In the world of Web3, where decentralization and self-custody are the guiding principles, our Okto team embarked on a mission to bridge the gap between convenience and security in DeFi wallets. We understood that self-custody was a critical value of Web3 and a key factor in the success of the industry.
We observed that while the adoption of DApps and self-custody wallets had made some progress, there were still significant challenges hindering mainstream adoption. The complexity of managing long passwords and security keys, coupled with the potential risk of losing assets, made self-custody a daunting task even for advanced users. The team recognized that without an easy and secure self-custody solution, DApps would struggle to gain traction.
Our passionate and committed team set out to address these challenges and create a game-changing solution. The team worked tirelessly for the past one year, harnessing multiple complex technologies to bring their vision to life.
Our creation is the Okto app – a powerful yet simple mobile platform that makes DeFi accessible to both new and advanced users. The first thing we resolved was Self-Custody- Okto offers a self-custody solution for crypto assets. It provides users full control of their funds; any transaction cannot be completed without user approval and consent; no fully validated transaction initiated by the user will be denied. Users are in full control of their assets as the wallets cannot be created or operated without their approval. The MPC infrastructure runs on a MPC cluster consisting of MPC nodes residing in geographically distributed data centers, combined with a mobile node running in a highly secure environment on the user's device.
Thus, our solution uniquely involves two independent computing parties: the user and geographically distributed Okto nodes. Each party runs nodes within their own secure network, making security compromise extremely hard. To ensure reliability, all our infrastructure is backed by multiple layers of security, and robust backup mechanisms. This enables our users to benefit from a highly secure and highly available service.
Okto offers an easy to use and intuitive solution that removes the complexity associated with private key management. It completely eliminates the need to understand Blockchain or Private Keys and offers a single click, mobile native user experience to create and operate wallets.
With an intuitive user interface that mimics the experience provided by Web2 financial apps, Okto offers users a seamless experience while leveraging the benefits of decentralization. Users could access thousands of tokens across various decentralized exchanges (DEXs) and explore high-yield generating opportunities without any technical background.
But our Okto team didn't stop there. We recognized the pressing need for enhanced security in the DeFi space, as incidents of fraud and security breaches were becoming all too common. In the quest to make self-custody wallets safer, we turned to the power of artificial intelligence.
After months of research and development, the Okto team unveiled their groundbreaking solution – continuous cognitive authentication powered by AI. This innovative approach relied on analyzing user behavior and cognitive patterns to verify their identity, going beyond traditional login credentials like usernames and passwords. With this advanced AI technology, Okto can detect suspicious activities and prevent any misuse of wallet keys, all while ensuring user privacy.
The integration of continuous cognitive authentication into the Okto Wallet is a game-changer. It has enabled real-time security checks, completing them in mere microseconds without human intervention. Transactions are scrutinized, and additional authentications are triggered when necessary, providing an unparalleled level of security.
The Okto team's commitment to user privacy is unwavering. The team has designed Okto with privacy principles at its core, ensuring limited and secure data collection and storage. Users have complete control over their data, and strong security measures are in place to protect their information.
The overall premise of DeFi is to build a better financial system that allows for a more efficient and inclusive system, with less dependence on centralized parties and processes that hinder the free flow of economic value across several facets of modern-day society. At Okto, our vision is to build a user-oriented Web3 strategy which bridges the gap between users and the Web3 ecosystem, by simplifying and enabling access and interaction for mainstream users with an intent to bring positive changes to people's lives. We are committed to strengthening our footprint in the Web3 and DeFi ecosystem. Our long-term goal is to accelerate the adoption of Web3 for mass market consumers.
With the innovative technology and unwavering dedication of our team, we are able to take the first step to bridge the gap between convenience and security in DeFi wallets. I firmly believe our contribution would usher in a new era of Web3 adoption, making it easier and more accessible for users to participate in the exciting world of decentralized finance. My sincere thanks to the team and gratitude for this groundbreaking product.
This is the beginning of what we as a team have delivered, and together we have a long way to go!
Co-Founder, Okto & CoinDCX