock your account in case you lose your device as well as the ability to add new authorized devices to your account contract.
Torus allows anyone with a Google account to have their own wallet which works by sharding a private key that’s generated upon first login to multiple Torus nodes. When the user signs in again, the frontend fetches all the key shards to reconstruct the private key.
Authereum can utilize Torus as a mechanism for recovering an account by adding the Torus account as an authorized device on the account contract. This makes it possible so that when you forget your Authereum login, you can login with Google via Torus and sign a transaction to add a new device to the contract-based account.
Authereum is collaborating with Abridged, an application development toolkit, to integrate off-chain payments and fiat off-ramps through Wyre. This will allow users to purchase ether using standard credit cards and immediately be able to transact value with other users in the Layer 2 network without fees. We’re looking into the possibility of having Authereum be an option in WalletConnect to allow users to login to exchanges such as Binance with Authereum and send their withdrawals directly to their contract-based account.
Contract-based accounts allow the user to secure their funds with ease-of-mind by allowing tiered keys to act on the contract depending on their permission levels and attestations by higher tiered keys. Authereum is a fully non-custodial login process that utilizes ENS and web 2.0 style security to enable an onboarding experience that aims to reduce friction by providing new users with training wheels and abstracting away complex interactions that they are not accustomed to while still not deviating from decentralization principles.
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- Brian Hershey VC at Eight Roads Ventures.
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- Craig Hawco Privacy and Machine Learning Engineer for CryptoNumerics.
- Infinity Blockchain Labs IBL.