Avarta provides crypto companies and the blockchain industry with risk-based scoring data to help build and transform blockchain ecosystems globally by using established standards of authentication.
Avarta 4 key point overview:
What is Avarta
👉 By providing a private and authentication layer that is primarily user-controlled, Avarta gives more flexibility and reliability to individuals who are interested in investing, lending or borrowing funds or assets – similar to a credit rating – by creating a unique, secure digital identity with full transaction history.
👉 This decentralized, multichain ID system offers a passwordless identity solution that allows people to maintain their private keys and blockchain-based logins securely and with ease.
👉 Leveraging data already collected by mobile devices enables Avarta to create a seamless, biometrically-powered, multi-chain wallet that stores people’s cryptographic keys and transaction histories.
👉 This eliminates the loss of assets due to security breaches, cryptographic key loss, or forgetting of seed phrases.
👉 However, unlike centralized credit ratings, Avarta gives full control to users by allowing them to determine when and how to expose their information.
👉 If the platforms they use to allow it, they can choose to remain anonymous.
Who created Avarta
👉 Matthew Ainscow is the Chief Executive Officer of Avarta and he started his investment and finance career in 1999 as a research analyst for the Aim Distribution Trust.
👉 He is a professional investor who holds patents in biometric platforms and authentication and he provided support for a number of seed-stage startups.
👉 The chairman of Avarta is Prince Abdul Qawi and he has previously invested in several high-profile projects run by listed and non-listed companies.
👉 He is a technologist and Angel investor, which is a type of private equity investing where high net worth investors attempt to finance a business startup at the very early stages.
Features of Avarta
👉 By combining biometrics with device data, Avarta creates an authentication score that ensures that only the actual wallet holder can access their information.
👉 Single sign-on (SSO) capabilities enable users to use one wallet to manage their cryptographic keys across multiple blockchains and dApps.
👉 Users also have the option to use a biometrically-secured, multichain blockchain wallet with anti-bot mechanisms for public DEX listing or a multi-signature wallet for corporations and legacy planning.
👉 Only a successful authentication can allow a transaction by the authenticated Avarta user and keys and data are stored locally with the user and with secure Avarta storage.
👉 By combining a multitude of factors that are collected through an individual’s device, Avarta has developed technology that identifies people better than humans can identify one another.
👉 Avarta combines device data with biometrics through Facial Recognition Device analytics, personal device usage and specific user-device behaviours that individuals develop over time, and that cannot be replicated in any way, ensuring that authentication cannot be reproduced by anyone but the individual who owns the wallet.
👉 Avarta is devoted to providing secure identity and privacy solutions that are designed to be used for Decentralized Finance (DeFi) applications and to ensure that individuals retain a transparent and reliable credit rating.
👉 Using a combination of biometrics and device data, Avarta is able to create a trust score with a military-grade level of authentication assurance, creating a completely secure wallet for all users.
👉 Avarta provides a wallet that allows users to control their private keys conveniently and the cross-chain functionalities enables users to consolidate all of their cryptographic keys in one wallet that requires no passwords, no seed phrases and no need to physically write down the keys.
👉 Avarta provides crypto companies and the blockchain industry with established standards of authentication and proof of identity mechanisms that serve the industry, rather than adopting outdated standards from centralized institutions.