Torus Wallet Review 2023: Is Torus Wallet Secure?
What is Torus Wallet?
Torus wallet is a gateway to a decentralized ecosystem where users worldwide can log in using a web 2.0 social account and freely interact with web 3.0 user identities.
Torus Wallet Summary
|Type of Wallet||Crypto Wallet|
|Coins Accepted||Ethereum, Binance Smart Chain, Polygon, and xDai Blockchain|
|Supported Hardware Wallet||No|
|Supported Countries||Most of All|
|Charges||Basic – Free – Upto 1000 Users
Developer – $32/month – 1000 Users
Pro – $79/month – 1000 Users
|Customer Support||Live Chat & Telegram Support|
For users, logging in is as simple as logging in using just their Gmail account through a seamless OAuth login for managing all their digital assets. Torus’s distributed key management is governed by the Ethereum Smart Contract layer. Also, users’ keys are generated amongst a multi-party computing (MPC) system of nodes.
Torus wallet review aims to explore all the possibilities and offerings of the platform while also considering its shortcomings.
How Does Torus Wallet Work?
Torus wallet offers a platform that helps connect with billions of web 2.0 users accustomed to mainstream OAuth logins. It acts as a gateway for easier decentralized ecosystems, blurring the line between web2.0 and web3.0. It is an everyday portal for Blockchain technology.
Not to move away from penning down an unbiased Torus wallet review, Torus easily surpasses most contemporaries with varying capacities and limitations in their offerings. New users can start the platform and the transaction process in a minute.
Unlike existing private key management solutions, which are riddled with low guarantees on custody and provide low to no resistance to censorship, transfers on Torus wallet are supported by Torus Key Infrastructure (TKI). The TKI provides access to decentralized ecosystems without sacrificing security and custody claims.
Based on Shamir’s Secret Sharing (SSS), Torus leverages private keys operating on two out of three principles. This is used for retrieving private keys and delivering reliable account recovery. Users start by creating three separate shares, each placed in different locations. As long as the user has access to two out of three shares, their web 3.0 is secured and guaranteed to be anonymous and instant.
It is precisely what you would expect from a web3 DApp with all its schematic designs, novel key generation, users’ keys, and secret sharing mechanisms. It has become every user’s dream login.
Torus connects traditional web interfaces to cryptocurrency decentralized exchanges, removing all central authority figures from accessing user identities. If Torus users lose access to an individual private key stored as shares, recovery options are simple, fast, and user-friendly. All such recovery transactions are controlled by web3 hierarchies making the internet a safer place.
Key Features of Torus Wallet
Torus offers many features to its users, like OAuth logins for easy access. The features of Torus are as follows:-
One-Click Login with Google, Reddit, Facebook, Discord, and Twitch
Users can simply log on to the Torus network by using the OAuth login option of their choice. Once onboard, the portal opens up for exploring the meta for crypto transactions and Blockchain interactions without ever leaving DApps.
Torus provides a much simpler experience relying on the ease of social media logins through popular platforms, like Google or through a Reddit account, making the platform more accessible. Thus, it is more lucrative for potential customers interested in a decentralized ecosystem and digital currencies. As per UX and UI, Torus acts as one-click login for web 3.0.
Control Over Ownership and Access to User’s Cryptographic Key Pair
Both ownership and access are non-custodial in the user’s favor. The information generated by shares or secret sharing installations remains off-chain, increasing the wallet’s usability among different Blockchains with unrelated functionality. It proves to be safer than traditional options like adding a chrome extension to a web portal.
Free from Unnecessary Censorship by Nodes, Follows Shamir’s Secret Sharing
Like Two Factor Authentication (2FA), TKI relies only on one option for securing private keys. Users can store private keys at multiple places as shares: Share A, Share B, and Share C. If a user has access to two out of the three shares, even the Torus nodes can not prevent accessing the private key.
It also eliminates the need for more complicated seed phrases, such as day-to-day functions for account recovery and key retrieval. It also eliminates the need for delay time and backup phrases.
Incremental Security Measures, an Upgrade from 2/3 Threshold to 2/4, and Further
It is ideal for users with high volumes of crypto transfers. Simply add more shared scenarios and store them at different locations, perhaps an additional hard drive. A welcome extension is offered to Shamir’s sharing for making key management more secure and maintaining the bare simplicity of managing a Gmail account.
