Tackling the biggest roadblock to widespread DeFi adoption
We've seen the headlines
We've felt the fear each time we write down that seed phrase. Each time we store it somewhere safe but wonder...what if...
Leverage Vendible zero-knowledge proof-driven associated accounts and your identity vault to ensure you never lose a single asset.
We've felt the fear each time we write down that seed phrase. Each time we store it somewhere safe but wonder...what if...
As more people join DeFi, they will not want to take the risk of
self-sovereign ownership of their assets. This trend will only
lead to a new generation of custodians.
When you
transfer your assets to a custodian or exchange, you no longer own
the assets. You merely have a credit with that company. They can
then choose when, how, or if they want to honor that credit.
Vendible has developed a method for members to import and protect
their private keys. We call this service Trustible. We use
zero-knowledge proofs and advanced encryption to decentralized storage
to ensure that, no matter what, your keys are protected.
In
our process, no outside party, including Vendible, ever sees, stores,
or has any possible means of accessing your keys. They are protected
and secured by the information you add to your decentralized identity
vault.
Vendible allows members to create a decentralized identifier
(DID) that proves they have one unique account in our network.
The main DID after the initial identity verification. From
that point, the main DID account is your anchor in web3.
Vendible then creates privacy-preserving associated accounts
which link to the main account without exposing those
connections on-chain. These associated accounts can hold data
or assets. For Trustible, the data contained in the associated
account DIDs are the zero-knowledge proof circuit details and
encryption information for the protected private key.
Members can recover their main account using the
application biometrics plus zero-knowledge proof checks
against information stored by the member in the main DID. The
main DID can then retrieve all other associated accounts.
No. The recovery key cannot be signed to release the encrypted private key without you providing the answers you encrypted and stored in your identity vault.
A key is protected by selecting a network and entering your seed phrase. The encryption takes place on your device and is then locked in decentralized storage. Your key is never seen, held, or passed through Vendible or any third party.
Yes. We have already had the cryptographic measures reviewed. Our grant from the Algorand Foundation to establish these methods is complete. We will open-source all of our work during testnet and publish academic papers on our approach. Ensuring everyone feels secure is our top priority.
If the main account needs to be recovered, the member goes back through the same steps as initial verification. Biometrics confirms the uniqueness and returns a key that is searched against all Vendible DIDs. When the match is found, the member is presented a series of questions, the answers to which are encrypted and stored in their identity vault. Zero-knowledge proof checks confirm whether the member knows this information without exposing the answers. For most people, that is enough to confirm, and a threshold signature is signed between Vendible and the member, releasing the encrypted key back to the application where it is unencrypted by the client, and not visible to any other party.
We will open service to Bitcoin, Ethereum, Solana, Polygon, and Algorand during testnet and initial launch. We will extend our service after our mainnet launch.
Keys are imported into the application, encrypted, and stored in decentralized storage by the application (so that was just between you and the app - nothing on the server). A new Algorand account is created with zero-knowledge proof links and a DID document containing the circuit proofs.
An identity vault is a W3C-compliant DID document and on-chain registration which holds claims to encrypted data locked in decentralized storage.
No keys can be sent to a client device and unencrypted without confirmation from the device that the member has successfully answered the questions from their identity vault.
No keys can be sent to a client device and unencrypted without confirmation from the device that the member has successfully answered the questions from their identity vault.
Trustible will occasionally prompt members to answer their questions again to ensure they are fresh in their minds. Customer service can help walk a member through a recovery process if they forget their keys, but it is an extensive process.
No. Keys that are not protected are unfortunately lost forever, along with the assets they control.
Have more questions? Great!
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