Telegram and Line are two of the world’s most popular messengers with hundreds of millions of monthly users, and both have integrated encryption features in recent months. One of the features being introduced in these apps is electronic signatures provided by a startup called EthSign.
Backed by all three Sequoia divisions: Sequoia Capital, Sequoia Capital India, and Sequoia Capital China (now called HongShan), Singapore-based EthSign promises an additional layer of transparency and trust. We aim to provide the Web3 equivalent of DocuSign. Therefore, its task is to convince the public that signing contracts on the blockchain is better than traditional methods.
“First, it is much easier to authenticate the identity of each signer and see the history of their interaction with the signed document,” said EthSign, who previously worked in the strategic investment department of a centralized exchange. Co-founder and CEO Xin Yan explained. Huobi.
If traditional e-signature service providers shut down, records of users’ signatures would also be lost, but this is an issue unrelated to distributed ledger technology, Yang told TechCrunch. And once signed, the data is immutable. This is one of the most promising features of blockchain.
EthSign will be deployed on the respective blockchain networks running on Telegram and Line, TON and Finschia. Once a user connects his cryptocurrency wallet to Messenger, he can start signing documents through EthSign in the same way he interfaces with DocuSign.
EthSign is one of many Web3 projects built on Telegram’s blockchain partner TON, helping the messenger work towards its vision of becoming a super app like WeChat.
EthSign, which is already running on Line as a web app, has signed a memorandum of understanding with Finschia for further integration in the coming months.
The idea of enabling immutable signatures in messaging apps is not new. Back in 2018, a mini-app called “Little Protocol” was launched on Chinese messaging giant WeChat. The feature, which allows users to enter into contracts using their girlfriend’s WeChat ID and the contents of documents recorded on Ethereum, attracted more than 100,000 hits for her overnight. However, within 48 hours, the app was removed by WeChat.
To date, EthSign has connected approximately 250,000 unique wallet addresses. Although still free to use, its goal is to become an authentication services platform in the future, providing support for authentication, verification, and other user activities, rather than pursuing a traditional SaaS model that monetizes through subscription fees. It’s about charging.
“Certification of on-chain information is about bringing trust to the on-chain world, where the most promising use case is vampire attacks,” Yang explained, adding that users can use established cryptocurrencies to He mentioned the phenomenon of Web3 being directed to forked versions. Projects with enhanced incentives.
Source: techcrunch.com