Combined with a seamless OAuth login option, the overall experience is as smooth as managing social media accounts. Even among other wallets, one-click login is gaining momentum. A welcome step for average users who don’t seem to appreciate unnecessary web 3.0, Meta, Portals, Dimensionless, and all the Blockchain jargon.
The Torus network is built upon the reliability of two-factor authentication protocols and enjoins the client-side smart chain with the public address associated with Blockchain technology.
Torus’ medium page can be read for more detailed information on the features offered.
Is Torus Wallet Trustworthy?
The short answer is yes. However, what is the best crypto wallet? As a gateway login for web 3.0, Torus handles core key management flows as an able key management company. Unlike some other rival crypto wallets, Torus is built on traditional account recovery systems. It leverages variant threshold key management possibilities.
This adds an extra layer of security for end-users. A user would need access to their public key and public address to initiate the recovery process.
A reliable OAuth option enables one-click login from web2.0 apps to the Torus network of decentralized chains. All user identities are well spread across decentralized infrastructure layers, erasing any possible scenario of a central authority controlling users’ sensitive data.
Users can also add incremental layers of security by increasing the 2/3 threshold to a higher threshold. Crypto experts advise adding an additional infrastructure layer if large sums of cryptocurrencies are held under a single private key. On top of that, they are offering decentralized services, same as single-click login for web 3.0, which increases usability.
Users can contact the team for more personalized solutions under the enterprise tag.
Services Offered by Torus Wallet
- Onboarding of new users through single-click login for the web.
- Buying and selling of cryptocurrencies.
- Sharing and receiving tokens from other wallets.
- Decentralized private and public keys with additional security measures.
- Swift login to web3 networks using traditional OAuth logins.
Is Torus Wallet Free to Use?
Torus offers varying price options as a mode of mainstream gateway to decentralized networks. The prices range from free to pro developer versions with complete features designed to access decentralized ecosystems.
The free version is a great starting point for new users to explore new opportunities based on web 3.0 connectivity. It also helps them make entries into crypto, NFT platforms, and transfers with one-click logins and other OAuth logins.
The other two paid versions are Pro and Developer. Both allow users to interact with a decentralized chain of ecosystems via an easy crypto transaction to purchase cryptocurrencies and access worldwide NFT platforms.
Social networks today are pulling new users in by linking traditional financial transaction atmosphere to newer Blockchain technology, like a Blockchain wallet.
Torus Wallet Review: Pros and Cons
|Torus offers a reliable account recovery option that allows users to recover their accounts through social logins or email.||Users need a public address to receive and send tokens into the Torus wallet.|
|Users can start using web3 identities through conventional social media accounts or email.||The use of web browsers is limited compared to decentralized mechanisms.|
|OAuth login enables one-click login for accessing cryptocurrency decentralized exchanges.||To get started on the Torus platform, users need to integrate their existing apps through OAuth logins.|
|Torus is a web-native wallet service, a mainstream gateway to connecting web2 with web3 user identities.||The entire ecosystem is not clear about launching the original NFT platform.|
Getting Started with Torus Wallet
- Using a script tag, install Torus Embed SDK.
- Create an instance of the Torus class and call its init function to start the Torus Embed SDK.
- Create custom login providers (optional) by replacing Torus with your Google/Facebook client ID.
- You can also Whitelabel or customize your logo and colors in the Wallet to display your brand.
- Login to trigger user login wherever it feels right in the lifecycle of your application.
- Contact torus. get user info after the user has logged in to obtain user information.
- Integrate with Torus wallet; this will provide you with a provider that can be wrapped in Web3. This feature is comparable to Metamask’s Web3 provider. Torus has gone to great lengths to ensure that it is compatible with Metamask’s Web3 interface.
Pricing And Fees of Torus Wallet
Torus wallet has 3 different plans available for its users with varied features. The 3 plans are:-
- Basic – Free – Upto 1000 Users
- Developer – $32/month – 1000 Users
- Pro – $79/month – 1000 Users
All the plans support about 1000 users, but the features are different. The basic plan offers simple login; the developer offers all the basic features; Pro offers all developer features and priority technical support. However, check this link to know more about the pricing and fees of Torus wallet.
Torus Wallet Supported Coins
Once onboard, Torus wallet users can access Ethereum, Polygon, BSC, and other Blockchain networks, providing access to information and cryptocurrency coin purchase options.
