The Odsy Foundation, a non-profit organization dedicated to improving crypto wallet security, has recently raised $7.5 million in funding. This funding will be used to develop new security features for crypto wallets, as well as educate the public about the importance of protecting their digital assets.
The world of cryptocurrency has come a long way since the early days of Bitcoin. Today, there are thousands of different cryptocurrencies, and the market cap of the entire industry is in the trillions of dollars. With so much money at stake, it’s not surprising that cybercriminals are constantly looking for ways to steal crypto assets. This is where the Odsy Foundation comes in.
The Odsy Foundation was founded by a group of crypto enthusiasts who were concerned about the security risks associated with crypto wallets. These digital wallets are used to store and transfer cryptocurrencies, and they are a prime target for hackers. In recent years, there have been numerous high-profile hacks of crypto wallets, resulting in the loss of millions of dollars’ worth of digital assets.
The Odsy Foundation aims to address this problem by developing new security features for crypto wallets. These features will make it more difficult for hackers to steal crypto assets, and will provide users with greater peace of mind. Some of the specific security features that the Odsy Foundation is working on include:
1. Multi-factor authentication: This is a security protocol that requires users to provide multiple pieces of information in order to access their crypto wallet. For example, users might need to provide a password, as well as a fingerprint scan or facial recognition.
2. Cold storage: This is a method of storing crypto assets offline, in a “cold” wallet. This makes it more difficult for hackers to steal the assets, as they are not connected to the internet. The Odsy Foundation is working on developing new cold storage solutions that are even more secure than current options.
3. Encryption: The Odsy Foundation is also working on developing new encryption methods that will make it more difficult for hackers to access crypto wallets. Encryption involves encoding the data in the wallet in such a way that it can only be accessed by someone with the correct encryption key.
In addition to developing new security features for crypto wallets, the Odsy Foundation is also focused on educating the public about the importance of protecting their digital assets. Many people are unaware of the risks associated with crypto wallets, and may not take the necessary steps to secure their assets. The Odsy Foundation is working to raise awareness about these risks, and to provide users with the information they need to protect themselves.
The $7.5 million in funding that the Odsy Foundation has recently raised will be crucial in helping them achieve their goals. Developing new security features and educating the public about crypto wallet security requires significant resources, and this funding will enable the Odsy Foundation to make significant strides in these areas.
The Odsy Foundation is also working closely with other organizations in the crypto industry to improve overall security standards. They are collaborating with crypto exchanges, wallet providers, and other industry players to develop a set of best practices for security. By working together, these organizations can create a safer and more secure environment for crypto users.
In conclusion, the Odsy Foundation’s recent $7.5 million funding round is a major milestone for the organization and for the crypto industry as a whole. By developing new security features for crypto wallets and educating the public about the importance of protecting their digital assets, the Odsy Foundation is helping to create a more secure and trustworthy crypto ecosystem. As the industry continues to grow and evolve, organizations like the Odsy Foundation will play a crucial role in shaping its future.
Cryptocurrency wallets have been plagued with security issues, making it easy for scammers to steal money from unsuspecting victims. To solve this problem, the Odsy Foundation announced last week that it raised $7.5 million in seed funding at a significant $250 million valuation for the Odsy Network. The network hosts a new type of smart wallet, called dWallets, that aims to solve many of the issues plaguing traditional public and private key wallets.
The issue with classical wallet types is fundamentally about access control, where blockchain wallets are operated by knowing the private key of a public key, which corresponds to the wallet address. This knowledge gives anyone full control over the funds on that address. Under the hood, private keys are used to sign messages like transaction instructions while guaranteeing that the signer knows the private key behind a particular public key, without revealing the private key itself. Thus, signed transactions cannot be changed without requiring a new signature, meaning they’d have to control the private key.
Odsy aims to make private keys one small element of the authentication process so that stealing one piece of data doesn’t result in total loss. The same tools can be used to create complex access control logic, for example, by limiting the actions that any individual private key holder can perform. Thus, there can be multiple wallet user levels, such as admin access, regular user access, etc.
The dWallets will be created using a cryptographic technology called Multi-Party Computation (MPC), which enables reliable generation of the final private key by combining multiple secrets or pieces of the final private key. In Odsy, each user owns their piece of the secret, and each validator of the network has their small part. The network relies on thresholds so that only a majority of valid secret holders can execute transactions without requiring the entire set of keys. This keeps the list of validators decentralized and fluid, and it also allows multiple users for the same wallet, perhaps with different permissions.
The dWallet smart contracts verify if the specific user is allowed to perform the action they’re requesting. If they do, the contracts generate the full signed transaction for the dWallet, which can be applied to any other blockchain to execute that transaction. As mentioned before, signed transactions cannot be modified, meaning there are no security risks. This system is also quite unique and enables a lot of cross-chain interaction use cases.
Overall, Odsy is designed for more complex and security-minded use cases such as custody, multi-chain decentralized organizations, and crypto businesses. Its cross-chain interoperability features are great for decentralized finance and blockchain games.
The Odsy Network funding round saw major investors such as Blockchange Ventures, Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC, and others. The ecosystem already includes other significantly funded startups such as dWallet Labs, which secured $5 million from the likes of Digital Currency Group (DCG) and Node Capital, as well as Fun, which raised $3.9 million in a round led by JAM Fund, founded by Tinder co-founder Justin Mateen.
The Odsy Network is a unique solution to current crypto wallet security, compliance, and utility issues. The technology offers great potential, and the team is poised to publicly unveil the cryptography advances that made Odsy possible. However, executing and competing with many other infrastructural solutions remains a challenge, and only time will tell if dWallets will become the massively adopted, revolutionary technology they have the potential to be.
