MetaTalk Episode 3 : What function will crypto wallets serve in Web 3.0?

Alex, Host: Welcome the guest for attending our MetaTalk Episode 3 Theme: What function will crypto wallets serve in Web 3.0?

Hello and welcome to all of our guests and listeners! My name is Alex and I work with the community team at Caduceus.

Now before we get started I would also like to say a special thank you to Qredo and Nabox for sponsoring rewards for this metatalk event! Massively appreciated and thank you so much.

Caduceus is a layer 1 blockchain dedicated to metaverse development that offers up to 100,000 TPS and almost non-existent gas fees. To find out more about Caduceus please do follow our socials, join our community and look out for the latest news and updates!

Today we have Metatalk episode 3 : What function will crypto wallets serve in Web 3.0?

So let’s get into some questions, in the same order as the intros I would like to ask Qredo to answer first and continue in the same pattern.

Alex, Host: Crypto wallets are the dominant gateway into the crypto world and an essential component of the crypto ecosystem’s infrastructure and economy. Please provide a short overview of the progress to-date and near-term objectives of your respective projects.

Luis Vaello, QREDO :

We have been building very heavily during the crypto winter. We have been integrating and supporting different ecosystems, L1s and tokens into Qredo Network https://www.qredo.com/ . Our biggest upcoming releases will include WalletConnect integration https://www.qredo.com/wallet-connect-waitlist , which will allow any user to use a decentralised MPC wallet to access DeFi in a secure way. Our Web3 wallet with WalletConnect will democratise high end custody solutions, as they will become available instantly, for any retail user across the world.

We have also been working heavily on increasing the utility of QRDO token. We have just finalised Qredo Station which is ready to be released and that allows users to pay their transaction fees on Qredo with QRDO token and benefit from discount.

In addition to that we have also completed the development of PowerSwaps, which is a very demanded addition to Qredo. It allows users to swap between stablecoins and QRDO instantly, which is great to settle fees on the network through QRDO.

Ge Li, ONTO:

ONTO is a DID-based gateway offering users a seamless Web3 experience. It is the best all-in-one option for securely managing your identities, data, and digital assets, ONTO allows you to manage your crypto assets (including NFTs), perform cross-chain swaps, readily access hundreds of dApps, and learn everything important in real time via ONTO news feed.

With ONTO Wallet, users can create an ONT ID, a decentralised digital identity that enables one-click multi-chain wallet address creation and management and fully protects their private data through an encryption algorithm. ONTO is currently available in chrome extensions and mobile apps.

Going forward, our objectives are building ONTO into a gateway to Web3 based on our decentralised identity framework ONT ID.

Yen, NABOX:

Now Nabox has supported assets and DApps from 42 networks, and currently we are supporting another 2 chains in our wallet. We are following our roadmap to build step by step. We have an aggregator called SwapBox, it integrates with more channels like DODO and 1inch to bring users a better experience to swap. We listen to our users’ feedback and continuously improve our product, like demonstrating NFT assets in Nabox wallet. We keep looking for excellent projects to build together and we are looking for a better way to protect our users because more and more scams are showing up recently. Actually we publish Weekly Issue every Monday to show everyone what we are doing and what we have done, if you are interested you can follow us on twitter or forum or Medium to know more.

Coinhub:

Coinhub is a multi-chain decentralised wallet serving the DeFi ecosystem, which has supported 40+ public chains such as Bitcoin, ETH, BSC, Solana, Avalanche, Tron, Costom and has cooperated with 2000+ DApps.

The cumulative number of users is more than 200,000, and the daily life is between 10,000 and 20,000. Now our users are mainly distributed in Southeast Asia, Europe, the United States, Russia, followed by China, Japan, Africa and other places of users.

At the product level, we also support the mobile APP version and the Web plug-in version. And there are many special features of Coinhub that are worth mentioning. That’s how Coinhub Wallet looks right now.

Users can easily generate and access multi-chain wallets with just one click in Coinhub. A set of mnemonic phrases can manage multiple wallet addresses, which is convenient for users to use.

Coinhub has integrated a lot of functions including ENS Domain Name, FIO Send, Swap/Bridge, Custom Public Chains and custom nodes.

For the products, there is some interesting products that I can introduce to you guys:
1) NFT avatar display, which shows you Web3 identity, which also allows you to change the wallet background.

2) Asset market data, you can check the real time price of each token and their K-line on the asset page.

3) Switching different DApps, We provide a DApp browser and a DApp quick switch page. Your recently used DApps will be shown on the this page, and you can easily and quickly access to them

Regarding future new functions, in our upcoming new version, we will add more functions related to Web3 identity, add more language versions, and improve the product experience in the direction of “multi-chain wallet”.

Therefore, there will be more upgrades in the next version, and I hope you will pay more attention to it.

In addition, Coinhub has more than 200,000 Twitter followers now. And we just recently had a celebration. We will tweet about all airdrops, whitelists giveaway, AMA and other events. We look forward to following you on Coinhub’s official Twitter account: @Coinhub_Wallet

Alex, Host: What function do you believe crypto wallets will serve in the future of Web3?

Luis Vaello, QREDO :

Wallets are core infrastructure for Web3 and any crypto utility. Without wallets users cannot interact with any dApp. Wallets for Web3 are like web browsers for web1 and web2.

With wallets we will be able to handle our savings, payments, digital goods, but also any tokenized asset from house deeds to university degrees certificates. Decentralised identity is also a hot one.

