Fortmatic is an easy-to-use alternative to web3 wallets like Metamask. It allows users to use a phone number or email address to connect to Ethereum-based applications, all without the need for a browser extension.
Formatic has since rebranded to Magic.
According to Fortmatic, it takes new users a minimum of 22 steps to submit their first transaction when using alternative authentication methods. It’s now their mission to reduce onboarding by as many steps as possible, effectively providing an intuitive registration process – especially those new to web3.
Fortmatic’s SDK allows for easy integration into existing applications, simply by copying and pasting a few lines of code.
Li designed his previous venture, Kitematic, to make Docker’s Linux-focused products more accessible on Mac and Windows desktops. The project was such a success that Kitematic was later acquired by Docker themselves.
Kitematic had similar implications to Fortmatic, in the sense that it was a tool which made complex software more accessible to the everyday user. Using this experience, and a new-found passion for the Ethereum blockchain, he decided to build Fortmatic
According to Crunchbase, Fortmatic has had one funding round in June 2018, which raised seed capital from 3 separate investors.
In May of 2020, Fortmatic announces it’s $4M seed round with participation from Placeholder VC and Naval in parallel with it’s rebrand to Magic.
Fortmatic makes applications easy to use for nontechnical users.
Currently, most popular tools for interacting with dApps – including Metamask – require a specific web browser and/or browser extension, severely restricting accessibility.
Fortmatic authenticates users by linking a phone number or email address, removing the need for specific apps or browser extensions.
This allows applications to be accessed via almost any web browser on any device, including mobile. According to Fortmatic, over 65% of their interactions come via mobile devices.
From a developer perspective, Fortmatic is extremely simple to integrate. For any existing web 3 application, Fortmatic can be integrated by pasting a few lines of code.
Fortmatic uses hardware security module (HSM) cryptographic anchors, a security mechanism which is used by many of the industries top custodial solutions. With this, hackers must attempt to crack encrypted keys within the organisation’s infrastructure; meaning their progress can be detected and obstructed, significantly reducing the potential for losses.
In other systems, hackers can simply download private keys and attempt to crack them freely on their own hardware – free of any monitoring.
With many further integrations on the horizon, it appears that Formatic will continue to grow as a widely-accepted tool for interacting with popular DeFi applications.
How Does it Work?
Click “Connect Wallet” to get started.
All of the compatible wallet options will be presented. Click on Fortmatic.
From here, a user will set up their Fortmatic wallet. Click “Continue”.
Simply enter an email address, or click “Use Phone Instead” to use a mobile number.
A verification code will be sent to the provided email address or phone number. Enter it here.
To finish, simply select a password to secure the new account.
That’s it! Now, you can interact with supported Ethereum applications simply by entering the chosen email address or phone number and password – no apps or extensions needed!
How to Get Involved?
For in-depth insights into releases and updates, check out their official blog.