Okto, a new AI-driven Web3 wallet, promises to let users earn passive income on crypto assets

A. Okto is a DeFi wallet app designed to provide users with easy access to Web3 opportunities. Its vision is to make vetted DeFi investment opportunities accessible to everyone through its user-friendly interface.

With Okto, users can explore a variety of DeFi investment opportunities and earn passive income on their crypto holdings without any hassle. Its keyless, self-custody Web3 wallet provides secure access to DeFi services, ensuring the safety of users’ funds.

Onboarding into DeFi can be challenging for investors, due to the need to comprehend risks, navigate the environment, manage different wallets, and guarantee the security of funds. To address these issues, Okto has emerged as a solution for investors across the globe, facilitating DeFi access and giving users the tools they need to overcome these barriers. Okto sets itself apart through its easy accessibility and simplified navigation, making it open to even new-to-crypto users and eliminating deterrents to DeFi adoption.

A. To tackle the incidents of fraud and security breaches associated with self-custodial wallets, the Okto team introduced continuous cognitive authentication powered by artificial intelligence. This approach uses AI and machine learning algorithms to verify a user's identity based on their behaviour and cognitive patterns, rather than just relying on traditional login credentials like usernames and passwords, and that too without intruding into the privacy of the user.

The Okto team has filed for a patent for this breakthrough technology in India and will subsequently file in other jurisdictions. Driven by the principles of adaptive and continuous authentication, the new security layer utilises a cognitive monitoring model to determine suspicious activities and prevent any misuse of the wallet keys.

A. A unique feature of Okto is its AI-powered continuous Multi-Factor Authentication. Okto employs patent-pending AI technology to fortify the security of self-custodial DeFi wallets, shielding users from potential compromises and fraudulent activities.

This state-of-the-art security solution leverages artificial intelligence and machine learning techniques to verify a user's identity based on their behavioural and cognitive patterns. By analysing how users interact with their devices, applications, and websites, Okto establishes a secure and private authentication process. This approach safeguards against prevalent cyber threats such as phishing scams, account takeovers, and malware attacks.

A. To ensure the highest level of security, the Okto Wallet employs continuous monitoring in real-time. This means that every transaction is scrutinised instantly, if any suspicious activity is detected, it triggers additional authentication steps before proceeding. This security check process acts as a barrier against fraudulent activities, ensuring users' information remains safe and protected.

With Okto Wallet, users can embrace the potential of DeFi without compromising on security or privacy. It sets a new standard in self-custodial wallets, utilising AI-driven technology to provide unparalleled protection against fraud and hacks. ​

A. With its comprehensive Self-Custodial Wallet, Okto delivers a streamlined experience akin to centralised finance (CeFi), enabling users to conveniently access a diverse range of tokens across decentralised exchanges (DEXs). By serving as an aggregator of DEX aggregators, Okto simplifies the exploration process and guarantees users access several options and an extensive selection of tokens.

Users are able to trade thousands of tokens and deposit idle funds into high-yield generating pools, ensuring they can maximize their earnings.

Moreover, Okto is truly multi-chain, aggregating the best opportunities from over 20 chains and 100 protocols. With this seamless user interface, users can easily navigate the world of DeFi without the need to manage multiple wallets.

The all-in-one Web3 app eliminates the need for safeguarding seed phrases ensuring full control of funds with users.  Furthermore, Okto eliminates the risk of a single point of security failure by leveraging custom-built Multi-Party Computation (MPC) technology driven by consensus. Through the use of MPC, the private keys utilised to access and manage funds are never fully revealed, ensuring that users' funds remain entirely secure at all times.

A. Striking the right balance between privacy and transparency is an ongoing challenge, with advancements such as privacy-preserving techniques and zero-knowledge proofs being explored.

On the Okto app, we offer self custody which means you have full control over your funds, your keys, and your account.

While DEXs are doing their bit on an individual level, these challenges require collaboration and innovation from various stakeholders, including developers, researchers, regulators, and the crypto community as a whole, to drive progress in the crypto world.

Improving the user experience of crypto wallets, exchanges, and decentralized applications (dApps) is crucial for mass adoption. Simplifying complex concepts, enhancing user interfaces, and providing intuitive onboarding processes are ongoing challenges.

With Okto, simplifying the user experience is one of our major focuses.

A. Although more than 60 percent of the global population now has access to the internet, the adoption of DApps and self-custody wallets still faces significant challenges. In the past couple of years, adoption has seen some progress, but it is still in its early stages, and the scope to expand and proliferate is significant.

DeFi has grown rapidly in recent years, and it is expected to continue to grow in the coming years. DeFi TVL (total value locked) is up by 20 percent since the start of 2023, at $44.76 billion. The growth of the DeFi market is estimated to happen at a compounded annual growth rate (CAGR) of 42.5 percent until 2030. These numbers are a testament to the growth of DeFi. India ranks in the top countries when it comes to the value of DeFi transactions for individuals and retail-sized transactions with Ethereum accounting for about 40 percent of the total received crypto value.

A. The safety of users' funds and the security of wallets have been long-standing concerns in the Web3 industry. This has led to the development of self-custodial wallets, which allow users to hold their digital assets themselves. However, security remains a pressing issue in the DeFi ecosystem, and incidents of fraud and security breaches associated with self-custodial wallets have been common.

While self-custody is a good approach for those who want privacy and control over their funds, it can be challenging to manage the long passwords and security keys required to access and secure the assets.

Additionally, many people attempting self-custody may not store their security keys securely or back them up correctly, potentially leading to a loss of their assets. The team at Okto recognized the importance of self-custody in Web3, but they also understood that the current state of self-custody was complex and challenging for even advanced users. Okto is easily accessible and simple to navigate even for novices – that is what sets us apart from other DeFi platforms that primarily cater to users who are well-versed in the space. This easy accessibility and simple UI will enable millions of new users to join the platform, thereby paving the way for mass adoption.

A. The Okto app was designed to make DeFi accessible for both new and advanced users by providing an easy-to-use mobile platform that allows users to access thousands of tokens across various DEXs and discover high-yield generating opportunities without any technical background.

Okto is an aggregator of DEX aggregators offering the best option among all of them and access to most of the tokens. Users are being offered a selection that is universal.

The app has a user-friendly interface that mimics Web2 financial apps but with the added benefits of decentralisation. The wallet allows users to access unlimited tokens available on multiple chains on a single mobile app. Additionally, the wallet aggregates the top liquidity pools and investment opportunities from different chains on a single screen, making it easy for users to explore and earn from.

A. We recognise the dynamic and fast-paced nature of the Web3/DeFi industry, and we are fully committed to staying ahead of technological advancements. Our goal is to provide our users with the best opportunities by integrating with the latest protocols, chains, and investment options. Currently, we offer the Earn feature, allowing users to earn passive income on their crypto holdings. We have plans to expand the Okto Wallet and offer a full bouquet of Web3 offerings

To ensure that we meet the needs of our users, we actively seek feedback and listen to their suggestions, allowing us to continuously improve the Okto Wallet based on their requirements and preferences. In addition to user feedback, we closely monitor the market and keep a pulse on the latest developments in the DeFi ecosystem. Our team of experts conducts thorough research and exploration to identify solutions that enhance the capabilities of Okto Wallet. Our aim is to provide a secure and user-friendly experience that empowers our users to navigate the complexities of the Web3/DeFi industry with ease.