Seems like it’s time for an update! In the last few weeks, we have received a lot of feedback and questions from the community and we would like to address a few things. Sometimes we cannot share all of the things happening behind the scenes, even though the team is busy working long hours and making sure the product stands out. Today we are opening the curtain for you to see some of the recent events.
Web3 authentication may sound fancy; however, it is nothing but a login tool. Moreover, while Web2 websites use email in combination with a password, Web3 apps utilize users’ crypto addresses. However, cryptography that ensures the safety of blockchain networks and users is a lot more complex. Thus, manually logging in would require dealing with private key pairs that are public, which is not at all user-friendly, making it harder for businesses to onboard their communities.
Each account combines a secret private key and a public key, which is also the account address. Users routinely forget their passwords, lose access to their sign-on email address, and ask friends or family members to help them guess answers to their password reset questions. Web3Auth is a model of threshold key management that solves the trilemma without sacrificing user experience while retaining end-user autonomy and security. The model implements the Shamir Secret Shares (SSS) scheme using the user’s device, private input, and wallet service provider.
The user’s private key is split into multiple factors, and these split factors are used to reconstruct the original encrypted secret key. Like 2FA systems, as long as the user has access to 2 out of 3 of their factors, they will be able to retrieve their private key and gain access to the wallet, making it much simpler and more sophisticated for the users. Combining Crowny Accounts with Web3Auth strengthens the process that no user in the future will lose access to their valuable Cryptos just because they forgot or misplaced their private keys.
The Crowny App Update
The portal and the app work together, synchronized. All implementations are must-haves, not nice to haves. Especially after receiving a lot of positive feedback from the partners and the team internally, we have implemented even more functionalities we couldn't go live without. All wallet functionalities will be integrated into the Crowny Account improving security and recoverability for the user. As we have already explained above, by adding the Web3Auth to the flow we make the onboarding of communities onto the Crowny platform easier for businesses. After recent events with the multiple hacks, we also worked on improving the security of Crowny user accounts even more, so users can rest assured they are using the safest tech.
✅ Design and marketing team had multiple talks about the analytical tools that we want to include in the portal as well as the look and feel of the dashboard, now the tech team is busy with implementing those. Bear with us, the details will be revealed soon and it is worth the wait!
✅ Another thing that our team is currently looking into is the e-commerce plugin to enable in-app purchases, this is something that will be connected later.
✅ Not only will our users be able to transition between our own apps seamlessly, but third-party developers will be able to use our SDK (collection of software development tools in one installable package) to integrate our accounts and functionalities into their apps as well. Brands lacking the technical expertise to work with blockchain technology will still be able to use these simplified libraries to adopt this new tech, which will save them a lot of time and costs. This leads us to the development of Crowny's white-label solution.
✅ Everyone here knows that Crowny is providing loyalty programs to brands. Loyalty programs are but one of many implementations possible with this tech. The tech we are providing is essentially solutions to manage a token economy.
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