Thread by @KyleSamani

0/ Today I'm excited to announce that @multicoincap led a $2M seed in @TorusLabs inc @BinanceLabs + @coinbase

Torus presents the best solution to key mgmt we've seen. Torus makes web3 apps *indistinguishable* from web2 apps

Links in next tweet

cc @cz_binance @brian_armstrong

1/

I've been thinking and tweeting about key mgmt systems for a while now, and been looking forward to this announcement. Links:

Our blog - multicoin.capital/2019/07/09/our…

Coindesk - coindesk.com/multicoin-bina…

Chainnews (Mandarin) - chainnews.com/news/927183213…

2/

The problem of key mgmt is fundamentally one of trust:

Who controls the keys?

3/ Consumers have been *trained* to trust 3rd parties, which is by definition a security a hole

4/ The challenge has been to create a key mgmt solution that doesn't create any new trust assumptions, but that still

works across all devices and browsers
has account recovery
matches UX flows that users are used to

Torus is the only solution that accomplishes all of the above

5/ How does it work?

Distributed key generation (DKG), which is a specific type of multi-party computation (MPC)

6/ In Torus, there are a series of nodes who collectively generate a private key without ever actually putting the key together in a single location (making it distinct from shamir secret sharing)

7/ Users request their key shards from Torus nodes using oAuth providers like Google, Facebook, and Twitter. In time, Torus will even support enterprise oAuth like Active Directory

8/ This means that Torus feels like web2 app, doesn't introduce any new trust assumptions, but still provides the political and architectural decentralization of web3 apps

Best of all worlds

9/ Moreover, because Torus bridges so natively to web2, we expect that many web2 apps will begin to integrate Torus overtime as they seek to introduce web3 trust assumptions into their apps. Most obvious example is docusign, but there will be many others

10/ Torus is live today for ethereum, and devs can implement it in just a few lines of code

Coming to @skalelabs soon, and to ed25519-based chains like tezos, near, algorand, helium, and solana in the coming months

{fin}