As the world of cryptocurrencies and blockchain technology continues to expand, the need for secure verification methods becomes increasingly crucial. Trust, but Verify (TBV) is a revolutionary solution that enables the verification of wallet ownership through a simple and secure process.
By sending an email requesting the recipient to sign a message using their Ethereum-based wallet, TBV establishes a direct link between the email address and the individual holding the wallet. This article explores the benefits of Trust, but verify, its development background, and its application in customer support and secure transactions.
Why TBV Was Built
The primary objective behind the development of Trust but Verify was to provide a convenient and secure tool to verify the address of your receiver. TBV offers a quick and reliable method to verify this ownership, minimizing the risk of fraudulent activities and enhancing the relationship between sender and receiver. It can be utilized by companies to verify whether their employees are involved in a particular transaction or to authenticate the ownership of an email address before making a payment to ensure it belongs to the intended recipient
The Team Behind TBV
The PERCS team is exclusively responsible for building the TBV application. Known for their collaborations with non-crypto native partners, such as Budweiser, Robert Mondavi Winery, Playboy, and CryptoonGoonz, PERCS has a proven track record in leveraging web3 technology to connect and expand communities. Their expertise in minting NFTs and providing tokengating solutions highlights their commitment to innovation and security.
Free of Charge
Trust but Verify is available to users completely free of charge. The development of TBV was facilitated by the existing infrastructure created during the construction of PERCS' tokengating solution for their Shopify App. By allowing HODLers to sign in and demonstrate ownership of their wallet address holding an NFT, TBV serves as an initial stage in establishing a token gate. This added service is offered by PERCS to promote accessibility and adoption of NFT utility.
No gas fees are paid during the process as one of the significant advantages of using Trust but Verify is that it does not involve any token transfers. As a result, there are no gas fees associated with using the application. This eliminates any financial burden on users and encourages them to verify wallet ownership with ease.
Ensuring Security
Trust but Verify prioritizes the security of its users' information and assets. The application requires users to sign in with their wallets via MetaMask, a popular cryptocurrency wallet. Notably, TBV does not request passwords or initiate token transfers. Any password entry necessary to access the MetaMask wallet is carried out solely through the secure MetaMask interface. This robust security protocol ensures that user credentials and funds remain protected throughout the verification process.
How does it work?
By clicking on "Start Verifying" you will be taken to the smooth process of checking if the address is linked to the email by clicking on "Start Verifying" you will be taken to the smooth process of checking if the address is linked to the email address it's supposed to be.
On the next page, you insert the address you want to check, for example, your employee address, and sign your name as the requester.
The second step is inserting your email address so you get notified when the requester confirms his address.
And the last part on your side, you click on the Copy Link button and send this link to the person that you want to confirm the address, you can do it with their personal phone number, or email address, all depending on the most convenient, and secure channel that you want to link to that wallet so you confirm that person holds the Wallet Address.
On the other side of the transaction, for the one that is going to confirm the ownership of the address.
It's required that he goesv to the link that was sent to him and then click on connect wallet using the correct address.
After that, he connects the wallet and signs the transaction.
And that's it! The address was verified and now both sides are secure, the senders know that the address he's sending the payment to is linked to his contact, and the receiver is sure that he'll receive the payment at the right address.
Conclusion
In the fast-paced world of cryptocurrency, verifying wallet ownership is of utmost importance. Trust but Verify (TBV) offers a reliable, secure, and free solution for confirming the ownership of Ethereum-based wallets.
With its seamless process and integration with MetaMask, TBV empowers companies and users enabling secure transactions between parties. As the PERCS team continues to innovate and expand its suite of web3 technologies, Trust but Verify stands out as a valuable tool for anyone involved in the world of cryptocurrencies and NFTs.
