Binance, Etherscan, and Matic Support Torus Private Key Management Solution Launch

Crypto News

The Torus private key management network has gone out of beta and released its code, writes The Block.

Startup Torus was founded in 2018 and intends to simplify the process of moving users and developers from Web2 to Web3 by offering them optimized authentication methods. On Thursday, the company announced the transfer of its infrastructure to a decentralized network, which will allow users to access Web3 services in one click using accounts in services such as Google, Facebook, Reddit, Discord and Twitch.

To integrate Torus into a decentralized application, it is enough to write a few lines of code, after which users can use the usual methods to connect to it. Torus will automatically create private keys, distribute them among independent nodes, attach to the account and use it in the authentication process.

Also today, Torus introduced a set of additional tools that allow you to transfer ERC20 and ERC721 tokens through ENS domains, Ethereum addresses, Google email addresses, Reddit accounts and Discord IDs. At the same time, Torus retains the traditional Web2 password recovery system, freeing users from the need to work with seed phrases.

Eight partners became Node operators on the Torus network: Binance, ENS, Etherscan, Matic Network, Ontology, Skale, Tendermint Core, and Zilliqa.

Changpen Zhao, CEO of Binance, noted that the Torus solution will simplify connecting non-specialized users to decentralized applications. “Connecting users is one of the main barriers to distributing Web3 today,” he added. “Torus has prepared an extremely well-tuned solution whereby logging into a decentralized application is no different than logging into Google.”

By the end of the year, Torus intend to connect at least 10 more node operators to its network, and eventually – to allow anyone who wants to, including exchanges, funds, banks and individuals, to launch nodes on the network.