Introduction to Avarta
Avarta addresses authentication and identification challenges that pervade both traditional and blockchain applications. As blockchain matures and cryptocurrency projects are looking for identity solutions, they find themselves stuck with either pseudonymous solutions or centralized customer identification programs. Avarta is a 4-in-1 solution for DeFi and blockchain whereby your face is your private key to multiple blockchains.
Avarta provides crypto companies and the blockchain industry, as a whole, established standards of authentication and proof of identity that serve the industry, rather than adopting outdated standards from centralized institutions.
Avarta provides a military-grade security-enabled identity wallet that allows people to control their private keys conveniently. Avarta’s cross-chain support means that cryptocurrency users can consolidate 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. Using a combination of biometrics and device data, Avarta is able to create a proprietary credit score with a military-grade level of authentication assurance, creating a completely secure wallet for users.
The Avarta system is designed to be used for Decentralized Finance (DeFi) applications. One of the drawbacks of blockchain’s trustless nature is that a person doesn’t retain a reputation or credit rating. On top of that, the fluctuations in the price of cryptocurrency represent a risk when it comes to lending or investing against a crypto asset. As a result, DeFi applications often need to be overcollateralized to compensate for fluctuations and for the fact that there is no identification of the investor or borrower.
By creating a unique, secure identity, as well as a way to store a person’s full transaction history, Avarta allows an individual to prove they are a reliable investor, lender, or borrower, giving them access to services based on trust — similar to a credit rating. Unlike centralized credit ratings, however, Avarta gives full control to the user. The user can determine when and how to expose their information, and they can remain anonymous if that is allowed by the platforms they use.
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.
With Avarta, you are your own private key.