Torus Wallet Mobile App
Torus wallet can be integrated into apps operating on both iOS or Android platforms. The process is straightforward, and users can transact as per their usage and necessity. It can also be accessed through web browser plugins. Logging in is as simple as using social media accounts.
Comparison of Torus Wallet with Other Wallets
Torus is a crypto wallet that can store web3 digital assets and access decentralized ecosystems. However, Torus is more than a conventional wallet. By using a public key name resolver, users can send tokens anywhere worldwide. One can send tokens even to users who are currently not using Torus wallet through social media plugins.
The wallet has inbuilt transaction limits for safeguarding users from fraudulent behaviors. Torus leverages the simplicity of traditional web2 technology and interpolates it to the meta world of cryptocurrency.
Has Torus Wallet Got Hacked Before?
There has not been an instance of hacking. Based on Shamir’s Secret Sharing, Torus builds upon traditional 2FA security measures and provides users with an extra set of security measures. Private information is shared using decentralized mechanisms, providing more opportunities for users to buy and sell cryptocurrency in higher volumes without the fear of being hacked. The company claims to have surpassed the need for worrying about hacking.
Torus Wallet Security Measures
Torus Key Infrastructure (TKI) leverages a variety of threshold mechanisms. By default, users are presented with a two out of three threshold. Unlike other wallets, the Torus platform allows users to add additional layers of security by increasing the threshold to three out of four. This further increases the security of the wallet.
With partnered providers, like Binance smart chain, one can say that Torus labs are among an elite league of Blockchain providers.
Torus Wallet Customer Support
With multiple options for customer support, Telegram groups, emails, and tech support options, users can contact the Torus team for any conflict resolutions. Users of the Pro version are offered personalized support.
The Torus platform aims to bring the ease of using websites and web browsers backed by Blockchain. This will also result in securing users’ identities. Telegram and other forums can be reached via a QR code or direct invites from the official website.
Torus Wallet Review: Conclusion
To conclude this Torus wallet review, it is an efficient gateway platform that provides an easy login for accessing Web3.0 decentralized ecosystems. More accessible login options provide a swift onboarding process for new users. Login through familiar social media channels that most users prefer proves to be great for Torus wallet and its associated network.
These days, users understand and value multiple services under one roof model. The website has incorporated all this information into launching an array of cryptocurrency projects with swift login options via Google, Discord, Twitch, Facebook, and Reddit.
With incremental security measures, the need for remembering complicated seed phrases is long gone for first-time users. A welcome step toward giving more autonomy to end-users. A separate security share can be stored on the user’s device as an additional security measure if the user so wishes.
Both Torus wallet and the entire Torus network work on QR codes through other OAuth logins, opening a world of meta-dream for traditional web2 users.
Read the official Torus blog for more information on usability on the company website.
Can I Use the Torus Wallet for Bulk Payments?
Yes, it can be used for bulk payments through wire transfers using only your mobile phone and an efficient search engine, like Google. By using the website, users can send tokens to any other wallet. Every financial transaction is controlled by the safest security sets that Blockchain offers.
What Type of Wallet Is the Torus Wallet?
Torus wallet is a crypto wallet running solely on decentralized smart chain networks, like Binance smart chain. The website is based on two out of three safety thresholds and provides more options for added security.
Is Torus Wallet a Good Crypto Wallet?
With features matched with the best in the Blockchain environment, it is safe to say that the Torus wallet is an efficient and safe crypto wallet. Especially for new users who aren’t used to handling crypto projects independently.
With proprietary UI/UX designs, information is easier to decimate among other users. Torus’s team makes it easy to understand complex crypto and Blockchain jargon.
Is Torus Wallet Anonymous?
In simple words, yes. The website uses Blockchain’s decentralized networks to remove the role of any central authority. Thus, making users’ private data safe from prying eyes.
Torus uses a cluster of smart chain networks. Binance smart chain, being one-for inter-connectivity and swift functionality. A big step up compared to any other app, company, website, or communication platform running social networks today.
Information about user’s identities will never be reconstructed at any location other than the one created by the user.
Is Torus Wallet Easy to Use?
Yes. With seamless OAuth logins, logins are as easy as using just their Gmail account. All they need to do is go on the company website, using a reliable search engine like Google. The need to remember more complicated seed phrases is eliminated by introducing additional recovery and key retrieval measures.