SwissFortress announced the launch of the Fortress Coin (FC), supporting and maintaining the global Send-to-Name (StN) system, creating a more user-friendly and secure way to navigate the decentralized web.
0.4% of all crypto users claimed their domain “using Unstoppable Domains over the last few years.”
It’s not because of lack of demand, but “poor user experience and lack of security, where anyone can trivially look up the user’s balance and transactions just by knowing their name.”
It appears that neither Unstoppable Domains, friend.tech or Mastercard Crypto Credential hit the mainstream “because of a fundamental lack of privacy.”
Imagine using nicknames instead of complex alphanumeric addresses “for sending and receiving cryptocurrency.”
This is the power of the FortressNameTM StN system, which is “going to be similarly powerful to web domains, serving not just as a payment gateway in the upcoming new financial realm, but a completely new way of interacting with the web3 ecosystem.”
FC fuels the Send-to-Name system, making crypto accessible for everyone, not just tech experts.
Co-Founder and President of SwissFortress, Michal “Mehow” Popieszalski:
“FortressNames are the new digital real estate of Web3. Just as owning property grants you an address, FortressNames carry real utility, unlike NFTs, empowering users with a unique identifier for seamless crypto transactions, digital assets ownership and SSI. It’s time to stake your claim in the digital world.”
FC offers a compelling advantage over other cryptocurrencies. It underpins the SwissFortress Send-to-Name system, a patent-pending solution “that, unlike existing options like Unstoppable Domains or ENS, ensures complete privacy through cryptography on any chain.”
It utilizes one-way cryptographic proofs “to generate unique receiving address spaces for each pair of counterparties.”
This decentralized send-to method ensures each wallet name “is unique globally, preventing confusion and protecting user identities, verifying user identities while maintaining privacy.”
Unlike competitors who store user data and receive addresses centrally, SwissFortress’s StN doesn’t use or “need Personally Identifiable Data (PID) to function and receive addresses computation is completely decentralized, minimizing security risks. At SwissFortress there is no database of receive addresses, the wallets just know how to compute the correct addresses themselves.”
While Zelle and PayPal offer convenience, they lack “the control and privacy of a decentralized system. FC, through SwissFortress, empowers users by ensuring no central authority can block their transactions, providing greater control over their finances.”
Unlike traditional apps, FC doesn’t store user data, eliminating the risk of data breaches. Plus, the Send-to-Name functionality “simplifies transfers without compromising privacy.”
SwissFortress is operational on testnet of “the major blockchains including BTC, BCH, ETH, Casper and ERC-20 tokens.”
With FC and the SwissFortress Send-to-Name system, the world of crypto is “poised for a transformation where user-friendliness and privacy go hand-in-hand with secure and efficient financial transactions. SwissFortress is planning to go live in September 2024, with Beta available now.”
As noted in the update, SwissFortress provides “digital custody solutions for institutions and individuals, ensuring secure and compliant storage of digital assets.
The unique IP and SwissFortress technology is “protected by 15 inventions under 9 pending patents and over 1 million lines of proprietary and open-source code.”