Velas blockchain is one of the fastest blockchains up-to-date, capable of reaching speeds of 50000 TPS and having a block creation time of 0,4 seconds. Thus, Velas can provide us with some innovative solutions like the Velas Account🤘
What is Velas Account?
Velas account is a simple password manager, but for web3.0. The system uses an API to exclude the necessity of entering a password every time. Instead, a QR-code that is displayed in the browser should be scanned via the mobile app to access your wallet online. People who use Microsoft Authenticator might have already faced this method of authorisation.
Why do we need this?
The main problem with seed-phrases, used for unlocking nearly every single wallet right now, is that they don’t give enough security and are easily lost. Remember Tangem wallet? They offered us a solution, where no seed phrase is needed. The problem was partly solved, since you still needed to keep an eye on the physical key cards for your mobile app. For that reason, making your phone a key card is a much more simple and elegant solution ✨
The use cases and perks
By mentioning access to browser applications we don’t mean just DeFI. There are a bunch of other ways to utilize this authentication mechanism ⚙️
Making social media blockchain compatible results in multiple significant advantages, when used with applications like Velas Account📱
- Simplified registration. Logging in to your account through a wallet - without email confirmation, 2FA settings or any other actions;
- Improved security - a private key instead of a username and password. It cannot be picked up or restored, but it can be stored on a hardware device 🔐
- Improved privacy. End-to-end encryption of messages using a private key. The data cannot be read, even in an open blockchain or IPFS, unless one is used;
- Improved user experience. Ready-made infrastructure for payments, donations, trading and collecting NFTs 🖼️
And it isn’t about P2E - the whole game market can be changed using a universal key. The perks are pretty much the same, but have minor changes in terms of algorithm 🔄
- Quick account registration. Instead of entering a login and password, confirming mail and passing captcha, the user is authorized with the session keys associated with the account;
- Transactions without confirmation. Most of the actions in blockchain games involve invoking smart contracts that need to be manually confirmed. Velas Account allows you to automatically sign transactions, which makes blockchain games more dynamic;
- Application permissions. The application will only be able to spend a certain amount or perform actions within the specified limits. This helps prevent fraudulent apps from stealing funds;
Businesses profit from implementing blockchain, using a universal key too. All the loyalty programs that have become so successful nowadays can be easily replaced by tokens.
Commissions can be prepaid by the company, making the affordance of using blockchain equal to physical or centralized solutions 🙌
This article started as one about Velas account and elaborated into a more generalized, but the idea stays the same. A universal key can improve loads of use scenarios without even changing them.
Stay tuned 📻