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Almira Wallet
March 5, 2023March 5, 2023

Almira Wallet : Enabling Self-Sovereign Identity-Based Wallets and Blockchain Services with its Suite of Tools

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Almira Wallet – Providing a Suite of Tools for Self-Sovereign Identity-Based Wallets and Blockchain Services

In the world of blockchain and cryptocurrencies, self-sovereignty is a highly desired concept. It allows users to take full control of their digital assets and identities without the need for a central authority. However, the current mainstream mass adoption of cryptocurrencies and blockchain applications has its challenges. This is where Almira comes in. Almira has created a suite of tools for developers and retail end-users that provide private, noncustodial open governance protocols to manage their self-sovereign identity-based wallets and a complete suite for running and managing web services needed to connect to fully synced blockchain nodes.

The Almira Wallet Technology Stack

The Almira technology stack was built envisioning the challenges in the current mainstream mass adoption of cryptocurrencies and of applications built on top of a blockchain. The stack empowers the community to make independent decisions and have power over their digital assets. The current Almira technology stack, as well as the envisioned solution offerings for future use cases, are built on two main pillars: Almira ID and Almira Vault.

Almira Wallet ID

Almira ID enables user onboarding and lifecycle management software plugins to facilitate wallet/Almira ID resolution. Almira ID wallet is built using EVM-compatible smart contracts functional on blockchains like Ethereum , Polygon , Binance Smart Chain, etc. As a smart contract wallet, Almira ID offers features like multi-sig, timelocks, daily limits, trusted contacts, and seedless recovery. Almira ID comes with an on-chain identity stored and managed on EVM-compatible blockchains (Polygon as default) using smart contract functionality. The identity is typically an alphanumeric phrase from 5-14 characters.

However, the Almira ID has the power to enable username-based crypto transfers and can resolve to one’s name on the blockchain. For example, 0xd94599d1267ac3a2df1e4e3b0ef4ff1a356dd292 turns to “your name” and can be used to store not just Ethereum but all major coins as the wallet uses Almira Vault, which derives all wallets using the same seed phrase (using conventions as stated in BIP44). Almira ID contains a smart contract-based wallet that can engage with other smart contract-based accounts on the Ethereum blockchain, Polygon (Matic Network), and Binance Smart Chain.

The accounts ported do not take along their previous data stored on the blockchain to the new ported chain but only create a new identity wallet for transactions that belong to that specific network. Similarly, those Almira IDs can be sold or auctioned for multiple accounts that exist on different chains. The Almira ID gives you access to a non-custodial wallet to store, transfer & trade all your digital assets across different blockchains & protocols.

The Almira ID also provides an integrated identity mechanism to the users which can be used to assert self-sovereign identity across all kinds of blockchain applications. Thus, interoperable multi-chain blockchain identity with on-chain reputation can be created via registering and syncing on-chain data.

Almira Vault

Almira Vault is a private key management infrastructure designed to keep availability, flexibility, and security as its foundational pillars. Almira Vault uses six layers of encryption to secure the vault. The vault stores the private keys of the user’s wallets which contain all assets owned by the user. Every private key is generated using a single seed.

Almira Vault provides the flexibility of managing multiple blockchains with a single seed, making it easy for users to manage their digital assets. Almira Vault is integrated with Almira ID

What is Almira Keyless?

Almira Keyless is a tool that enables users to sign transactions within any decentralized application integrated with it. It is offered to dApps via an easy-to-integrate SDK which allows Almira users to connect their Almira wallet with the dApp and sign transactions and assert identity without switching screens or installing any extra software. Almira Keyless can be used with cloud-based wallets and mobile wallets, and uses Almira Vault to manage wallets and private keys, giving it the ability to secure digital assets with the same 6-layer encryption. The use of Almira Keyless also helps to mitigate the onboarding friction for first-time crypto users and buyers entering the highly jargonized crypto ecosystem.

Almira ID is a blockchain-based Self-Sovereign Identity (SSI) protocol that can provide numerous benefits, such as recording and sharing credibility, longevity, and other important profile metrics based on the historical transactional record of the identity/account owner. With Almira ID, anyone can associate their on-chain credentials with their identity and those credentials can be accessed in a transparent and verifiable way by any third party.

One potential use case for Almira ID is in the financial sector. By referencing the past on-chain activity of Almira ID users and tracking their DeFi transactions, such as lending, borrowing, and liquidity provisions, money market protocols can use this data as a repository of the user’s past behavior in different financial markets. This could enable better decision-making processes and provide lending rates as per the historical behavior of the user.

Another potential use case is in the gaming sector. On-chain gaming is becoming increasingly popular and Almira ID can enable users to earn and aggregate gaming credentials from on-chain games. This can establish the credibility of the player using the Almira ID stack/wallet and help them to advance in gaming dApps using their credentials.

Lastly, Almira ID can be used in the gig sector for managing, asserting, and endorsing credentials. Almira ID can enable users to aggregate their on-chain work and education credentials, which will be immutable and auditable in real-time. This can help establish a user’s credibility and enable them to participate in the gig economy with greater ease and transparency.

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