Aptos Labs Launches Identity Connect Service as APT Price Sees +44% Monthly Gains

 Key takeaways

• Aptos (APT) has introduced a new decentralized identity solution called Identity Connect, helping users to navigate the ecosystem both smoothly and seamlessly
• Solutions such as Identity Connect could help to improve the overall user experience when browsing the web
• The APT price prediction algorithm forecasts more upside after a period of positive price action for the blockchain’s native asset

Identity Connect could usher in new era of interconnectivity for dApps on the Aptos network

The current price of Aptos (APT) is $7.39, up +2.46% in the past 24 hours and +47.9% in the past month.

Aptos Labs announced today that it has launched a new decentralized identity solution that enables seamless login processes across all dApps in the Aptos ecosystem. The solution, called Identity Connect, provides a universal login system that removes the need for different usernames, passwords, and authentication processes across different platforms and makes the entire process of browsing the web much simpler for the end user.

1/ Introducing Identity Connect: Effortlessly connect Web3 wallets to apps on all devices. Seamless, secure, and cross-platform, Web3 access is now a breeze for developers and users alike!

Discover how to implement Identity Connect ?https://t.co/02wYPkHPUg

— Aptos Labs (@AptosLabs) November 16, 2023

Identity Connect has been showcased in a free-to-play Web3 game on the Aptos blockchain called Star Fighter. The solution will enable users to login to dApps such as Star Fighter once, before leaving the game and automatically being logged in to alternative dApps without inputting any personal details.

Identity Connect is able to provide a universal login solution that is end-to-end encrypted. It uses OAuth and a QR code that provides a quick login process, while also being secured on the Aptos blockchain so that users retain self-custody over their personal information.

As stated in a recent blog post from Aptos Labs, “Identity Connect is redefining the way you experience Web3.”

Aptos hopes Identity Connect will enable “low-friction, user-friendly experiences.” How could it help to change the future of Web3 browsing?

Decentralized identification could help to revolutionize how people browse the web. Previously, legacy platforms have stored personal information in centralized web servers and relied on users to remember an email address and password to login. This was recently augmented with two-factor authentication as the process is naturally susceptible to security breaches and other inefficiencies.

In Web3, users generally need no personal information to log in to dApps and instead can use their blockchain wallet address where the private keys are held in self-custody and data is encrypted on a decentralized server.

While the Web3 method has historically come with different challenges for the end user, recent developments such as Identity Connect help to make the process much smoother. Identity Connect provides a single QR code that users can scan to verify their identity, which helps to log them in much quicker than any 2FA alternative.

As well as this, the universal connectivity of Identity Connect negates the need to remember separate login details for different dApps, and even removes the need to login separately at all. The Aptos network will have identified the user after the first login and can automatically connect them to other dApps on the chain.

StarFighter on Aptos | Identity Connect Demo from Aptos Labs on Vimeo.

Algorithm predicts +14.29% price increase for APT over the next 3 months

The APT price prediction algorithm has forecasted a 14% move for APT that would take it to $8.30 by 15th February 2024. The move is a gradual consolidation after a period of positive price action in which APT has risen +45.92% in the last 30 days.

The recent surge from APT may mark a significant trend reversal after it had been in a downtrend for most of 2023. APT formed its all-time high of $20.40 at the start of the year when it skyrocketed +564% between December and January, and then fell -77% to hit $4.73 during its October low.

The +45% move in recent weeks has taken APT back above a key support/resistance level that was formed during 2023’s price action. $7.25 proved to be strong support during APT’s move to all-time high, and the level also formed the trigger for APT’s move down to the yearly low when it was lost in August.

After recapturing $7.25 and holding it well as support in recent days, the APT price prediction algorithm expects more upside over the mid-term.

Bottom line: Aptos continues to optimize its network with a focus on user experience

Aptos is a newly-launched layer-1 chain that aims to merge blockchain’s newfound scalability potential with enterprise-grade dApps. A core part of the project’s vision is to usher in a new era of Web3 where large markets are seamlessly supported, and the introduction of Identity Connect may be the latest brick in the wall.

Decentralized identification could help to revolutionize login processes while browsing the web over time, but for now Aptos intends only for users to navigate the blockchain’s ecosystem of dApps more smoothly. As things stand, the APT price prediction algorithm expects muted volatility but continued upside for Aptos over the next few months.