The majority of blockchain applications are still yet to be widely used in everyday life, despite the technology’s ability to provide advanced safety and privacy through encryption. For this reason, adoption of the technology is often placed at a standstill due to the inability of everyday users to see blockchain benefits as more than what cryptocurrencies provide.
Across all industries, information security is becoming an essential consideration, as more and more applications are enabled to help people exchange personal and financial information. Many users have begun raising the question, “Is my data secure?” The blockchain has already proven that data can be securely exchanged in the financial world, but many users still fail to make use of these capabilities in all aspects of data transfer.
A large reason for this is the lack of a well-rounded blockchain ecosystem, which in theory could unite experiences such as social networking and cryptocurrency trading, that would otherwise exist on separate platforms for separate audiences. With a holistic ecosystem, a divided market could become unified and more users could participate in this growing industry.
The TrustKeys network aims to solve this problem with a CryptoNoCurrency SuperApp (No=Not Only), which could provide value that includes cryptocurrency storage and trading and the other real applications of blockchain technology. The team’s mission is to provide a full ecosystem for crypto – which at the moment consists of a non-custodial wallet, a cryptocurrency exchange and a blockchain-style network with an end-to-end encrypted Messenger with a decentralized account model (DAM).
With DAM, the network can connect experiences from mini-applications within the ecosystem while simultaneously giving users full control of their accounts.
Entering the crypto world
The DAM model is already standard in the cryptocurrency and blockchain world, although it has yet to see the application in an extended scope that includes messaging and social networking. Individuals or businesses require an offline or real ID that retains user control and changes depending on the situation to access DAM.
Users are therefore required to control their private keys, as the blockchain generates the users’ identities, wallet addresses and associated public keys, public keys being one-way calculations from the private key. They are used to identify a user’s account, locate other users on the TrustKeys Social Network or send and receive items in the ecosystem.
The DAM model is only one aspect of achieving real value from the technology. As an entry point into the cryptocurrency world, TrustKeys Super App also “lets users easily hold [and] trade” in addition to “securely share with a Blockchain-style social network.”
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Therefore, a user’s account remains entirely in their control. The team member continues, “they do not depend on any centralized factors,” allowing real users to be the account owners rather than the service provider, as is the traditional practice today.
The start of a greater ecosystem
As a community, the team behind the TrustKeys Network has defined several products that will make up the initial ecosystem.
One of these is a social network aimed at resolving the current limitations plaguing the industry today. Currently, concerns run rampant as to how secure conversations are over a social network. The TrustKeys social network helps participants to own their accounts and gain access to reliable information. The introduction of a social network is also aimed to help users buy and sell cryptocurrencies easily by engaging with their community.
TrustKeys also aims to help users store their cryptocurrency with a 24-character private key. The wallet is also equipped to support multichain for the majority of cryptocurrencies used today. Future iterations include integration with NFTs as proposed by the team in the near future.
The third major release includes an exchange that will leverage the advantages of decentralized exchanges (DEXs) and centralized exchanges (CEXs) to create users’ safe and secure experience.
That said, to achieve the full benefits of the Super App, the team is working closely on additional features, including lending, borrowing, staking, derivatives, an NFT (nonfungible tokens) marketplace and launchpad. By bringing all these use cases together, the team will be able to develop a global ecosystem of financial connection and asset digitization built on the blockchain.
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