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- 1 Decentralized wallet developer Odsy Network, layer 1 blockchain raised $7.5M at a $250M valuation.
- 2 The funding round was led by blockchain ventures and included participation from Rubnik and many others.
Odsy Network Foundation is working to promote the network adoption and said its goal is to decentralize access control in Web3. It is a non-profit organization dedicated to developing the Odsy Network ecosystem.
Decentralized wallet developer Odsy Network Foundation Journey’s started in Zug in August 2022. This foundation was developed by Omer Sadika, David Lachmish, Sean Lee, and Yehonatan Cohen Scaly.
The Fund participation was led by Rubnik Ventures, No limit holdings, Node Capital, and Falcon X, among others. They commonly believe that technology is a transformative shift for the planet. The company intends to use this fund to develop and expand operations.
Decentralized Wallet- New Crypto Primitive
Decentralized Wallet will give a programmable and secure approach for all web3. So, it is called a new crypto primitive. It means that wallets are designed to provide access to different Web3 protocols and platforms through transferable signing mechanisms.
The Odsy Foundation accelerated the adoption of dWallet by encouraging research, development, education, and partnership. Firms building Odsy is dWallet Labs, a firm providing blockchain security for other Ods Based projects that raised $5 million in August in a round led by Node Capital and Coin Desk parent company Digital Currency.
The decentralized access control in web3 will reduce the need for multiple wallers to access different networks. But, Odsy’s wallets are designed to provide access to different web3 protocols. With it, one can have the ability to sign transactions on practically any other blockchain.
The main reason behind creating web3 centralized solutions is the lack of infrastructure for decentralized access. But with the collapse of centralized web3 giants like Celsius and FTX, it becomes evident that decentralized access is needed in web3. There is a threat to centralized access.
Decentralized Access Control Of Web3 Leads to Benefits
There is a huge benefit from decentralized access control of web3. One main benefit is giving users more control over the data they share and limiting the use of sharing IDs repeatedly for proofing. Thus in a way, it will enhance the security as well as speed.
dWallet is a signing mechanism paired with a public key controlled by dynamic access that functions within the decentralized machine. The network of dWallet is programmable and has transferable signing mechanisms.
The transactions can be done practically with any network. The capability of dynamic access control will let users create their own set of instructions on who, when, and where can sign or not sign their transactions with their private keys.
Compricesly, it can be said that dWallets will increase security and compatibility and function as a building block. These blocks are no doubt useful but can also be plugged into more complex programmes. It will have a huge impact on users’ journey in web3.
The raised fund will help the Odsy Network further develop its ecosystem and build the universal access control in web3 by dWallets.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
