Web3Auth announces decentralization campaign with new network, token, and partnership program

SINGAPORE, FEBRUARY 17, 2022 —  Web3Auth, the Web3 login infrastructure solution replacing seed phrases, announces today its path towards full decentralization and community governance of its underlying network.

Web3Auth will transition from its current permissioned network to the permissionless Auth Network. When this transition is complete, Web3Auth’s network will be entirely community governed. The Auth Network will power and enhance Web3Auth’s seamless UX. The base functionality of Web3Auth’s intuitive login capabilities will not change. The new Auth Network, however, is built on new infrastructure and will come with its own token supply – a first for the company.

This is good news for the 500-plus dApps and wallets that already depend on its intuitive non-custodial authentication solution, several of whom Web3Auth has tapped for its new Guardian partnership program set to accompany the decentralization process. This growing roster of notable dApps and Web3-oriented platforms and initiatives includes Polygon, Binance, and Skyweaver. Guardians will be node operators on the Auth Network, and will commit to running a node on the network in both its incentivised testnet and mainnet. As a thank you, Web3Auth will commit 3% of their new token supply to early Guardians.

Mass adoption is Web3Auth’s primary goal. All its incentives, partnerships, and tech are designed with this goal in mind. The company’s strategy is simple: make dApp and wallet onboarding effortless, and make key management intuitive even for absolute beginners. On the technical side, the transition to the Auth Network will accelerate login times and improve scalability. The Auth Network will enable dApps and wallets to run nodes directly, contributing to enhanced security of their user bases and others throughout.

“We’ve been committed to decentralizing our network since the beginning, and it’s exciting to have reached a place where we can start and share with everyone our process. t’d be fantastic to be bringing enterprise grade security to every user, whilst staying intuitive,” says Zhen Yu Yong, Co-Founder and CEO of Web3Auth. “We’re already growing a roster of excellent partners for the Guardian program, many of them companies that already use Web3Auth tech to power their authentication processes. Their expanded commitment to us is a tremendous vote of confidence in our work, and I’m grateful for that.”