Gareth GennerCEO of Trust Stamp, envisions a future for the Metaverse where the company’s biometrically authenticated interoperable avatar will make using digital assets across different Metaverse platforms as easy as using a credit card.
This is an image he presented during a virtual session hosted by the Rutgers Law School FinTech and Blockchain Collaboratory, where he detailed the type of metaverse applications he plans to solve with the “MetaPresence Vault” of the company. Genner explains the MetaPresence Vault as a metaverse digital identity that allows the user to transfer their assets like cryptocurrencies and NFTs across different metaverse platforms. Like a bank in the real world, it will have self-contained ATMs, branches, and kiosks in metaverse platforms to provide access to the user’s metaverse vault to make payments and transactions.
But in addition to facilitating financial payments, Genner says the MetaPresence Vault will rectify the identity and security issues plaguing the metaverse. It lists passwords as a vulnerability and a drawback because they can be lost or stolen. People have also lost access to their crypto assets due to lost, stolen, or forgotten keys. Biometrics alone is also not the ideal solution, says Genner, because unlike passwords, they cannot be changed. “So storing biometrics is an incredibly dangerous practice unless properly protected,” he says, noting that data losses in 2021 amounted to 4,145 publicly disclosed material breaches of biometrics storage. biometric authentication, leading to over 22 billion identity records. exposed.
This is where MetaPresence Vault comes in. “So what’s really important when we’re transacting anywhere, including the metaverse, is the concept of establishing trust. At its core, trust requires identity. The concept of MetaPresence is the creation of an identity – a MetaPresence – which can assert its attributes on all platforms of its owner’s choice. The MetaPresence in an identity authenticated by biometrics but linked to credentials for platforms, for assets, and to enable ownership and transfer of assets in the context of the people to whom it is attached.
A video played by Genner tells how the MetaPresence Vault would work to protect people’s crypto wallets in the metaverse. It is said to leverage trusted identity through Trust Stamp’s Irreversibly Transformable Identity Token (IT2), which first performs facial recognition with a selfie video that also verifies liveliness in conjunction with the AI. It will then take a photo of the front and back of an ID document to verify the validity and anti-spoofing technology that matches it to the user. The narrator says that MetaPresence removes biometric information and images for security purposes, providing security against breaches. From there, the user can store their Identity Credentials, Custody Wallets, and Multi-Asset Wallets for metaverse purposes. To log in to a web branch or MetaPresence Vault, the user provides a PIN or a selfie to confirm their identity. To create a new IT2, it will perform a liveness verification check. IT2 will serve as an authenticated identity to access a digital vault and establish trust between metaverse platforms without exposing sensitive data; and as long as the user has their biometric data, they will not lose access to their private keys and credentials, the video concludes.
IT2 technology uses patents filed by Trust Stamp that verify passive liveliness of photos and videos, and protection of biometrics through irreversible tokenization.
Genner says the goal is to make using digital assets on metaverse platforms as easy as using a credit card or making foreign currency transactions. Trust Stamp also aspires to have a branch in each metaverse platform and on the web so that users can access it inside or outside the metaverse. He adds that the MetaPresence is in closed beta with plans to open for attendees in the near future, and will open a second metaverse branch soon. The intention is to offer it as a commercial product to companies that want to provide it to customers, but they consider it a free service for the metaverse.
authentication | biometric liveness detection | digital assets | digital identity | digital wallet | encryption | identity verification | metaverse | secure transactions | selfie biometrics | tokenization | Trust stamp