Nexera ID has been unveiled today by AllianceBlock, the DeFi infrastructure center creating seamless gateways between decentralized and conventional finance. A revolutionary solution, Nexera ID makes use of a programmable smart wallet to provide self-custody, privacy, and security.
A MetaNFT is a unique kind of digital token that is used by Nexera ID, a next-generation digital wallet, to safely store your identification details and digital assets. Users may create unique rules for wallet activities, such as recovery options, and for transactions involving their digital assets while sharing personal information.
Nexera ID is a flexible, secure, self-custodial smart wallet with extensive recovery capabilities that is built on top of Nexera Protocol and uses “soul-bound” MetaNFTs.
A mutable and composable NFT standard that protects user privacy and generates a digital passport that makes it simpler for individuals and institutions to use or develop solutions that will drive a new era of adoption into Web 3.0 storing balances, credentials, and rules as attributes.
For a smoother transition to Web 3.0, Nexera ID can link with custodial, semi-custodial, and non-custodial wallets as well as from current social Web 2.0-based login platforms. With Nexera ID, the entrance barrier will be much lower while utilizing the overwhelming majority of online users’ current Web 2.0 identities as Verifiable Credentials and authentication methods. The great majority of online users already have at least one Web 2.0 identity. Users may set up several authentication techniques, add many Verifiable Credentials, including social media accounts, email addresses, phone numbers, hardware-based authenticators, KYC reports, and more, and build zero-knowledge proofs (ZKPs) that protect their privacy while authenticating.
Additionally, users may create unique rules and limitations for their identity, assets, and wallet. Users may configure multi-factor authentication, alerts, global or asset-specific transaction restrictions, and automatic wallet lockup. Users may specify that transactions be verified using a variety of techniques using Verifiable Credentials and authentication mechanisms. Even if the users’ hardware wallets or mnemonic phrases are stolen, they may instantly halt all transactions and approvals on the wallet at risk thanks to the smart wallet’s recovery options.
Nexera ID is on the bleeding edge of self-sovereign technology because it can integrate all of these capabilities into a single, user-friendly, and accessible solution. The first programmable smart wallet of its sort, Nexera ID, represents an innovative advance for the sector.
The Know-Your-Transaction (KYT), Know-Your-Business (KYB), and Know-Your-Customer (KYC) verifications provided by Nexera’s ID integration enable institutions and companies to authenticate and verify the user’s identity without disclosing personally identifying information by using ZKPs. These are made possible by the open-source trustless identity verification (TIDV) technology, which connects to several KYC service providers to verify users.
Builders and projects will be able to shorten the time it takes for their products to reach the market and provide a wide range of scaling possibilities, all while participating in an ecosystem that makes it easy for users, liquidity, and information to easily cross-pollinate. Because of this adaptability, builders can easily change to the constantly evolving blockchain ecosystem, notably in the areas of compliance and regulation. By making Nexera ID accessible to all members of the industry via our SDK for integration into their products, the advantages of security, privacy, and self-custody may be standardized more quickly and broadly.
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 makes it easy to use their platforms and solutions. 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.”
It is becoming more and more important to simplify and ease the transition towards Web 3.0 with safe, self-custodial solutions that protect users’ privacy in order to encourage broader usage of DeFi. Together, the fundamental components of Nexera ID provide users complete control over their identity and assets, give them the freedom to act independently of centralized intermediaries, and allow them to create and follow their own laws in order to be completely self-reliant. When consumers and builders accept this combination, it will usher in a new age of blockchain adoption by setting the bar higher for self-custodial solutions for assets and decentralized identities.
Source: https://thenewscrypto.com/allianceblock-unveils-nexera-id-a-smart-wallet-to-boost-blockchain-adoption-focused-on-privacy-security-and-self-custody/