Why tokenproof is Needed
Scams have become increasingly widespread throughout the crypto space due to the high value of digital assets. The prevalence of scams is exacerbated by many individuals who hold high-value crypto assets retaining self-custody of their tokens. As the adoption of NFTs increases, scammers have become more sophisticated and managed to extract millions of dollars through malicious activity. The need for new solutions to address these instances of theft is more urgent with each passing day.
The complex nature of crypto technology results in many users experiencing difficulty understanding the agreement they are providing when connecting or signing messages with their digital wallets. Consequently, users are frequently hesitant to connect their wallets to third parties due to fear of theft or loss. Simple workflows like proving ownership of tokens to gain a role in a discord server are becoming increasingly challenging.
Most individuals with significant crypto assets have a "vault" Ethereum account managed by a hardware wallet that has minimal interaction with the blockchain. In theory, the hardware wallet should be stored in a secure physical location. However, the ongoing need to provide proof of ownership for tokens forces users to physically access their wallets and interact electronically, posing a significant risk.
Tokenproof is designed to allow individuals to physically store their hardware wallet in a secure location for extended periods, while still maintaining the ability to prove ownership of any tokens held. The unique ability for users to secure hardware wallets is crucial as most individuals with high-value crypto assets retain self-custody of their tokens.
We strongly believe that anything that can be tokenized will be tokenized in the near future.
As the world becomes increasingly dependent on the power of tokens, new tools are critical to unlocking their utility. Individuals and organizations need solutions that will allow them to easily leverage digital assets in real-world scenarios. Users require simplified access to the benefits provided by token ownership without the burden of theft risk.
Numerous token-gated events already exist - however, there’s currently significant friction and risk involved in operating token-gates. Tokenproof provides a simplified verification solution for any real-world token-based events or other use cases, enabling consumers to safely authenticate through token-gates. Tokenproof is ready to facilitate the future of real-world tokenization at conferences, sporting events, concerts, stores, fitness clubs, restaurants, and many others.