What is a SecureKey?
In GRVT, the SecureKey serves as the essential Web3 credential for users engaging in trading activities. This self-custodial credential is designed to enhance security and facilitate asset management on the platform.
SecureKey Functionality
Ethereum Key Pairs: The SecureKey consists of Ethereum public/private key pairs, ensuring that only the user has access to their private keys. This setup guarantees that any action altering asset ownership requires a signature from the SecureKey, thereby adding a crucial layer of security.
Watch this video tutorial on how to create your GRVT native SecureKey:
GRVT Native SecureKey vs. External Wallets
Users can opt to use an external wallet, such as MetaMask, as their SecureKey. This allows them to sign messages using the private key stored in the MetaMask extension. However, signing transactions on GRVT does not incur gas fees, except when bridging assets. Alternatively, GRVT offers a built-in SecureKey powered by Dfns. This option is particularly beneficial for users who prefer not to manage private keys directly.
Advantages of Dfns-secured GRVT Native SecureKey
Biometric Security: Users can create SecureKeys and authorize transactions using biometric data (e.g. facial recognition or fingerprints), streamlining the process of managing digital assets. This would only be available if users already have suitable hardware (e.g. a mobile phone with fingerprint security).
No Key Management Required: Users do not need to handle private keys directly; instead, they can sign transactions securely using passkeys.
Enhanced User Experience: The integration allows for a seamless onboarding process, enabling users to quickly create wallets by entering their email and scanning their biometric data.
Security Features
Dfns employs advanced cryptographic techniques and NIST-compliant key management practices to ensure that no unauthorized personnel can interfere with sensitive user actions. This structure is designed to prevent unauthorized asset movements and protect against potential security breaches. In summary, GRVT's collaboration with Dfns provides a robust and user-friendly system for managing digital assets through the SecureKey, enhancing both security and accessibility for users engaging in trading activities on the platform.