Hyperspace technologies, a Web3 firm headquartered in Lagos, has announced the release of its product, the keymaster Vault. Hyperspace is a pioneer in the creation of intelligent security infrastructure and key management solutions.
Keymaster VAULT is a secure NFC-based hardware wallet that stores private keys in the cloud.
It provides a cost-effective and user-friendly alternative to traditional hardware wallets, which are both pricey and inconvenient.
Keymaster VAULT was created to meet the demands of the African market.
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The Keymaster VAULT enables consumers to safely access their digital assets by simply tapping their NFC-enabled devices, utilising the convenience of use provided by Near Field Communication (NFC) technology.
As a result, the wallet does not require any complicated installation steps, making it an excellent choice for users with varying levels of cryptocurrency expertise.
The wallet avoids a large chunk of the susceptibility to hacking and infections inherent in online key storage by storing private keys locally rather than online.
Read also: Adaverse backs Ejara, woman-led DeFi platform to democratize African finance
The Motive of Hyperspace Technologies
According to Chidera Anyanebechi, General Manager of Hyperspace Technologies, “We wanted to create a wallet that combines the highest level of security with ease of use, making cryptocurrency storage accessible to a broader audience in Africa.” “We wanted to create a wallet that combines the highest level of security with ease of use,”
Anyanebechi explained that “The Keymaster VAULT not only provides an affordable solution but also offers enterprise clients the ability to leverage blockchain-based identity and access management, which we believe will be a game-changer in the industry.”
The cutting-edge encryption technology utilised in the Keymaster VAULT offers consumers the highest level of protection for their digital valuables. Individuals and companies who want to save their digital assets safely without breaking the budget or dealing with complicated settings will find that this product’s compact size and portability make it an ideal option to consider.
What is Web3?
Individuals frequently claim that Web3 is a collection of collaborative, open-source, decentralised applications that run on blockchain computing architecture.
It is distinct from the Metaverse, another open-source virtual reality setting. Web1 was the name of the internet from roughly 1990 to 2004.
Users of the internet could only read it, and it served as a source of information.
In essence, it enabled everyone to access genuine newspapers via a global network. The current internet operating system, known as Web2, allows users to engage with websites.
Nowadays, the internet does more than just display data. Users can now add information to other people’s web pages, and it can vary based on what a reader desires.
The read/write system of the Internet was replaced by a read-only system with Web2. Also, Web2 businesses have the flexibility to modify the restrictions at any moment or just ban users who don’t agree with them.
Web2 businesses make changes to their websites to maintain user engagement. To put it another way, they are designed to pique your interest.
Sadly, this calls for providing people with the material they are most likely to read, such as clickbait titles that irritate or make people feel as though they are missing out on something.
The effects of a steady stream of offensive material on mental health are now frequently studied, and extensive social media use is associated with anxiety, depression, and low self-esteem.
Decentralized applications, or dapps, are managed by teams of individuals rather than by a single corporation.
A CEO, management, or board of directors do not make decisions.
Instead, decisions are made by a group of token-owning individuals.
Also, decisions are made publicly and are recorded on a blockchain so that everyone can view them. This eliminates the need for secret meetings. Think about what would happen if Google and Facebook had to obtain user consent before conducting any transaction.
The majority of people undoubtedly don’t agree with how much information is gathered, how many people are banned, or how much offensive content is fed.
Because Web3 is so centralised, it conceptually addresses many of Web2’s issues.
The internet got more entertaining and interesting when Web2 took the place of Web1.
It also provided internet businesses with a fresh revenue stream. That model didn’t have issues until after it had been in use for some time. Even though Web2 firms like Facebook and Google appear to offer free services, they actually profit off the data of their users, which is harmful to privacy.
Businesses have gained billions of dollars from advertising by packaging this data for use by marketers in creating targeted marketing campaigns.
Google earns more than 80% of its revenue from advertisements.
By learning what consumers like, dislike, and are interested in, advertisers may get their marketing materials in front of the people who are most likely to purchase their goods or services.
Yet, not all data collection methods are moral or even lawful.
Facebook was penalised $5 billion by the Federal Trade Commission for violating user privacy laws.
While Web3 is predicated on the concepts of decentralisation and privacy, one may convincingly argue that it is not a panacea for every issue with the internet as it currently exists.
Web3 is not as decentralised as some people believe, for starters. When it comes to Web3 advancement, businesses like Hyperspace Technologies have Africa covered.