When discussing the user experiences and consumer adoption of decentralized technologies, one fundamental interaction all Blockchain technologies have in common, is the individuals use of keys. Relatable examples that demonstrate this range from the simple use case where people transact cryptographic tokens (e.g. bitcoin, ETH, ZCash) to more advanced use case interactions with DApps, or personal address space that provides people with decentralized personal computing resources such as Urbit (Urbit.org). Historically, key management systems are used in various enterprise use cases. However, individual consumers do not have many options unless they have high technology literacy which has its own challenges.
The lack of user oriented key-management protocols and inadequate frameworks to interface with the various Blockchain networks, resulted in obscene cryptocurrency losses throughout the year of 2017. Over $225 million were stolen through phishing scams, over $100 million were frozen due to human-errors transacting to the wrong addresses, and more than $1 billion dollars were lost due to hacks. If this issue is not addressed and further security measures and mechanisms are not further developed for the average user, more catastrophic incidents are bound to occur as the networks grow. This increased amount of fear, uncertainty and doubt among all stakeholders in the Blockchain space could potentially jeopardize the future of public Blockchains.
There is a clear problem in the current management model that users and service providers use to control, store and manage their seeds, private keys and other modes of access and credentials to interface with the distributed Ledger. While scalability is understood as the current major issue to be solved in the public Blockchain space. It is evident that the designed user-experience and users interface to private keys, login portals, digital and hardware wallets, funds and keys storage, are the major factors that are hindering the mass adoption of Blockchain decentralized technology and hence the major inhibitor for real decentralization to take place.
Tenzorum Project is committed to the self sovereignty of key management systems. To achieve this, protocols need to be developed, integrated and be bridged through APIs to general third party decentralized products. The reason self sovereign key management systems are so important is that end user ownership and control of keys is at the heart and the basis for truly decentralized technology interfaces and user experience, without making compromises to the original cypherpunk values of creating trustless models.