BitcoinWorld

Latest News

Infrastructure Protocol Intu Seeks to Provide Complete Ownership to Crypto Accounts

According to the co-founder, Intu allows ownership to be distributed over numerous devices or wallets, which can be altered or revoked in the event of a compromise.

Intu’s infrastructure platform aims to enable web3 users to protect their digital assets accounts, similar to a crypto wallet, at a reasonable cost.

According to a recent report, Intu customers will be safeguarded by local cryptography and native decentralisation of their selected blockchain. James Bourque, co-founder of the Intu platform, told CryptoSlate:

Accounts created with Intu still have a public address like normal accounts, are non-custodial and decentralized like normal accounts, and work across most EVM-based chains, but boost users’ confidence knowing they can independently recover lost accounts, proactively secure them, and never have to rely on a third party company, network, or token.

According to the co-founder, Intu accounts do not have a single private key to lose or reveal because ownership is distributed across numerous devices or wallets, which can be altered, replaced, or revoked in the event of a breach.

The platform, which is part of Intu’s web3-native encryption programme, enables end-to-end encryption without the need for additional passwords, keys, or data.

As previously stated, web3 projects can incorporate Intu into their dApps to give customers ‘uncompromised’ asset ownership. According to reports, the platform would allow anyone to securely share and restore web3 credentials.

According to Intu, the only alternatives to standard web3 wallets at the moment are either sophisticated MPC solutions or smart contract wallets, which are centralised and incompatible with various dApps.

Market uncertainty has destroyed the crypto economy, leading to a drop in venture capital investments last year. Despite this, infrastructure firms obtained the most proportion of capital in the crypto industry in December 2022, at approximately 22%.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.