Recovery phrases and private keys are making the usage of non-custodial wallets hard for users who are experienced and inexperienced alike. Regarding this situation, Dfns, a French company, developed a solution for this hindrance. Now, Dfns users will be able to utilize biometrics to access their assets more easily than before!
Is Facial Recognition the Future of this Sector?
Is facial recognition the future of non-custodial wallets? The answer seems to be yes. Currently, Dfns has announced the launch of its solution, which will allow developers and users to manage cryptocurrency wallets via biometric tools at their disposal.
With this new development, users will be able to access and manage their accounts using fingerprint or facial recognition technologies. These new features will replace the old recovery phrase and private key obstacles and bring forth a more managable way of utilizing assets. Dfns’ CEO, Clarisse Hagege, says that this development is necessary for some users to be able to close the gap between Web2 and Web3 more easily. “Any user creating a crypto wallet or transferring digital assets will be able to do so with a simple scan of their face or fingerprint, bridging the user experience gap between Web3 and Web2.”
Therefore, cryptocurrency users will not need to remember every recovery phrase or private key in order to access their assets. They will utilize biometric tools that will authorize them to access their funds.
Using Biometrics might Nullify Some of the Adverse Effects
This startup which specializes in wallet infrastructure has a mission in mind, that is to make cryptocurrency and cryptocurrency wallets more accessible to a wide range of users by making their usage easier. After 2022, which was a disasterous year for the market with several banktruptcies, especially that of FTX’s, users leaned more on non-custodial wallets for a change. An instance for this phenomenon could be Ledger, another French company that had large number of sales during the market recession.
But users who are less knowledgeable of these technologies are hesitant to utilize these tools. Still, Dfns’ CEO suggest that their main objective is to make Dfns a secure, efficient, and easily accessible platform for many users. “The first place a new user can start their Web3 journey is by opening a wallet, and if the UX feels alien, cluttered, or unfamiliar, the likelihood of conversion and retention drops precipitously. Every platform and app that wants to help make Web3 more convenient and secure needs to integrate biometric wallets.”
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