Today, AllianceBlock, the hub for decentralized financial infrastructure that is establishing smooth gateways between decentralized and traditional forms of banking, introduced yet another cutting-edge solution known as Nexera ID. Nexera ID is a revolutionary solution that makes use of a programmable smart wallet to encourage privacy, security, and self-custody of personal information.
Your digital assets and personal data can be safely stored within a specific kind of digital token that is referred to as a MetaNFT when you use the Nexera ID digital wallet, which is a digital wallet of the future generation. Users are able to build up their own unique regulations for when they share their personal information, when they deal with their digital assets, and when they do activities on their wallets, such as recovering their funds.
Nexera ID is a versatile, safe, self-custodial smart wallet with extensive recovery features. It was built on top of the Nexera Protocol and leverages “soul-bound” MetaNFTs to establish a wallet. It also inherits the flexibility and security of the Nexera Protocol. A mutable and composable NFT standard stores balances, credentials, and rules as attributes. This protects user privacy and produces a digital passport that simplifies the process for individuals and organizations alike to utilize or design solutions that will drive a new era of adoption into Web 3.0.
Streamlined Onboarding Towards Web 3.0
Nexera ID is able to link with custodial, semi-custodial, and non-custodial wallets, as well as with existing social Web 2.0-based login platforms, making the transition to Web 3.0 more straightforward. The vast majority of people who use the internet already have at least one identity associated with Web 2.0. By utilizing these preexisting identities as Verifiable Credentials and authentication methods, Nexera ID will make it much easier for new users to get started while simultaneously lowering the entry barrier.
Users have the ability to set up multiple authentication methods, add multiple Verifiable Credentials (which can include things like social media accounts, email addresses, contact information, hardware-based authenticators, KYC reports, and much more), and generate privacy-preserving zero-knowledge proofs (ZKPs) for the purpose of authenticating themselves. The user’s wallet, assets, and identification information can all be subject to user-defined rules and constraints, which can be put up by the user.
Users have the ability to set global or asset-specific transaction limits, configure multi-factor authentication, notifications, and automated wallet locking. Users are able to set transactions to be validated using numerous methods when they have Verifiable Credentials and authentication methods at their disposal. Even if the users’ mnemonic phrases or hardware wallets are stolen, they are still able to quickly pause all transactions and approvals on the wallet that is at risk due to the recovery methods that are accessible in the smart wallet.
It has never been done before, but the fact that Nexera ID is capable of combining all of these elements into a single solution that is easy to use and accessible for customers puts the company at the forefront of self-sovereign technology. The introduction of Nexera ID, the world’s first programmable smart wallet, is a game-changing development for the industry.
Optimal Solution For Businesses, Developers And Projects
Institutions and organizations can reap the benefits of Nexera’s ID integration with Know-Your-Transaction (KYT), Know-Your-Business (KYB), and Know-Your-Customer (KYC) verifications to authenticate and verify the user’s identity without sharing personally identifiable information through the utilization of ZKPs. These are made possible by a technology known as trustless identity verification (TIDV).
TIDV is open source and interacts with a number of different KYC providers for user verification. Builders and projects will have the opportunity to shorten the amount of time it takes to bring their products to market and offer vast scalability possibilities, all while being a part of an ecosystem that makes it easy for users, liquidity, and information to cross-pollinate.
Due to this flexibility, builders are able to rapidly adapt to the ever-shifting landscape of blockchain, especially in the areas of regulation and compliance. Nexera ID can be integrated into products by builders or developers using the software development kit (SDK). This access is provided to all participants in the industry so that the advantages of security, privacy, and self-custody can be standardized at a faster pace and on a larger scale.
AllianceBlock 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.”
Bridge The Gap Between Decentralized & Traditional Finance
It is becoming progressively vital to make onboarding into Web 3.0 easier and simpler with safe, self-custodial solutions that preserve users’ privacy in order to encourage increased use of DeFi. These solutions should also help to ensure that users’ data remains private. Users of Nexera ID are granted full custody of their assets and identities and are enabled to act with full sovereignty without having to depend on centralized intermediaries.
In addition, they are given the ability to set and abide by their own rules in order to be entirely self-regulated by virtue of the core features of Nexera ID. This combination establishes the benchmark and raises the bar for self-custodial alternatives for assets and decentralized identity, and it will usher in a new era of blockchain adoption once it is adopted by users and developers.
Rachid Ajaja, said: “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 in protecting their assets and privacy, and towards our greater mission to bridge the gap between decentralized and traditional finance.”
By addressing problems that are prevalent in both traditional and decentralized forms of finance and bringing them into closer alignment with one another, AllianceBlock is closing the gap that previously existed between the two. AllianceBlock views the destiny of finance as an interconnected solution in which the best of the two worlds may collaborate to improve capital flows and technology innovation. This is the company’s vision for the future of finance.
Developing this future requires combining traditional finance with compliant, data-driven access to emerging decentralized marketplaces, DeFi projects, and ecosystem-scaling technologies such as funding and interoperability. This will allow for a more prosperous future. As a result of this, AllianceBlock is constructing a financial infrastructure of the next generation, the goal of which is to offer regulated financial companies all over the world the tools they require in order to access the DeFi sector in a seamless manner.
