AllianceBlock has announced the launch of Nexera ID, a programmable non-custodial smart digital wallet designed to offer users enhanced privacy, security, and more.
Nexera ID – a flexible, customizable smart Web3 wallet
At a time when centralized crypto exchanges are becoming increasingly unpredictable and less reliable, as evidenced by the abrupt crash of Sam Bankman-Fried’s FTX exchange, it has become crucial more than ever, for investors to take full control of their digital assets.
While self-custody remains the surest way to safeguard one’s hard-earned money from bad actors, the practice is often a herculean task for some to undertake, since not everyone has the ability to securely store their private keys.
To enable seamless storage of Bitcoin (BTC) and other cryptocurrencies, and foster self-sovereignty, self-custody, privacy, and security of digital assets, AllianceBlock, a project dedicated to bridging the gap between decentralized finance (DeFi) and traditional finance (TradFi), has launched Nexera ID.
Nexera ID is an innovative digital wallet built to enable the secure storage of cryptoassets and users’ identity information. Nexera ID comes with a programmable smart wallet that stores digital assets within a ‘soul-bound’ MetaNFT, making it possible for users to customize the various features of their wallet, including how their personal information is shared, recovery options, and more.
With AllianceBlock’s Nexera ID, users can formulate custom rules and restrictions for their wallet, transaction limits (globally or per asset), set multi-factor authentication, notification, and digital assets auto-lock.
Unlike in regular non-custodial wallets, where a user could lose their cryptoassets forever if they misplace their mnemonic phrases or hardware wallet, Nexera ID comes with advanced recovery options that make it possible for users to immediately pause all transactions and approvals on the wallet at risk. This important feature, along with the other innovative offerings combined into the user-friendly and accessible Nexera ID solution, puts it at the cutting edge of self-sovereign technology.
The Nexera ID solution stores users’ balances, credentials, and customized rules as attributes in the mutable and composable MetaNFT standard, thereby offering users an unprecedented level of privacy, while also creating a digital passport that makes it easier for retail users and enterprises alike to use or develop applications that will usher in a new era of Web3 adoption.
Nexera ID is interoperable with custodial, semi-custodial, and non-custodial wallets, as well as existing Web2-based login platforms. The solution allows users to create multiple authentication methods and add various verifiable credentials (emails, social media accounts, phone numbers, and more). Nexera ID users can also leverage zero-knowledge proofs (ZKPs) for authentication.
Commenting on the launch of Nexera ID, AllianceBloc 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 make it easy to use their platforms and solutions.”
For institutions and Web3 projects, Nexera ID’s Know-Your-Customer (KYC), Know-your-Business (KYB), and Know-Your-Transction (KYT) feature allow for a hassle-free authentication and verification of users’ identity via ZKP, eliminating the need to tamper with users’ personal information. This is made possible through Nexera’s open-source trustless identity verification (TIDV) technology, which interfaces with various KYC platforms for user verification.
“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 when it comes to protecting their assets and privacy, and towards our greater mission to bridge the gap between decentralized and traditional finance.”
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