Seed-funded by a coalition of experts, Node leverages always-on personal computers and advanced cryptography to deliver safe shopping without passwords
SAN FRANCISCO, Oct. 24, 2023 /PRNewswire-PRWeb/ -- Today, I Own My Data (IOMD), introduces Node: convenient online shopping without accounts. Node is the first truly customer-focused solution, making transacting easier and more secure for both merchants and their customers. Today, Node invites merchants to apply to its exclusive beta program for white glove onboarding and early-access benefits to its patent-pending technology.
"Online shopping has had difficulty finding a balance between ease of use and safety. Asking customers to remember usernames and passwords that have to be stored on vendors' servers generates a potentially unsafe situation. There are many companies devoted to tackling the range of issues, such as password retrieval, form completion, risk evaluation, and more," says Rohan Mahadevan, CEO at Node. "We must change the system to eradicate the symptoms. Node requires no usernames and stores no personal information. It's a whole new way to manage online transactions."
Ubiquitous Personal Computing & Advanced Cryptography Make it Possible
Early ecommerce launched when most people shared computers, requiring usernames and passwords to authenticate identity. These days, most shoppers have a smartphone handy when they are looking to make a purchase, and these devices have far more computing power and memory than the computers of the past.
Early online stores required servers to house all the personal and product information required, plus significant maintenance and management to keep them current. Over the past 3-5 years, a monumental shift in cryptography allows both businesses and individuals to trust information that doesn't sit on their server.
That new level of online trust, when combined with the ubiquity of powerful personal computing, makes Node possible - and eliminates the need for usernames and passwords.
Backed by Big Players in Shopping & Payments
Node is introducing an ecosystem-level change, attracting investors who are each experts in key elements of online shopping, from platform development to customer acquisition, payments, risk management, security, and more. Node's $2.75M seed investment was led by Neotribe Ventures, and also includes executives and founders from across current ecosystem leaders, including Bill Me Later (acq:NASDAQ: PYPL), Boku, Citicards, Facebook, Magento (acq:NASDAQ: ADBE), Meta (NASDAQ: META), and PayPal. Funds will support product development and go-to-market.
"Anyone involved behind-the-scenes in ecommerce knows how overdue we are for true transformation," said Kittu Kolluri, founder of Neotribe Ventures. "Rohan and the veteran team behind Node are uniquely qualified to spearhead this change because they know the pain points and challenges merchants face - from delivering a good user experience to managing risk analysis. There's been a whole industry built around plugging gaps or smoothing friction in a system that no longer serves merchants OR consumers. Time for something new."
Why Merchants Will Benefit from the Beta
For decades, merchants have had to choose between introducing hassle to shoppers (username/password, CAPTCHA, etc.) and consistent connection that creates loyal customers. Node provides both, while removing all the data privacy and storage headaches, offering:
- Premium guest experience: Guests receive a better experience than today's account-holders, with a "one-click" repeat user experience similar to Amazon.
- Easy integration & lower costs: Node works with existing infrastructure, and will be easily adapted for future product developments. It eliminates all unnecessary infrastructure, experience and data privacy costs associated with accounts.
- Always up-to-date: All consumer information remains current - removing the frustration of dated or expired information.
- Top-of-line security: Node eliminates transaction risks, fake accounts and sign-ups, updating payment information, password recovery and more. It offers instant compliance with GDPR, CCPA, PCI, and data localization.
And because of its consumer-centric structure, Node delivers happy shoppers who can transact easily and safely. Every merchant's dream!
Interested merchants can apply for the beta program to receive founder-led white glove service and consideration to be featured in launch materials prior to the 2024 holiday shopping season. Selections will be communicated directly to applicants.
Node is an ecommerce app that puts customers at the center of the transaction with full control over their information on any site and all within one app. The app represents a fundamental paradigm shift in commerce that brings merchants and consumers a new way to transact and interact. By modernizing and streamlining the e-commerce experience, Node provides a more secure way for consumers to purchase and for merchants to reimagine how they engage with customers.
To learn more about Node, please visit https://www.nodemy.info/.