Solution
The Billion-Dollar Answer
Wanting to make a difference, we looked at the current security solutions that the industry currently has and we identified 2 patterns. Security solutions were centralized, going against one of the very foundations of why cryptocurrencies were created, or they were expensive, costing one to reach into their pockets or educate oneself, requiring them to find, learn, and utilize a tool that must be downloaded. One common theme remained however, nearly all of the solutions focusing on wallet security, not the assets themselves.
The most revolutionary pieces of tech invented in the past decades: “the crypto wallet”, the only thing that can access your assets had a flaw by design. Your whole portfolio was only protected by a mnemonic combination, most commonly consisting of 12 or 24 words, known as a seed phrase creating a private key. If you lost access to this seed phrase, or connected to a malicious link, a user would give access to the private key losing everything with a simple click.
Asset Security
Soon we realized that the question we and others were asking ourselves regarding security: "How does one protect a wallet?" was inherently incorrect. The question we should have been asking was: 'How does one protect the asset?'. After all, creating a crypto wallet is free, the asset is what has value.
If you lose your seed phrase or private key gets stolen, your digital assets are gone. This puts a lot of pressure on the owner as all it takes is one bad click. If the link you click on turns out to be malicious… there is a high chance that the assets are gone before you know it. Thus, in the spring our journey of creating a solution began, one where your digital assets would be safe even if your wallet’s seed phrase was compromised or lost. Creating a new type of digital asset classification, one that had security built directly into it right from the start.
A Secured Asset
May 7th, 2024, marks the day in which the #1 rule in crypto was broken by a new collection on the market. and surprisingly it didn't result in a loss of funds. The seed phrase of a wallet containing a Non-Fungible token from the freshly created collection known as "Receipt" by KBT, was given out on social media. Attempts to steal the asset were made and to everyone's surprise, the asset couldn't be taken. This raised the question with numerous people asking 'How come if I have the wallet, I can't take the asset'. Little did the crypto space know, that this collection, 'Receipts' by KBT, was the first ever ERC-6809 to hit the market. What is the significance of this ERC-6809 token standard you may ask? Well, this finalized Standards Track: ERC was part of a new asset classification known as Key Bound Tokens, or KBTs for short, which contained fully optional and integrated on-chain 2FA system built directly into the asset itself. It provided inherit asset security, built directly into the asset itself, and not only that, but it was released by the official Ethereum Authors behind Key Bound Token. This consisted of both ERC-6808 and ERC-6809, preventing a single point of failure that would traditionally result in a loss of funds with traditional wallet security.
A Secure Ecosystem
"Receipts" by KBTs serve as Proof of Concept and as the founder's token into the ever-growing KBT ecosystem. In this initial stage, we've outlined and will be targeting 4 primary demographics each of which will have their own Application.
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