WEB3

How Odsy Network Plans to Solve Access Control Issues Using dWallets

by BSC News

October 11, 2022

chain

The co-founder of Odsy Network wants the new blockchain to be the Access Control Layer for all of Web3, via Dynamic Decentralized Wallets (dWallets).

Odsy Network, dWallets

New security-focused blockchain Odsy Network aims to bring decentralized and flexible access control to crypto users on any blockchain, via Dynamic Decentralized Wallets (dWallets).

Omer Sadika , co-founder of Odsy Network and CEO of dWallet Labs, told BSC News during the recent Messari Mainnet event:

“Access control is something so fundamental, yet so basic that people do not even think about. The idea behind the Odsy Network is to solve the access control problem in crypto caused as a result of the binary choices which pushes Web3 projects towards centralized alternatives. We see Odsy Network as the Access Control Layer for Web3, and it is also the blockchain for dWallets.”

In essence, dWallets aim provide the quality and ease of access control currently provided by centralized entities (i.e. crypto exchanges) but in a decentralized manner. The Odsy Network is a purpose-built layer-one blockchain with its main utility being dWallets. A dWallet lives on Odsy Network and is bound to a smart contract that manages access to the dWallet, from any other blockchain.

The nature of dWallets also allows for transfer of wallet ownership, like other digital assets.

Sadika said, “dWallets is a new primitive on the blockchain that is programmable and transferrable which means it could be treated as an asset and business logic can be written on top of it. There are many more use cases that we are thinking about. Because dWallets are transferrable, we could create a marketplace for dWallets so users are able to trade dWallets.”

dWallets could be used to build secure Retail and Institutional Custody solutions since they are integrated with MPC (MultiParty Computing) to enhance privacy and security. In addition, Web3 projects such as natively multi-chain Decentralized Autonomous Organizations (DAOs) can utilize dWallets to enable decentralized access control and granular access sharing in an interoperable manner between different networks.

“The way that users interact with blockchains today is too direct, with no flexibility. The beauty of dWallets is that users can give limited access to other parties, products, or solutions,” Sadika said.

dWallet Labs announced a $5 million pre-seed round in August, led by the Digital Currency Group (DCG) and Node Capital.

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