Continuing our series of blog posts featuring one of the companies we are closely collaborating with, today we bring you the third installment of Republic’s journey with AIKON.
After covering the company background and what drew Republic to the blockchain, we will now be focusing on some of the concrete issues the company faced that AIKON could solve.
Bringing Non-Technical Users to Blockchain
For companies in search of financing opportunities to enable their steady growth right from the early phase, having the possibility to reach a wide array of investors is crucial. This is exactly the idea the Republic investment platform was shaped around.
Both venture capitalists and angel investors needed a clear path to find interesting ideas and support the newly formed businesses. While Republic already provides a platform for accessing highly-vetted investment opportunities in various areas — startups, real estate, video games — they also wanted to tap blockchain as an up-and-coming market.
However, the complexity of blockchain technology stood in the way of mass user adoption — even in such a specific case as venture capital — since Layer1 crypto wallets still required a certain level of technical knowledge for successful operation.
Considering that blockchain technology is still too young to provide a great user experience, Republic wanted to meet its users halfway by implementing ORE ID — AIKON’s universal authentication and authorization platform for blockchain.
ORE ID enables investors, who may not have strong technical knowledge, to access blockchain dApps quickly, safely, and frictionlessly — often without even being aware they are accessing a blockchain application. Via their web 2.0 accounts login details such as email, SMS, and all the popular social media, investors could access blockchain — a Web3 platform — with OAuth from any device.
Having the ability to implement such an elegant solution to bridge the gap between an average technology user and blockchain is what made Republic decide to work with AIKON.
Investing Compliantly and Safely
All AIKON’s solutions come with built-in CCPA and GDPR compliance.
Thus, ORE ID’s integration into Republic services made them available to customers based in the US and from all around the world. Moreover, it allowed both retail (non-accredited) and accredited investors to invest compliantly on Republic.co.
With Wall Street making it safe to buy and sell cryptocurrencies, developers easy to use them, and retail investors seizing the opportunity to enter the DeFi market, blockchain is slowly gaining popularity and wide acceptance as a platform.
Republic collaborating with AIKON provided a compliant way for all interested parties to invest in this decentralized and rapidly growing market — all the while maintaining custody over their assets and security of their accounts.
In essence, ORE ID provides a simple way to whitelist approved contracts and actions to prevent malicious apps from tricking the user and hacking their accounts. ORE ID also uses the EOS hierarchical account permission model to ensure that the app requesting the user’s signature has the right to request the action and permission specified in the transaction.
That way, the Republic crypto login process is facilitated and safeguarded by the blockchain-based solution provided by AIKON, enabling more and more investors to find the perfect crypto investment.
Learn about AIKON’s solutions and follow our blog for the next step on Republic’s user journey with AIKON.
Stay tuned!
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About AIKON
AIKON, a San Francisco-based VC-backed firm, was founded in 2017 to enable the digital asset economy and empower users from all over the globe by securing their personal information via blockchain.
AIKON has developed the Open Rights Exchange (ORE) protocols to manage access to digital rights and access, and has been enabling mainstream blockchain adoption with its ORE ID secure identity service and ORE Vault — shared wallet for teams. With its solutions, AIKON aims to foster a new era of secure identities that protects users and their data, powered by the blockchain. Follow us on Twitter or connect with us on Telegram!