Create a wallet with LINE! Private key management platform "Torus" solution is now online, allowing login via Facebook and Twitter.

Blockchain applications are notorious for being difficult to use compared to mainstream apps, as if they belong to two different worlds. However, blockchain startups are working hard to improve the poor user experience and make it easier for users to utilize cryptocurrency wallets in a more convenient way. They are also pushing for the integration of payment functions on mainstream social platforms.

Torus: Private Key Management Platform

Torus is a private key management platform based in Singapore. Established in 2018, the company launched Ethereum transaction testing on Reddit and Google Email accounts in December of the following year. In May of this year, they introduced their non-custodial private key management solution, DirectAuth, to enhance the login experience for Web 3.0 applications.

The recent update v1.7.2 released on the 7th of this month brings more user-friendly features to Torus Wallet and DirectAuth. Users can now log in, create wallets, and send cryptocurrencies through social platforms like Twitter.

Users can now create a new Ethereum blockchain wallet using any login method, including Google, Facebook, Reddit, Twitch, Discord, AppleID, Github, LinkedIn, Twitter, Line, and email accounts.

The announcement states that through the Torus web application, users can send tokens (currently only Ethereum) to any Twitter or Reddit account, even if the account has never used Torus's cryptocurrency wallet before.

Sending Ethereum to Vitalik, Elon Musk, and CZ

Following the major update, Torus showcased transactions to "Twitter accounts" on Twitter, including influential figures in the cryptocurrency industry such as Ethereum founder Vitalik Buterin, Binance CEO Changpeng Zhao (CZ), and Tesla CEO Elon Musk. However, Torus's tweets did not receive responses from them.

The Torus platform supports Simplified Chinese and after testing, users can log in with third-party accounts like LINE very quickly, and the public and private keys of Ethereum wallets can also be exported. However, the transfer function is limited to certain platforms, and platforms like Facebook, Twitch, and Apple ID currently do not support transaction (sending out) functions.

Is Lowering the Barrier to Entry Proportional to Popularization?

It is not only Torus that focuses on integrating blockchain with mainstream platforms. In a previous report, decentralized lending platform Dharma implemented a new feature called "social payments," allowing Twitter users to freely send USD to each other. Xuan Li, founder of Taiwanese blockchain company portto, is optimistic about frictionless products like this. He mentioned:

While blockchain emphasizes decentralization, most users actually do not care whether the product is "very decentralized." Solutions like Fortmatic, Torus, and Bitski start with experiences familiar to users, reducing the barriers to entry and friction in use, which is helpful for promotion. We are also developing SDKs to allow applications to integrate directly.

As for the direct transfer function on Twitter, it is more like their social referral customer acquisition channel, but I believe the effect is limited because it does not address how the recipient, if not originally from the cryptocurrency community, will spend or convert the tokens into fiat currency.

This feature is clearly well-intentioned, and if it can integrate with major protocols in the future, it may further drive the currently more practical "DeFi" field of blockchain. However, considering that this platform is still in its early stages, whether it can protect user assets in the unpredictable and threatening real-world environment in the future remains to be seen.