“We hope to be an alternative for Web2.0 mainstream audiences.”
However, Torus, which raised $2 million this July in a funding round spearheaded by Multicoin Capital, Binance Labs, Coinbase Ventures and other notable firms, aims to create an easier way for bringing users onto decentralized systems.
Notably, Brian Armstrong, the CEO of Coinbase, was recently awarded a patent for a similar system that allows users to send and receive Bitcoin through email.
In order to simplify the process of having to copy and paste lengthy ETH addresses when sending the cryptocurrency, Torus applies a “name resolver” that lets users send ETH transactions by using a Google email address or Reddit usernames.
The post explains:
“With the name resolver, users are also able to transfer ETH and ERC20 tokens to any Ethereum Wallet address, Gmail or GSuite Email accounts, Reddit ID, and Discord ID, regardless of whether the recipient has logged into Torus before.”
Instead of having to transfer cryptocurrency by using long strings of alphanumeric characters, users are able to complete transactions using email addresses and usernames. Torus hopes that this will make it easier for mainstream users to try out the experience of sending and receiving cryptocurrency.
A TorusLabs community member commented:
“For Redditors here that are keen to test Torus out, comment on this thread and we’ll send some ETH to your Reddit account! You’ll need to log on to https://app.tor.us with your Reddit account to retrieve the ETH we send you.”
It has been analyzed that Redditors have expressed their interest in knowing more about how this works, if this is a secure process and why Torus is giving away free ETH on Christmas Eve.
One Reddit user asked:
“What access from our accounts do you need?”
“For a Reddit login, we just need your Reddit username and signup date.”
Another Reddit user expressed concern about security, asking if the process is trustless.
Likewise, a TorusLabs community member answered:
“Torus is a non-custodial wallet and that the keys are generated in a distributed manner via distributed key generation. According to the Torus website, the management of user keys is encoded into a smart contract layer, while the bulk of transactions are conducted via private channels off chain.”
There was also the question if Google and Reddit accounts could be linked under one Torus account.
However, TorusLabs noted that currently accounts cannot be linked, but that they are working on incorporating this in the future.
A TorusLabs member responded:
“Currently no, but we’re working on linked accounts. Similar to a multi-sig wallet where you can link multiple logins, and you’ll have to authenticate with each account before accessing your wallet.”
While TorusLabs has gotten a number of Redditors excited about receiving free ETH, a community member also posted:
“While you’re testing Torus out, do join our Christmas giveaway for a chance to win $100 worth of MATIC tokens for you and your friend! Simply send any amount of ETH or MATIC to your friend through their Google email, Reddit username or Discord ID, and register on our competition site.”
Though it is not clear that if Torus is giving ETH away as just a promotion to encourage users to enter their Christmas giveaway, the feedback posted on the r/ethereum community Reddit thread appears to be positive. Most users are genuinely curious about the process of receiving ETH through Reddit or email.
Thus, one user wrote:
“This is amazing. Lately I am seeing more and more good use cases.”
Source: reddit.com | cointelegraph.com