Investing in Braavos
November 1, 2022 | Tony Sakich
What was your first crypto wallet?
It’s a question not asked much, but one with a variety of answers where many have had a frustrating experience using a new technology. New users are often inundated with terms like “private keys”, “multisig”, and “DeFi” before they even have a chance to make a crypto transaction.
There’s also the ever-present fear of forgetting your password and losing your assets forever.
Braavos hopes to eliminate this area of friction by making an easy to use wallet with a unique “forgot password” function that emulates similar offerings by centralized custodial services.
“For us at Braavos, it is all about the UX. We think that current crypto solutions in the self-custodial world are not accessible to everyday users. We want to give users a better experience so they won’t have to default to centralized custodial services, which can contradict the true values of crypto.
We are taking the first step in making the crypto experience frictionless for everyday users. In the near future we will introduce the very first decentralized “forgot password” mechanism in crypto to the Braavos wallet in order to provide a smooth segue for users into the crypto world”,
– Motty Lavie, Founder and CEO of Braavos
Smart contract wallets like Braavos will enable secure features such as two-factor authentication where a transaction requires signatures from both their mobile and desktop wallets.
Moreover, Braavos supports elliptic curve cryptography that utilizes isolated security chips built into mobile devices. These mobile Hardware Security Modules (HSM) are dedicated isolated subsystems that can sign, encrypt, and generate cryptographic keys. The private keys generated by the module cannot be read by the software and are kept secure even when the Application Processor kernel becomes compromised.
The Braavos wallet utilizes this dedicated security chip and allows users to secure their accounts and approve transactions using facial recognition or fingerprints as biometric identifiers, reaching a security level that is greater than hardware wallets.
Users can also divide their assets between accounts, implement withdrawal limits, and schedule time delays for future transfers. A good analogy would be like having separate checking and savings accounts in the world of traditional banking.
Braavos also allows users to swap tokens with mySwap, an integrated decentralized exchange.
Another unique feature of the Braavos wallet is that it is built on StarkNet, a permissionless decentralized ZK-Rollup. Using this layer-2 chain enables dApps to scale on an unlimited basis, without sacrificing security.
Previously, only browser-based users were able to take advantage of the benefits of StarkNet. But now with Braavos, anyone with an Android or iPhone can utilize the network.
Where to get the Braavos Wallet: https://braavos.app/download/