NGRAVE ZERO to Support UTU Token
UTU introduces new and unique ways to determine a borrower’s creditworthiness using a proprietary trust infrastructure that accesses contextually relevant on- as well as off-chain data to provide trusted creditworthiness assessments.
UTU’s trust oracles can assess a borrower’s creditworthiness using data from social graphs and other contextual factors. With this additional layer of trust, DeFi borrowers can borrow by providing lower collateral amounts. Moreover, UTU’s recommendation engine can allow both lenders and borrowers to better assess the other party and therefore make a more secure decision. So in a nutshell, whereas in DeFi, the majority of cases are overcollateralized, UTU’s idea is that adding such a trust layer will reduce the collateralization requirements. This will also allow lenders to lend on their own terms, rather than those pre-defined by some other existing platforms.
This strong belief in a trust layer is very much in line with NGRAVE’s own vision. You as a user should be able to fully trust your hardware wallet, which isn’t the case with most existing cold wallets today, as even in the key generation step, they i) either merely provide a key, leaving you open to the residual risk that they might know the value of your key and ii) they fully use the internal chip to create the keys, and these so-called “TRNG” chips are notorious for having backdoors.
That’s why NGRAVE stresses the use of a key generation protocol that integrates external factors next to the chip’s own created randomness, during the key creation, as well as a special real-time user interaction to remove the risk that NGRAVE could know the key.
The above makes it a no-brainer for NGRAVE to support the UTU token on its ZERO hardware wallet device from launch.
“UTU embodies blockchain’s vision of acting as a protocol of trust, effectively aiding in for example the reduction of collateralization requirements for DeFi products. And it does so while taking into account both the individual and the contextual. It thereby aligns well with NGRAVE’s approach to security and the overall mission of fostering worldwide blockchain adoption.”
-Ruben Merre, Co-founder and CEO of NGRAVE
“NGRAVE has earned the trust of their customers by building products with the highest level of security. They share the same vision of trust as we do and we are excited for their support of UTU Coin in the ZERO hardware wallet.”
-Jason Eisen, Co-Founder and CEO of UTU
By participating in the UTU platform via endorsing (or disapproving) oracles, users will earn UTU Tokens. Possession of UTU Tokens gives them voting rights for governance of the UTU Trust mechanism.
UTU Protocol further rewards participation in the protocol by awarding UTU Trust Tokens. In short, these are awarded for providing truthful (and therefore trustworthy) feedback and other data to the platform.
Have a read for yourself right into the very details:
UTU - Trust Infrastructure
Ronald Mahondo 12 years in the African private sector, including senior leadership roles in the technology, banking…
NGRAVE is a digital asset and blockchain security provider offering a secure and user friendly end-to-end solution for the management of individuals’ and businesses’ digital assets and cryptocurrencies. Contact us: firstname.lastname@example.org.
NGRAVE | Unrivaled crypto security and seamless experience
The first end-to-end solution for managing your crypto. The Coldest hardware Wallet. The Coldest key back-up. No…
UTU’s vision is to become the trust infrastructure of the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of our digital lives. We do this in service of our Mission — To bridge the gap between how we trust in real life and how we are asked to trust online — to make the internet a safer, more trusted place to gather, share, work, and trade.
Continue reading about our other partnerships:
NGRAVE ZERO to Support UTK Token & Integrate with Utrust Wallet
Utrust is one of the leading cryptocurrency payment solutions designed to modernize the finance and payments industry…