Supra Debuts Its Multichain Smart Wallet StarKey Ahead Of Token Generation Event
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Decentralized oracle price feeds protocol Supra has announced the immediate availability of its self-custodial and multichain StarKey Wallet, the latest development in its efforts to build out an ecosystem after launching its Layer-1 blockchain.
The StarKey Wallet is said to pioneer a new kind of security for crypto users, known as “Split Key Recovery”. It’s the latest innovation from the emerging Web3 player, which is known for its innovative price oracles, Moonshot consensus mechanism, bridges, verifiable random functions and automation capabilities.
Supra rivals more established protocols such as ChainLink and Flare Network in the oracle space, helping to solve interoperability challenges that prevent blockchains from talking to each other and external systems. Its best known product is the Supra Distributed Oracle Agreement, which enables access to more than 475 price feeds and plays a key role in communicating real-world data to over 80 different blockchain networks. The oracle validates and sends real world data to blockchains, allowing the decentralized applications that live on those networks to leverage this information through smart contracts. For instance, Supra’s price feeds are often used by decentralized exchange platforms to track the latest price movements of digital assets.
Supra is also known for its decentralized VRF service, which generates verifiable random numbers for dApps that need to prove randomness.
A New Standard For Crypto Wallets
The new Supra StarKey Wallet is intended to be the primary method for users to interact with Supra’s new Layer-1 blockchain. It was quietly launched last week as a Chrome browser extension, and it will become available as a mobile app on Android and iOS devices soon. More browser extensions, for Brave and Firefox, are also on the way.
Supra said StarKey has already been downloaded more than 130,000 times since the Chrome extension became available, underscoring the strength and enthusiasm of its growing community. Those users seem to be impressed too, as it has gotten more than 300 five-star ratings.
The positive reception stems from a number of novel features available in StarKey, including the new Split Key Recovery feature, which is an entirely new way for users to back up their all-important private keys. It’s a technique that splits the recovery key into three separate fragments, with one stored in the cloud, another saved locally on the user’s device, and the third going to a designated “guardian”. To recover the wallet, the user only needs two of the three fragments, along with their password. This ensures much better protection against hackers, Supra insists, pointing out that traditional non-custodial wallets allow users to download their recovery key as a single file, making it much easier to steal.
Other clever features in StarKey include multichain support leveraging the same mechanisms that Supra’s oracle uses to connect to external blockchains. This means the StarKey wallet can be used with assets from all of the top networks, including Ethereum, Aptos, Sui and Solana.
Supra says it isn’t done yet. Although the wallet is available now, there are many more planned features in the pipeline, with one of the most anticipated being StarKey Assist, which will deliver automated alerts about gas fees, asset detection and price movements. There’s also a new Auto-Detect Networks Custom Gas Trigger in development, which will give users the option to execute transactions automatically when the gas fee reaches the user’s desired price, so they can take advantage of those moments when transaction costs are lower.
The wallet’s security has already been audited by CD Security, a reputable Web3 cybersecurity firm, to ensure no vulnerabilities in its code base.
Supra’s chief executive Joshua Tobkin said these inventive new features set a new standard for what users can, and should expect from a self-custodial wallet. “The incredible response we’ve received within the first few days of launch highlights the fact that the crypto community feels the same,” he added. “We sincerely believe that StarKey Wallet is poised to become the go-to wallet for Web3 enthusiasts and developers alike.”
One key to unlock all the chains.StarKey connects you to @SUPRA_Labs, @Ethereum, @Aptos, @Suinetwork, @Solana, and more coming soon. #Crypto #Wallet pic.twitter.com/qmXfohlXEX
— StarKey (@Starkey_wallet) July 30, 2024
Paving the way for Supra’s TGE
StarKey is notable for being the only wallet that will support Supra’s native SUPRA token, and it will therefore be a must have when that asset launches in the near future. Supra is expected to launch its L1 mainnet and conduct its Token Generation Event later this year, and the debut of StarKey is a key milestone on its roadmap. The TGE is hotly anticipated, with more than 512,000 Supra community members having already passed the Know Your Customer process required to obtain those tokens when they finally launch.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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