From cryptocurrency loss due to security breaches to the forgetting of seed phrases, older forms of security have led to widespread theft and losses within the blockchain space. That’s not to mention the $97 million syphoned off major cryptocurrency exchanges by cyberattacks during the final few months of 2021.
In retaliation to the security issue within the blockchain, digital security businesses have turned towards this virtual space. Out of these, the 2017 founded business of Avarta has risen to the top, offering a comprehensive crypto authentication layer that seeks to solve these security problems.
In this article, we’ll be reviewing Avarta, the current market leader in blockchain authentication and identification, looking at its history, key features, and competitors to demonstrate how it’s shaking up blockchain security for the better.
What is Avarta?
Avarta acts as the solution for the authentication and identification challenges that commonly impact blockchain applications. While cryptocurrency and blockchain programmes develop, they routinely use centralised customer identification programmes. Avarta is changing its biometrically-driven solution, allowing users to use their face as their own private key.
By offering the blockchain industry and crypto companies high standard authentication services and proof of identity, Avarta supports users by giving them access to their crypto wallets without passwords, seed phrases, or other more archaic forms of accessing an account.
Avarta combines military-grade authentication assurance with state-of-the-art face recognition to create a completely secure wallet for users, keeping the blockchain and crypto communities safe from digital theft.
A user can even employ Avarta as a storage location for their entire translation history, giving borrowers, investors, or lenders peace of mind when interacting with unknown users. Furthermore, with user-friendly options that allow for information sharing or private interactions, the power is entirely in the user’s hands.
Above all, Avarta’s mission is to create a secure, user-controlled, and utterly private authentication layer designed especially for blockchain services.
History of Avarta
Avarta came to be in 2017, seeking to combine both active biometrics, such as facial recognition, with passive biometrics, like device fingerprinting, to provide a multi-layered authentication system.
Since then, Avarta has seen incredible success, being backed by Prince Abdul Qawi of Brunei, invested in by prominent investors like Magnus and Maven Capital, and establishing close partnerships with large-scale corporations such as Cheqd and SupraOracles. Its investment periods have raised millions of dollars in funding thus far.
Averta has already been granted patents in both the USA and Southeast Asia, offering an international solution to blockchain authentication.
Key features of Avarta
Avarta offers a range of key features that give this other product utility beyond authentication. By using Avarta, a user will have access to a range of benefits, each of their features created to improve the applicability of this token, despite the blockchain industry it’s connected with.
The main features of Avarta that we’ll be discussing are:
The Avarta Digital Self
Avarta Trust (Credit Score)
Multi-Chain Crypto Wallet
Let’s break these down further.
The process of collateralisation is optimised through Avarta. This feature has never been more critical, especially considering that users can hide their borrower’s credit history, identity, and other asset portfolios from the lender.
Avarta’s collateralisation consists of four main aspects:
Increased intelligence gathering is contributed through Avarta’s networks
User wallets are continuously monitored for financial health
A valid ‘Liquid Position’ is generated based on other available assets
The user’s borrowing history is developed and checked
This streamlined form of collateralisation adds extra authenticity and security to the platform.
The “Avarta” Digital Self
Using the Avarta platform, users can create their very own ‘Avarta’ within their wallet addresses. Furthermore, they can customise the amount of information this digital identity reveals and change the amount of information released to trusted parties.
By creating a comprehensive Avarta identity, users can gain priority access to regulated platforms requiring whitelisting, boosting the number of users who create these profiles.
Avarta Trust (Credit) Score
As an authentication platform, trust is a central metric that Avarta monitors. Avarta can calculate and publish a trusted scoring for a user by drawing upon the decentralised identity management building blocks on multiple chains. This is determined by the score total of aggregated wallets across several chains.
By using this Avarta Trust Score, users are further identified and differentiated, allowing for:
Required trust scores for whitelisting
Differentiated DeFi products based on the user’s risk profile
This incredible feature further increases the crypto authentication layer that Avarta can offer to their blockchain partners.
Multi-Chain Crypto Wallet
By combining a unique blend of sophisticated machine-learning tools that capture mobile device behaviour with a patented blend of biometric authentication, Avarta provides the highest possible level of security. A user will be able to link all of their wallets in one convenient location, using Avarta as their all-in-one security authentication system.
Gone are the days of pins, security tokens, and passwords. With their passing, the days of losing them and getting locked out of your user wallet are gone.
Avarta also offers a range of additional features which further demonstrate their level of cybersecurity and biometric efficiency:
● An Anti-bot mechanism for public DEX listings
● Multi-signature wallet for corporations and legacy planning
● Multi-chain, decentralised identity management with a risk-based scoring mechanism
These features set Avarta out from its competition, providing a comprehensive biosecurity system for blockchain.
How does Avarta Generate Profit?
There are two revenue streams at the forefront of Avarta’s business model. These income streams are mainly covered by:
Transaction Fees – On both DeFi exchanges and service providers, transaction fees will generate an ongoing income stream.
Integration and Third-Party Licensing Fees –
Avarta will also use their own Native Token to incentivise use.
Native Token Features
The native token used on Avarta has a range of utilities. Each can be categorised into three groups: Governance-oriented, service-oriented and rewards-orientated. To begin taking advantage of these features, the first step is to create a profile within the Avarta ecosystem. This, although not a direct use of the native token, will allow the user to access many of the other token use cases.
Governance-orientated utilities are methods of formally recognising the stakeholdership of Avarta’s community and user base. These pathways allow users to impact the development of products in the future, contributing their opinions and feedback to help shape the development pathway.
Service-oriented utilities aim to link Avarta’s products and services to the demand for the native token. There is a finite supply of fundamentals specially engineered for the token, and it becomes a financially redeemable scarcity. As Avarta’s products’ demand increases, the level value will also increase.
Reward-oriented utilities are about leveraging the value created by service utilities. From incentivising early adoption to acting as an instrument for other contributions, Avarta’s services and products’ quality and applicability will increase.
Due to revenue sharing through APY returns, burns to ensure stability, and referral bonuses, the native token is further leveraged.
Competitor Analysis at a Glance
Avarta is a specifically designed solution for DeFi applications, eliminating cryptocurrency loss due to security breaches, forgetting seed phrases, and cryptographic key losses. Furthermore, by providing a 360 degree, multi-layered security solution that balances biometrics and data leveraging from people’s devices, it poses as the ultimate blockchain security solution.
With Avarta, users will be able to develop credit histories, increasing the efficiency of the Defi space for both traders and investors. In addition, as a unique, identity-driven security system, Avarta gives complete control to the user, allowing them to share information or remain anonymous at their discretion.
While other companies like Zengo, XDefi, Spectral Finance, and more have blockchain security solutions, none are as complex, efficient, and multi-layered as Avarta.
If you’re looking for the all-in-one crypto authentication layer, Avarta will seamlessly integrate into your blockchain project, providing decentralised transparency that boosts the cybersecurity of this digital space.
With trust scoring, identity-driven safety, and advanced levels of user control, Avarta provides the perfect solution for those looking for authentication systems within the blockchain and cryptocurrency communities.