NGRAVE, a digital asset security company that claims it has developed the world’s most secure cryptocurrency hardware wallet, notes that it will be adding support for the UTU token.
The NGRAVE team explains in a blog post that the UTU token offers new and unique ways to assess or determine a borrower’s creditworthiness. It uses a proprietary “trust infrastructure” that accesses “contextually relevant” on- and off-chain data to generate “trusted” creditworthiness assessments.
NGRAVE’s developers further explain that UTU’s “trust” oracles are able to determine a particular borrower’s creditworthiness by using financial or personal data from social graphs and other contextual factors.
The NGRAVE team writes in a blog post:
“With this additional layer of trust, (decentralized finance) DeFi borrowers can borrow by providing lower collateral amounts. … UTU’s recommendation engine can allow both lenders and borrowers to better assess the other party and therefore make a more secure (or more informed) decision. … in DeFi, the majority of cases are overcollateralized, [and] UTU’s idea is that adding such a trust layer will reduce the collateralization requirements. This will also allow lenders to lend on their own terms, rather than those pre-defined by some other existing platforms.”
The digital asset security firm points out that this “strong belief” in a trust layer is consistent with NGRAVE’s own vision. The NGRAVE team explains that the users need to be able to “fully trust” their hardware wallet, which might not necessarily be the case with many of the existing cold (or offline storage) crypto wallets available today.
The NGRAVE team further notes that even during the key generation step, many hardware wallet companies might merely provide a key, “leaving you open to the residual risk that they might know the value of your key.” Another problem with existing hardware wallets is that they “fully use the internal chip to create the keys, and these so-called ‘TRNG’ chips are notorious for having backdoors,” the NGRAVE team reveals.
They also mentioned:
“That’s why NGRAVE stresses the use of a key generation protocol that integrates external factors next to the chip’s own created randomness, during the key creation, as well as a special real-time user interaction to remove the risk that NGRAVE could know the key.”
The NGRAVE team claims that the above makes it “a no-brainer” for NGRAVE to begin supporting the UTU token on its ZERO hardware wallet device.
Ruben Merre, Co-founder and CEO of NGRAVE, stated:
“UTU embodies blockchain’s vision of acting as a protocol of trust, effectively aiding in for example the reduction of collateralization requirements for DeFi products. And it does so while taking into account both the individual and the contextual. It thereby aligns well with NGRAVE’s approach to security and the overall mission of fostering worldwide blockchain adoption.”