The demand for "walletization" is exploding! But there are many challenges
Wallet is an important entrance into the Web3 world. Not only are there many brands on the market to choose from, but even exchanges such as Binance and OKX have launched their own wallets to meet "walletization" needs and business opportunities.
At present, both cold wallets and hot wallets have their own problems that need to be solved. Even the world-famous cold wallet Ledger has been poisoned by hackers recently, causing discussions among users around the world.
How to lower the entry threshold for users and provide simple, easy-to-use and secure wallets has become the biggest challenge for wallet companies. The Taipei Blockchain Week forum event entered its second day today (15th). The morning forum invited a number of well-known wallet operators at home and abroad to discuss the future development of crypto wallets.
🛎️Extended reading: [Opinion] "Walletization" is the key to victory! Binance and OKX are both rushing to make plans, so why would they miss out on opportunities if they don’t?
Crypto wallets allow users to “truly own their own assets” and carry personal data and assets anywhere, but the wallet experience is the biggest threshold for people to enter the Web3 world.
In the morning, the forum invited a number of domestic and overseas industry experts to discuss the development of crypto wallets.
Taking stock of the two major challenges of crypto wallets
Li Xuan, co-founder and CEO of Blocto, a wallet company, first pointed out that there are currently two major problems with encrypted wallets.
Problem 1: The experience is too fragmented
There are too many different wallets for users in the currency circle, and each wallet has a different user experience and different standards, such as EOA wallets (such as Metamask or Ledger) or account abstract wallets (also known as smart contract wallets).
In the case of EOA wallets, users have to keep the private keys of their personal wallets and use account abstraction to sign transactions. However, because this method is too complex, many applications will experience crash problems when handling different types of wallets.
Problem 2: The wallet is too technical
For engineers, too much wallet information is not a big problem, but every time a user wants to make a transaction, they must perform an encrypted signature, and they will see information or data that most users cannot understand, so users are asked to use the threshold. Huge improvements.
The user experience is too technical and "exposes" too much information to the user. However, in terms of the general Internet experience, the user just opens the website and clicks the link. There is no need to "aware" that he has gone through the server and browsed. device or all the technology behind it.
The next step for wallets: One-click experience
Wesley, the technical director of CoolBitX, pointed out that to some extent, it is necessary to provide users with necessary information, including that the system will alert the user if it detects a malicious address or NFT before making a transaction. But of course, the APP will provide prompts in "human-readable" text to ensure user safety.
“The best wallet experience is that you don’t feel its existence,” Coinbase Wallet product designer Rose Kuan also agreed with this view, emphasizing that “in the future, through fingerprint scanning or facial recognition, during the signing process, users will even There won’t be any obvious feeling.”
Review editor: Gao Jingyuan
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