A TorusLabs member has made the following post on Reddit’s r/ethereum community thread. “We hope to be an alternative for Web2.0 mainstream audiences.”
Torus, which was funded to the tune of $2 million in July 2019, in a financing round led by Multicoin Capital, Coinbase Ventures, Binance Labs and other prominent companies, intends to establish a simple method for drawing users onto decentralized platforms.
Notably, Coinbase CEO Brian Armstrong was recently given a patent for an identical system that permits users to remit and receive Bitcoin via email.
With the intention of easing the procedure of copying and pasting complex ETH addresses while remitting the cryptos, Torus implements a “name resolver” that permits users initiate ETH transactions using a google email address or reddit account names.
As per a company’s blog post, the recent version of Torus’ non-custodial wallet permits users to log on utilizing their Facebook, Discord and Twitch accounts.
The post elaborates:
The post explains, “With the name resolver, users are also able to transfer ETH and ERC20 tokens to any Ethereum Wallet address, Gmail or GSuite Email accounts, Reddit ID, and Discord ID, regardless of whether the recipient has logged into Torus before.”
As an alternative to transfering cryptos using complex addresses made up of alphanumeric characters, users are able to finish transactions utilizing email addresses and user names.
Torus trusts that this will turn it simpler for universal users to give it a shot by sending and receiving cryptos.
With an intention to familiarize crypto users with this theory, Torus is backing Reddit users to trial it on their own.
In this regard, a TorusLabs community member said the following on the r/ethereum reddit thread, saying:
“For Redditors here that are keen to test Torus out, comment on this thread and we’ll send some ETH to your Reddit account! You’ll need to log on to https://app.tor.us with your Reddit account to retrieve the ETH we send you.”
As anticipated Reddit users have communicated their interest to gain further knowledge about the program, safety aspects and the reason behind ETH offering by Torus on Christmas Eve.
To a query on details required, TorusLabs responsed by saying “For a Reddit login, we just need your Reddit username and signup date.” To another question on security, TorusLabs community member replied “Torus is a non-custodial wallet and that the keys are generated in a distributed manner via distributed key generation.”
As per Torus website, the user keys is encrypted into a smart contract layer, while a big chunk of transactions are carried out via off line private channels. There was also a query whether Google and Reddit accounts could be associated with one Torus account.
TorusLabs stated that as of now accounts cannot be tied up, but that they are working to include the feature in the months ahead.
A TorusLab member revealed that the team is working on linked accounts. “Currently no, but we’re working on linked accounts. Similar to a multi-sig wallet where you can link multiple logins, and you’ll have to authenticate with each account before accessing your wallet.”
The announcement made by TorusLabs has made Redditors enthusiastic about getting ETH for free. In this regard, a community member has issued an additional reward offer:
“While you’re testing Torus out, do join our Christmas giveaway for a chance to win $100 worth of MATIC tokens for you and your friend! Simply send any amount of ETH or MATIC to your friend through their Google email, Reddit username or Discord ID, and register on our competition site.”
Even though it is not evident if Torus is rewarding ETH as a means of promotion to motivate users to participate in their Christmas giveaway, the response from the Ethereum community, based on posts in Reddit thread r/ethereum community, seems to be optimistic. Many users are frankly inquisitive about the procedure for getting ETH awards through Reddit or email.
A reddit user opined “This is amazing. Lately I am seeing more and more good use cases.”