Provide a decentralized account model aimed to connect experiences

Provide a decentralized account model aimed to connect experiences

Blockchain News
October 23, 2021 by Delnia
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Despite the technology's capacity to provide improved safety and privacy through encryption, the bulk of Blockchain applications have yet to be broadly adopted in everyday life. As a result, technology adoption is sometimes stymied owing to regular consumers' inability to understand Blockchain benefits beyond those provided by cryptocurrencies.
Provide a decentralized account model aimed to connect experiences

An ecosystem that offers a single entry point into numerous apps can help consumers view the Blockchain for more than its decentralized account model. It can help users see the technology for more than its Cryptocurrency use case.

As more and more apps are created to let individuals share personal and financial information. Info security is becoming a critical issue across all sectors. “Is my data secure?” has been a common concern among consumers. Although the Blockchain has demonstrated that it can safely transfer data in the financial sector. Many users are still failing to use these capabilities in other aspects of data transfer.

One of the main reasons for this is the lack of a well-rounded Blockchain ecosystem, which could theoretically bring together activities like social networking and Cryptocurrency trading that platforms and audiences would otherwise separate. Thanks to a comprehensive ecosystem, a fragmented market might become united, and more consumers could engage in this booming business.

The TrustKeys network attempts to address this issue with a CryptoNoCurrency SuperApp (No=Not Only), which may deliver value in the form of Cryptocurrency storage and trading, as well as other Blockchain-based real-world applications. The team aims to create a complete Cryptocurrency ecosystem, which currently includes a non-custodial wallet, a Cryptocurrency exchange, and a Blockchain-style network with an end-to-end encrypted Messenger and a decentralized account model.

DAM allows the network to link experiences within the ecosystem’s mini-apps while still providing consumers complete control over their accounts.

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Entering the Crypto world

Although the DAM concept is well-known in the Bitcoin and Blockchain communities, it has yet to be applied in a broader context encompassing messaging and social networking. Individuals or companies must have an offline or real ID that keeps user control and varies based on the scenario to access DAM.

Although the decentralized account model concept is well-known in the Bitcoin and Blockchain communities, it has yet to be applied in a broader context encompassing messaging and social networking. Individuals or companies must have an offline or real ID that keeps user control and varies based on the scenario to access DAM.

Because the Blockchain produces individuals’ identities, wallet addresses, and related public keys, users must maintain control over their private keys. Public keys are one-way computations from the private key. They’re used to locate other users on the TrustKeys Social Network and transmit and receive things in the ecosystem.

The DAM model is simply one part of realizing the technology’s potential. TrustKeys Super App serves as an entry point into the Cryptocurrency world, allowing users to “simply keep [and] trade” as well as “securely share with a Blockchain-style social network.”

As a result, a user’s account is entirely under their control. “They don’t rely on any centralized elements,” the team member says, allowing genuine users to be account owners rather than the service provider, as is the typical approach today.

What can you do with decentralized account model?

Depending on the Cryptocurrency you’re dealing with, you may perform a variety of things. It may use a Cryptocurrency asset to transmit value from one person to another and pay for products and services at its decentralized account model.

Each item has a monetary worth, frequently expressed in US dollars, leading to another application: trading and investment. Aside from Stablecoins, which aim to reduce Cryptocurrency volatility by pegging an asset to something else, such as the US dollar, most cryptocurrencies continuously fluctuate in price. On exchanges, you can trade between cryptocurrencies and national currencies (also known as fiat currencies). It is depending on the trading pairings offered on your preferred platform.

How do Cryptocurrencies work?

A Blockchain is used by the majority of cryptocurrencies (except for a handful). A Blockchain is essentially a network of numerous computers worldwide that pool their processing power to verify network operations.

The first person to answer a problem receives a reward for assisting the network’s operation as part of the mining process. This is referred to as mining. Mining is required to increase the amount of any given item in circulation from its maximum supply. Blockchain aids in the decentralization of assets while also providing substantial security advantages over centralized systems with a single point of failure.

How to buy decentralized account model Cryptocurrency

Because cryptocurrencies are becoming more widely accepted, there are several ways to buy them. You can buy and sell a wide range of digital assets on crypto-native marketplaces. PayPal is an example of a platform where people may purchase and trade-specific digital assets in the real world. Crypto ATMs can also be seen in many parts of the world as a decentralized account model.

Depending on the platform, bank transfers make payments for assets, Cryptocurrency transfers, or credit cards. The capacity to purchase and sell Cryptocurrency on any specific site, however, varies by area.

The start of a greater ecosystem

The TrustKeys Network team has specified various items that will make up the initial ecosystem as a community.

One of them is a social networking site aimed at addressing the industry’s present constraints. Concerns about the security of social media discussions are currently rife. The TrustKeys social network assists users in taking control of their accounts and gaining access to trustworthy information. The inclusion of a social network makes it easier for users to purchase and trade Cryptocurrencies by allowing them to interact with their peers.

TrustKeys likewise promises to provide consumers with a 24-character private key to keep their Bitcoin. The wallet can also handle multichain for the majority of today’s cryptocurrencies. Integration with NFTs, as recommended by the team shortly, will be included in future versions.

The third major release features an exchange that will combine the benefits of both decentralized account model. And centralized exchanges (DEXs and CEXs) to provide users with a safe and secure experience.

However, to reap the full advantages of the Super App, the team is hard at work on additional features like lending. Also borrowing, staking, derivatives, and a marketplace and launchpad for nonfungible tokens (NFTs). The team will create a worldwide ecosystem of financial connectivity and asset digitalization based on the Blockchain by combining all of these use cases.

Sum-up about decentralized account model

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References:
https://cointelegraph.com/news/platform-provides-entry-into-the-cryptocurrency…

https://stratixsystems.com/verge-data-security…
https://blog.trustkeys.network/what-is-trustk-token-what…

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