Ether (ETH) is Ethereum's digital token, which is a cryptocurrency similar to Bitcoin. It has value within the market and it is used to facilitate the information exchange on the Ethereum blockchain. Developers wanting to build DApps and users who want to interact with the smart contracts on the Ethereum blockchain are required to use Ether (ETH). Ethereum has the functionality of using smart contracts. The smart contract is written in code into a blockchain, and once the terms of the contract have been met by each party, the deal will be executed and agreed transaction would take place.
Cryptocurrencies are digital equivalents of currencies, where the record of every transaction is stored on a public blockchain. Limitations and scarcity are imposed on the digital currencies to reflect the nature of real world currencies, with sophisticated programming implemented to make it difficult to counterfeit the currency.
Blockhain is the underlying technology that supports cryptocurrencies. A public blockchain is a digital record of information that is duplicated and shared across a network of many computers instead of a single central server. Updating the digital record requires a complex computational process to ensure that only the right information is added to the blockchain. The public record of information stored across the network ensures that no one entity is able to control, corrupt and change the data, keeping the record secure and verifiable.
Unlike a normal web application which communicates with its database on a central server, a DApp or decentralised app, does not host it files or database on such central servers. To access this information, the DApp serves as the client to pull all the necessary data from the blockchain to operate.
Torus provides you with the easiest way to start using any Blockchain. If the DApp you're interested in supports Torus, you can easily start by logging in with your Google login.
There are many platforms available to trade, with several trusted aggrigator websites that establish the legitimacy and trustability of each platform. It would be wise to conduct sufficient research before committing to any platform.
One method of identifying a good platform to trade on is to gauge it's popularity based on the daily volume of trading it handles. CoinMarketCap is a good aggregator of the popular trading platforms to conduct initial research on.
Torus splits a user’s private keys across a network of nodes, and allows a user to retrieve this using natural login mechanisms like social authentication. This distributed key generation scheme ensures that the users identity and keys are fully protected and not controlled by any single entity. The nodes supporting Torus are major stakeholders within the industry and have proven themselves to be of reputable sources of trust, this protects the network from any collusion.
Torus is a key management solution that aims to provide the easiest method of accessing any DApp.
Torus splits a user’s private keys across a network of nodes, and allows a user to retrieve this using natural login mechanisms like social authentication.
Torus relieves you from the hassle of the complicated process of setting up a new blockchain wallet needed to start using a DApp.
Yes, you don't have to pay anything to use Torus. We monetise primarily through fees paid by developers for using Torus beyond the free tier. However, as with every transaction carried out on the Blockchain, you need to pay GAS fees whilst making transactions from your wallet.
Torus is a software service that simplifies and facilitates the use of cryptocurrencies. Different countries have different legalities pertaining to the use of cryptocurrencies, with most countries accepting its use. You can find out if cryptocurrencies are legal in your country here.
To use any DApps supporting by Torus, you would simply need to log in with your Google account, you would not need to create any new accounts. Your newly created wallet would always be accessible with your Google login.
Rather than developing an entirely new system, Torus leverages on existing authentication solutions, OAuth (open authorisation) that have established security standards to maximise the safety for our users.
Your private key is specific to your computer and Google login account, in the event of losing your Google login account password, you would need to start the password recovery process on Google's account management system. Be sure to back up your account recovery codes and keep them safe.
Torus will support DApps with the most commonly used social network logins, we would be able to support other OAuths (Open Authorization) like Facebook in the near future.
You do not need to provide any personal information to use Torus, you would simply need to log in with your Google login email address and password.
Using popups as the login page is the most secure way of logging in. In-page windows carry the risk of clickjacking, a malicious technique which creates a version of our login page that is invisible to the user in an attempt to steal their login information.
This is your account's digital address, which is derived from the public key controlling your account. This address is used when an entity on the public network wishes to communicate securely with your wallet.
As an authenticator, the only information you are revealed to is when a User logs into the Torus Network. Everything else is protected by using child keys separate from a users “Postbox” Key.
Every transaction on the blockchain is required to be signed with both your private and public keys to ensure that each transaction made from your wallet is authorised by you. When you sign, Torus aggregates your private key that has been split across the different nodes to form the full private key. Paired together with your public key, the transaction is then authorised by both your public and private keys to be processed and registered unto the blockchain.
Your private key is divided and distributed with proof mechanisms to ensure that no one entity would have access to your full private key. Only you would be able to have access to your private key when you authenticate with the network.
The funds in your wallet require both public and private keys to access and utilize, which only comes together upon the successful login into Torus with your Google account on your computer. Other entities involved in the process including Google identity platform, Torus and DApps will not have full and complete access to your information to conduct any malicious activity.
You do not need to provide any personal information to use Torus, you would simply need to log in with your Google login email address and password. We do not keep or store any of this information.
We currently do not support this function, but will do so in the future.
The GAS price is the transaction fee required to carry out your transaction. Once signing for a transaction, your transaction is sent to a pool of other signed transactions. The miners maintaining the blockchain then prioritize the highest gas prices to process and add that transaction into a block, and subsequently add it into the chain.
You would require ETH to conduct any transaction on the Ethereum blockchain.
You can purchase ETH from any FIAT to Crypto exchanges or OTC platforms. For your first purchase, we recommend using _ where you would be able to purchase ETH through digital modes of payment.
ETH is required to carry out any transaction on the Ethereum blockchain, and you should determine the amount of ETH you wish to purchase based on the activities that you wish to conduct, from purchasing products online or paying for services. Due to the properties of ETH, the dollar value of ETH can fluctuate.
All transactions made on the Ethereum blockchain is public and verifiable, but only your public key and amount of cryptocurrencies transferred within the transaction can be viewed.
Transaction fees are incurred on every transaction on the blockchain, which is the reward paid to miners who update and maintain the network. When you are purchasing Cryptocurrencies from a provider, they might charge you an additional fee on top of the exchange rate that you're paying for.
Only provide your credit card details to trusted payment platforms, they are the platforms responsible for buying the cryptocurrencies at market prices and transferring them to your wallet. You are paying for the value of your cryptocurrencies purchased and the transaction fee.
If you have any questions that are yet to be addressed here, feel free to contact us via email at email@example.com or on Telegram at https://t.me/TorusLabs.