While not every cryptocurrency user is familiar with the name Tools For Humanity, they are definitely familiar with Worldcoin. As the creator of World ID, a crucial part of the Worldcoin initiative, the former is actually a developer of the latter. World ID will now be incorporated into Kresus, the web3 SuperApp, another cryptocurrency project. Kresus will help Tools For Humanity strategically and technically in exchange.
Web3 Is Done by World ID
Not only is World ID—or more accurately, World ID 2.0, as the most recent version is called—for Worldcoin users. This all-encompassing identity solution is being included into a variety of web2 and web3 apps. The main feature of Kresus, a web3 wallet and gateway to everything cryptocurrency, is that it eliminates the need for seed phrases. However, security hasn’t suffered as a result of its choice to do away with the laborious 12-word mnemonic because Kresus has discovered more effective ways to safeguard its wallet.
Kresus’s non-custodial wallet, which is fortified with a second authentication layer, has up until now allowed users to sign in using social login services like Google or Apple. However, Kresus has now established a strategic alliance with Tools For Humanity, and this means that users will have access to an additional means of authentication that goes beyond wallet authentication.
One App to Do Everything
The concept of a single app with all the functionality is not new; Elon Musk had this vision years ago when he bought X.com, even before he had access to Twitter. Musk has long wanted for the social network to have universal functionality, including payment processing, and it is now well on its way to becoming X. However, other developers have been working on their own versions of the One App in different fields.
According to Kresus, this vision is realized in the SuperApp, which functions as a portal to web3. The idea is that once you’ve downloaded the Kresus app and logged in, you won’t need to go anywhere else because everything you need for cryptocurrency can be found in one place. Kresus initially prioritized security and user experience (UX), with plans to gradually add more features and integrations.
“The goal of Kresus has always been to offer a tool for everyone to benefit from the blockchain,” says Trevor Traina, the founder of Kresus Labs. “This is more than simply dabbling in crypto since identity touches on all future use cases of web3 technologies,” insists Traina. Put another way, if you nail the identity part, everything else will fall into place. With direct support from Tools For Humanity for the World ID integration, the newest app in the Kresus SuperApp ought to fit right in.
Privacy and Security Come Together
Proof of Personhood—the capacity for an individual to show that they are who they say they are while maintaining their right to privacy—was intended to be supported by Worldcoin, the platform on which Tools For Humanity’s World ID first achieved notoriety. It is essentially a more sophisticated kind of DID, with identification data stored on the user’s device instead of the servers of the app developer.
Solutions like World ID are a trojan horse for web3 technology because they facilitate the move away from centralized databases, which serve as a honeypot for hackers. The more developers, like Kresus, include their Proof of Personhood into their apps, the more compelling the argument is to use DID in lieu of traditional KYC.
