What is Fortmatic?
Fortmatic (Magic) is a multi-purpose cryptocurrency wallet that lets users get tokens and use decentralized apps directly from their Ethereum address. Instead of using a browser plugin or seed words, it uses a mobile number or an email address for authentication. Sean Li founded the platform in 2018.
Finally, Sean Li announced in 2020 that the company will be renamed Magic. It also serves as a venue for developers to incorporate blockchain-based technologies into their products, as well as a convenient way to store ethereum. Fortmatic is a straightforward web3 wallet that functions similarly to Metamask. It allows users to access Ethereum-based services with only their phone number or email address, eliminating the need for a browser plugin. Formatic has since changed its name to Magic.
According to Fortmatic, using other authentication techniques appears to take new clients at least 22 steps to complete their first purchase. Their goal is to reduce the number of steps in the onboarding process as much as possible, resulting in a simple registration process for people who are new to web3 or who utilize web3 alternatives.
Fortmatic's SDK makes it easy to integrate into existing apps by cutting and pasting just a few lines of code.
Fortmatic makes applications easy to use for non-technical users. Most popular dApp interaction tools, such as Metamask, now require a specific web browser or browser plugin, limiting accessibility greatly.
The platform authenticates users by linking their phone number to their account, removing the need for third-party apps or browser plugins and allowing programs to be accessed from practically any web browser on any mobile device, including smartphones.
Device accounts for over 65 percent of user engagements, according to wallet user ratings.It is quite simple to integrate from the developer's perspective by simply writing a few lines of code, Fortmatic may be integrated into any current web3 application.
Many of the industry's best custodial systems use cryptographic anchors from the hardware security module (HSM), a security approach used by Fortmatic.
Hackers will have to crack encrypted keys within the organization's infrastructure, which means their progress will be detected and stopped. As a result, the danger of loss is reduced.