The world is in a new era with the expeditious rate at which cryptocurrency is altering all aspects and sectors known to man. Even more, Decentralized Finance (DeFi) and Web 3 are laying the grounds for reforming the entire crypto space.
Conversely, DeFi presents an array of opportunities. However, it also poses significant risks and challenges for investors and the financial markets at large — over-collateralization of loans, rudimentary security of wallet, and so on.
While DeFi has created impressive alternative methods of initiating, recording, and processing transactions, the space has been marked by scams and thefts. Not only that, as the blockchain ecosystem grows and cryptocurrency projects are looking for identity solutions, they find themselves stuck with either bogus solutions or centralized customer identification programs.
Considering the lack of trust for these DeFi and Web 3 projects, a platform named Avarta has tasked itself to provide crypto companies and the blockchain industry-established standards of authentication and proof of identity.
Above all, Avarta’s mission is to create a secure, private and user-controlled authentication layer that puts the complete power of the web into users’ hands.
Avarta: ReimaginesTrust for DeFi and Web 3.0 Applications
Avarta is a next-generation authentication layer backed by patents with a biometric cross-chain wallet aggregator and an innovative cross-chain credit scoring system. Using Avarta wallet guarantees users a secure keyless cryptocurrency where their own biometrics and device behaviour become the access point and key to their wallet. This process removes the need to remember and securely save long seed phrases.
Avarta aims to help improve current issues around whitelisting, collateralization on DeFi lending, and authentication for major blockchain participants. This means Avarta can provide a fundamental security layer for Level 1 (“L1”) infrastructure protocol layers, DeFi lending platforms, and Centralized Exchanges.
Not only that, Avarta seeks to become the single-sign platform for the Web 3.0 ecosystem, across NFTs, DeFi, and Metaverse ecosystems. Avarta offers a sophisticated security-enabled identity wallet that allows people to control their private keys conveniently.
Avarta’s multi-chain support means that cryptocurrency users can incorporate all of their cryptographic keys in one wallet that requires no passwords, no seed phrases, and no need to write down the keys in a safe (or not-so-safe) location.
It creates a trust score with a military-grade level of authentication assurance, creating a completely secure wallet for users by using a combination of biometrics and device data. It allows an individual to prove they are a reliable investor, lender, or borrower, giving them access to services based on trust.
Unlike centralized credit ratings, Avarta gives full control to the user. This implies the user can remain anonymous if that is allowed by the platforms they use and can decide when and how to reveal their information.
With the Avarta Trust Score, a person can create an “avarta” to join communities, build reputations, and interact with other avatars in the Metaverse. Avarta’s mission is to create a secure, private, and user-controlled authentication layer that puts the full power of the web into users’ hands.
Avarta Token Features and Use Cases
The cryptographic token on the Avarta ecosystem is AVARTA. Avarta’s utility token provides users with the means to contribute to crucial decisions affecting its development. It uses its token holdings and or tokens staked as a means to differentiate service access.
Avarta’s native token can be categorized into three groups: service-oriented, rewards-oriented, and governance-oriented.
To benefit from the native token, it is best to set up a profile within the Avarta ecosystem. This includes establishing a trust score, setting up a multi-chain biometrics wallet, and signing up for whitelisting capabilities.
Service-oriented utilities are created to link up access and use of Avarta’s products and services to demand for its native token. The finite supply basics are designed for the token, providing it with financially redeemable scarcity value that varies proportionally with the level of demand for Avarta’s products.
Users can take advantage of a higher trust score by joining the higher membership tiers which allow members to access services with reduced fees, and exclusive offers — higher yields on returns when opting to receive payment in the native token; and earning better loan rates.
Reward-oriented utilities leverage the value created by the service-oriented utilities, to use the token as a medium for rewarding valuable early adopter support, and other contributions that help develop and improve the quality of Avarta’s products and services.
This includes revenue sharing through APY returns; burns to ensure that the token remains stable and increases in value over time; and referral bonuses.
Governance-oriented utilities on the other hand provide a means of formally recognizing the stakeholdership of Avarta’s user base and community. These utilities provide them with a means to contribute to important decisions affecting the development of the product going forward.
In addition, users can choose whether they wish to receive yield in the native token that’s provided for by their contract, or whether they wish to receive it in Avarta’s native utility token, which will yield them an additional premium.
