As the traction of cryptocurrencies increases and as more masses adopt them, the issues of security keeps on increasing. There are many domains of security such as cybersecurity, identity management and network security that have become forefront of the conversation related to the issues surrounding cryptocurrencies.
NuID is building a decentralized authentication and digital identity management solution. They even harness recent developments in DLT and cryptography to build a scalable key management network capable of authenticating individuals, no matter what device they are using.
NuID is built to scale to the advancement and proliferation of biometric sensor data. Digital assets and sensitive data can be secured with the benefits of storing your own private key but with the convenience of cloud-hosted access.
Features Of NuID
With their decentralized authentication and digital identity management solution, widespread breaches and centralized password storage will become a thing of the past.
Some of NuID’s features are listed below:
- Authentication: NuID makes authentication workflow very simple and takes the the burden away from companies to handle sensitive information.
- Distributed Ledger Technology: They keep updated on disruptions in blockchain or cryptographic technologies.
- Biometrics: Fingerprint, retinal scan, BioWatch, you name it. As sensors get better, NuID grows more secure.
- Digital Valuables: They are making managing digital valuables easy, portable and safe.
Applications Of NuID
NuID uses public key cryptography and distributed ledger technology to eliminate the need for businesses to store users’ sensitive authentication data. Passwords, security questions, and other authentication data are some of the most-targeted information in enterprise-level hacks.
With NuID, your company can validate users’ identities without the costs and risks of traditional authentication. Unlike centralized authentication methods, our zero-knowledge architecture allows for trustless authentication, which means even we do not have access to users’ private keys.
While the NuID protocol provides for streamlined authentication of users, it further allows them to trustlessly secure any sensitive data using their NuID authentication keys. This solves the primary issue regarding security and custody of crypto-assets and will alleviate difficulties of AML/KYC compliance.
Businesses looking to secure crypto-assets, either for themselves or for clients, face the dilemma of either storing keys locally or entrusting them to a third party. Storing keys for crypto-assets locally introduces risks of asset-loss, limited accessibility, and custody issues.
Using cloud-based key management services relinquishes control over those assets. NuID offers a new way: distributed key management in which users maintain full control of their private keys, accessible anywhere via our trustless and secure authentication protocol.
The NuID client libraries are designed to simplify development in many sensitive aspects of modern services. Stay tuned as the APIs stabilize and this list fills in. A developer can authenticate and manage user sessions, securely store and share data, transact in multiple ways and do KYC and AML and easily do attribute sharing, attestation and validation.
Every time you sign up for a new online service, you're giving it something. Sometimes the requirements are seemingly trivial, like a standard username and password. Other times they ask for more sensitive information, such as your birthdate, phone number, or social security number. That data is tremendously valuable.
NuID's trustless authentication workflow aims to address the complexity services face in implementing security best practices. We’re making it easier to do the right thing. Trustless authentication means that only you can register, access, or revoke the digital authentication keys that enable secure and private interactions online. No passwords or sensitive data are shared to prove who you are. It’s simple: only you should hold your keys to the Internet.
NuID is one of the most popular cryptocurrency security service out there. They are pushing the envelope towards decentralized authentication. More about NuID can be read on their website https://www.nuid.io/.