ChainFront Takes Aim At Crypto Wallets With New Service

Announcements, FinTech, Innovation | December 11, 2018 By:

ChainFront, an application program interface (API)-as-a-service company, is taking aim at blockchain wallets. The product claims that it removes the complexity of using, building, and managing blockchain wallets while maintaining enterprise-grade security.

The company just launched its public APIs and a self-serve developer portal. Led by a former lead architect at Oracle and a serial entrepreneur with multiple successful exits, ChainFront’s vision is to enable mass blockchain adoption ushered in by a higher level of security and usability for the next wave of crypto applications.

Founders Alan Warms and Darryl Anderson believe that tokenization is going to rapidly change our economy, and that one of the greatest impediments to widespread blockchain adoption is user experience. Using private and public keys to execute transactions is inherent in all tokenization applications. These new applications rely on cumbersome “wallets” that present significant user experience and security issues in storing private keys and executing transactions.

For the blockchain to go mainstream, the experience must be simple AND secure for the end-user. Similarly, public and private key management must be completely invisible to the end-user.

“We looked around the blockchain ecosystem and saw that in order to drive mainstream adoption for users to  interact with blockchain assets in a meaningful way, the simplicity and overall experience needed to vastly improve,” said Warms. “Not surprisingly, no one wants to manage their “bank” or their security. At the core of the issue is the what we call the  ‘wallet’ problem.”

With their public launch today, anyone building applications that interact with blockchain data and assets can solve the“wallet problem” by easily implementing ChainFront’s API-as-a-Service. End users, be they consumers or inside of enterprises, can simply execute transactions with username, password, and multifactor authentication.

Developers interested in their solution can visit the site and begin testing out their APIs.

“Before Coinbase, previous attempts at centralized private key management were poorly implemented, resulting in many of the exchange hacks that have dominated the press over the course of Bitcoin’s history, such as Mt. Gox,” said Anderson. “Coinbase proved that eliminating the wallet can drive mass adoption while also proving that secure, centralized key management can be accomplished. ChainFront brings this capability to any blockchain project on either public or private blockchains. The self serve platform is available live on Stellar today and ethereum, Ripple, and bitcoin, and other various permissioned blockchains coming soon.