Interest payments on loans taken out through Avarta will be cheaper when settled in Avarta’s native token, and the size of the discount will also be tied to users’ Trust Score. Although, special discounts will be offered on a random basis, depending on the insights and counterparty assessments made by the Trist Score algorithm.
Avarta users will have the option to access locally hosted staking opportunities offering APYs that are funded by 30% of revenues collected by Avarta. Special referral bonuses are given to users who refer new users to Avarta.
Systematic burning will be implemented to redistribute value among all Avarta token-holders and counteract inflationary pressures created by any net emissions required to fund user incentives.
It brings together multiple wallets from multiple chains into a single, noncustodial wallet service. Users can swap digital assets with each other and also stake digital assets on DeFi protocols. Similarly, AVARTA can be earned when participants add liquidity to Avarta’s DEX liquidity pool.
Avarta will create a staking contract that is activated when LP shares generated from liquidity providers are deposited into the AVARTA staking contract. AVARTA is paid into the staking pool and earned by LP miners based on their pro-rata share in the staking pool.
Solutions Avarta Aims to Solve
Before we get into the solutions Avarta is bringing with its innovative team of expertise, let’s scan through some of the core features of Avarta include providing a biometrically-secure multichain blockchain wallet, and anti-bot mechanism for public DEX listing. As well as a multi-signature wallet for corporations and legacy planning and Multi-chain, decentralized identity management with a risk-based scoring mechanism.
The solutions Avarta wants to provide for both traditional and crypto investors and inventors, include;
Avarta created a Multi-sig Private Keyless Biometrics Wallet with zero-knowledge SNARKs to protect every single transaction. This means you no longer have to remember any private keys, you are the private key.
It provides the highest level of security through a unique patented blend of biometric authentication and sophisticated machine-learning tools that capture the mobile device behaviour without the need for passwords, pins, or security tokens.
Likewise, it supports the safekeeping of cryptocurrencies and other virtual assets such as Non-Fungible Tokens (NFTs) and also monitors DeFi transactions in one place. At the moment, Avarta supports Ethereum, Binance Smart Chain, and Solana.
Avarta invented a Trust scoring of aggregated wallets across chains to further build on the decentralized Identity Management building blocks on multiple chains. Avarta uses an amalgamation of on-chain and off-chain risk parameters to obtain an Avarta Trust Score for the user.
The Avarta system provides ways for people to export their trading history to other authorities, either in part or whole. The Trust scoring can help to detect users based on multiple fields for:
- Better collateralization for users with better risk profiles
- Single point of whitelisting (with ability to share information across multiple DeFi projects across chains) for a set of wallets owned by a single user on the wallet aggregator
- Differentiated DeFi products for the different risk profiles of users
- Building a good reputation in the Metaverse
In the Metaverse where transactions on the blockchain are trustless and processed using technology, the missing link is the personal experience. With the Avarta Trust Score, a person can create an “avarta” to join communities, build reputations, and interact with other avatars in the Metaverse.
Avarta Network with Antibot feature helps decentralized applications (Dapps) to become compliant and prevent malicious bots from draining their liquidity by validation of users based on predefined rules. Powered by Patents, Avarta Wallet is a multi-chain multi-asset wallet that protects every single transaction.
Avarta Network with Antibot feature helps compliance with the regulations with the following functions:
- Users can validate their identity with the Avarta Solution integrated with third-party validators
- DeFi applications can prevent access by malicious bots & “dirty money”, manage their own whitelisting and compliance framework with easy-to-configure SDKs
2021’ Q2: Build out of AVARTA multi-chain wallet on Testnet
2021’ Q3: Testing of AVARTA Wallet on Testnet available + Release of Whitepaper
2022’ Q1: Testnet for AVARTA Wallet for Ethereum, BSC, and Solana
2022’ Q2: Build out of data aggregation layer for wallet and whitelisting capabilities
2022’ Q3: Mainnet for AVARTA Wallet for Ethereum, BSC and Solana Build out of anti-bots capabilities
2023’ Q2: Build out of Testnet for AVARTA proprietary trust scoring capabilities
2023’ Q4: Development of more Avarta Wallet features, Trust Score to be implemented in Wallet under limited release