Written by: Duke
Guiding web2 users to create a wallet is the beginning and key to out-of-circle narrative
For a long time, going beyond the circle will be a powerful narrative in the web3 world. The sign of successfully guiding web2 users to web3 is to let users have their first Crypto wallet. In short, how to let web2 users create a wallet will be the beginning and key to the narrative of going beyond the circle.
One-stop business scenarios & wallets are a paradigm for going beyond the circle
The boundary between Web2 and Web3 is becoming blurred, and the application value based on real scenarios will become a key indicator for judging Web3 projects. The outbreak of Stepn has attracted the attention and entry of many non-circle users around the world, adding new vitality to the Web3 world. Recently, Power of Women has also successfully occupied the top spot in the overall ranking of Google Store games in the United States. Looking at these two breakout products, the product structure of business scenarios and wallet integration seems to be becoming a standard. Business scenarios are the reason (demand) for users to come, and wallet integration is the key factor (threshold) for users to come. One-stop (integrated) business scenarios & wallets will be the standard posture of breakout products.
How to provide wallet services to users?
When a product wants to realize the wallet function, there are usually the following ways: Chrome plug-in wallet: a group of plug-in wallets represented by Metamask, suitable for PC web products WalletConnect: a call connection method that relies on the third-party APP, and the user installing the third-party app is a necessary condition SDK: an integrated integration method Self-developed: a self-developed wallet based on the web or native, with a high development threshold Based on the previous point of view, one-stop business & wallets that do not rely on third-party products will gradually become mainstream. At the same time, combined with the high cost of self-developed wallets. The author judges that the application scenarios of SDK wallets will become more and more extensive, and SDK wallets are wallet software development kits.
SDK Wallet Category
Authority ownership
Returning to the general category of wallets, according to the ownership of private key permissions, they can be divided into self-hosted wallets, hybrid hosted wallets, and hosted wallets. Self-hosted wallet: This is the most common "mnemonic wallet". The trust object is actually the application/hardware manufacturer. Hybrid hosted: Usually refers to a low-threshold wallet that uses two-factor authentication. It can be simply understood that the user and the application each hold part of the private key, and the trust object is the application. Hosted wallet: The trust object is the hosting institution. In the direction of SDK wallets, products are mainly concentrated in self-hosted and hybrid hosted (low-threshold) wallets.
Technology Category
Product form: Web application JavaScript Product form: App application Aandroid Ios React Native (cross-platform development framework) Product form: Game Unity Unreal Engine
SDK wallet general product capabilities
Account creation or recovery (authentication service)
Self-hosted wallet Create a wallet by backing up the mnemonic and restore the wallet by importing the private key (or mnemonic) Hybrid hosted wallet Most low-threshold wallets are registered through centralized identity and support recovery.
asset Management
Multi-chain tokens, NFT display. Receive and send assets.
In-app payments
Payment is a universal product module that is combined with application scenarios to realize in-application payment. Combined with the use of gas reduction strategies such as relayers, the operation threshold can be further lowered.
SDK Wallet List
Metamask
The SDK launched by the leading wallet industry has just been released. SDK categories 1) Custodial wallet 2) Support JavaScript, Android, Ios, React Native, Unity, Unreal Engine Features 1) Based on Metamask. Strong user base, unified wallet experience, high trust 2) Recently released, in the testing stage Development & Application Recently released, in the testing stage
Particle Network
Particle Network is a full-stack, data-driven, composable Web3 data and development platform. Contains SDK wallet module. SDK Category 1) Hybrid managed wallet (low threshold wallet) 2) Support Android, Ios, Unity, JavaScript Features 1) Full-stack development platform. Contains authentication, wallet, NFT, Node and other multi-module services Development & Application Power of women
Sequence
Integrated web3 developer platform and smart wallet SDK for Ethereum + EVM ecosystem Category 1) Hybrid managed wallet (low threshold wallet) 2) Android, Ios, Unity, Unreal Engine Features 1) Hybrid managed approach, and wallet function is implemented through contracts 2) Powerful expansion function, providing Swap, node, Gas reduction and other modules Development & Application Skywearve
BloctoApp
SDK Category 1) Hybrid managed wallet (low threshold wallet) 2) Javascript, Android, Ios, Unity Features 1) Gas reduction, multi-currency payment and other modules
Coinbase
SDK Category 1) Self-hosted 2) Ios, Android Features 1) Relying on Coinbase, with a strong user base
Low threshold wallet SDK is the future trend
As mentioned above, one-stop business scenarios & wallets are the paradigm of going out of the circle, and the focus is on reducing the user threshold to the greatest extent. Low-threshold wallets have a Web2-like experience of logging in without mnemonics and social accounts, which further reduces the threshold. Therefore, low-threshold wallets combined with SDKs will be the future trend in the direction of "how to reduce the user threshold".
Basic capabilities are the foundation, and expansion capabilities are the future
The development of SDK wallets is still in its early stages, and the products are mainly aimed at meeting basic capabilities. The basic capabilities of SDK wallets can be summarized as follows: 1) Multi-platform. Including android, Ios, Js, Unity, etc. 2) Multi-chain. EVM is the basis, and other chains are advanced 3) Asset statistics and payment 4) Token, NFT display and in-app payment Basic capabilities are the cornerstone and the basic guarantee of product strength. They are extremely important at the current stage. Expansion capabilities are the future and the key to subsequent competitiveness, such as: 1) Swap 2) NFT Marketplace 3) Gas reduction service 4) Multi-currency payment 5) Node service
The industry is in its early stages and the pattern is not yet determined
Returning to the wallet category, self-custody, low threshold, and contract wallets are all in the early stages of development, and the industry structure has not yet been formed. The SDK wallet segment is also in the blue ocean stage, has not received enough attention, and has not formed a stable business model. This is why the main body of the above products is either a client wallet for C-end users or a developer platform that integrates multiple services. SDK is more like a value-added service rather than a business entity. The SDK wallet segment relies on the development of the wallet track category and will gradually become a popular segment.