Ge Li, ONTO:

The slogan of ONTO Wallet is “a DID-based Web3 gateway”, which speaks volumes. We think that crypto wallets should serve the following functions in Web3:

• As a crypto wallet, the basic function should be the creation of the wallet and management of users’ crypto assets. This will continue to be the essential service of crypto wallets since crypto assets will be the currency in the Web3 world. Users will need crypto wallets to store, send, and receive crypto assets;
• Besides that, crypto wallets can be the portal to the Web3 world. That is what ONTO is doing. With our decentralised identity (DID) system ONT ID, users will be able to use it to access Web3 services with a single ID, which is similar to our identity card in the real world. Think about it, users can use a single ID to access all Web3 services (no need to create a new account everytime they use a new platform, as Web2 users currently have to do), secure in the belief that all their on-chain activities will be private, how exciting is that!

Yen, NABOX:

Wallet is the gateway to Web3, I believe wallet will be the centre of asset investment in the future. As we all know, while users can trade on exchange, exchanges do not allow users to hold private keys to their crypto assets. So if an exchange is hacked, users are likely to lose assets. With a wallet, users can manage their assets by themselves. In addition, wallet provides users with the ability to interact with a wide range of investment products, including various DeFi protocols. So I believe that one day in the future, crypto wallets will be the centre of investment.

As for the function, I think wallet will not only just let users put assets in like a real wallet. Though wallets now are more than this, of course, users still find wallets not really easy to use. Especially when they need to keep notes about their private keys or phrases and keep the note in a safe place, we might get used to it, but for newbies of Web3, they will find it difficult to begin with. Not to mention there are scam DApps and websites, users will easily fall in the trap.So in the future, I believe wallets will improve to be real user-friendly products to keep our money safe but in an easier way, and keep us away from risks. That’s my idea as a user, too.

Coinhub:

Coinhub’s Slogan is: Your gateway to Web3.

Obviously, we believe that a decentralised wallet is an indispensable entry or tool for participating in Web3.

The wallet can make it easy for users to enter Web3 and effectively protect the personal privacy of users.

Alex, Host: How do crypto wallets offer hundreds of millions of potential Web2 customers a simple and intuitive on-ramp to Web3, with a good user experience?

Luis Vaello, QREDO :

First we need to talk about security and how we can simplify this. The majority of users already forget and lose their passwords on Web2, which makes it very complex for web3 adoption in which self custody and responsibility are a must. The user experience still needs to improve in order to remove those complexities while still being decentralised. This is where solutions like Qredo will play a very important role, building secure core infrastructure with very heavy attention into UX (not only UI design).

Ge Li, ONTO:

Crypto wallets are first and foremost the place for managing your crypto assets, so we think there are a number of key points that make a good crypto wallet: security, ease of use, scalability.

• Security: crypto wallets are the place where users manage their crypto balances, so security must be the top priority
• Scalability: To offer services to hundreds of millions of users, crypto wallets must have the same capacity matching the TPS of Web2 services. For example, Visa processes around 1,700 transactions per second on average and claims to be able to support 24,000 TPS, whereas Ethereum processes only dozens per second. Alipay, a Chinese digital payment service, handles a whopping 544,000 transactions per second at its peak. If crypto wallets are to serve a customer base of a similar size, the scalability and throughput issues must be addressed first
• Ease of use: a big hurdle holding back Web2 users jumping into the crypto space is the barrier of entry. To use a crypto wallet, especially a non-custodial one, users must get used to a totally new way of how things work. Unlike traditional digital wallets, they have to get their heads around mnemonic phrase, private key, and the idea that they are solely responsible for their own assets. Once they lose their private key and mnemonic phrase, they also lose their assets, forever. That is why at ONTO, we go to great lengths to educate users about how crypto wallets work and prepare detailed tutorials and guides to help new users get started easily;
• Multi-chain support: with more than 1,000 blockchains and over 20,000 tokens in circulation currently, the demand for cross-chain asset transfer has only gone up. The more blockchains and crypto assets a crypto wallet supports, the easier users can manage their crypto assets on different chains, and the more users will use the wallet. ONTO currently supports 37 blockchains and over 14,000 tokens and is set to integrate more;
• Rich ecosystem: besides crypto asset management, as mentioned before, as a gateway to the prospering Web3 ecosystem, crypto wallets also allow users to access a variety of dApps and other functions, such as NFT trading, swap and bridge. These features will also help draw users looking for a more diverse experience of the Web3 world

Yen, NABOX:

The biggest difference between Web3 and Web2 is the management of data. In my opinion, Web2 is the basis of the development of Web3. With the development of Internet for many years, most people are closely related to it. The user behaviour data of Web2 plays a crucial role in some aspects of Web3 application scenarios. Moreover, the development of Web3 is a process rather than a definite result. It is still the early stage of Web3, and there are infinite possibilities in the development of Web3. What I want to say is, if a new user comes to Web3 from Web2, he or she will find it not simple and intuitive from the beginning, they might feel puzzled, ”why do i need to pay gas fee?” something like that.

So introducing Web2 user behaviour data to Web3 is necessary. In this way, wallets can offer potential web2 customers at least a better experience than expected. User behaviour can help us gradually provide better products to users, just like why AI can learn and provide intelligent products to users.

Coinhub:

Regarding the user experience of Web2 and Web3 portals, I think the more intuitive differences are in the convenience of use and the privacy of personal information.

First of all, in terms of convenience, every time we enter a different Web2 platform, we need to log in again. When logging in, we need to enter the account password we registered on each platform. This process will be cumbersome and time-consuming. And the account password of each platform may be different, so it is easy to have problems in the memory, storage and security of the account password.

In addition, whether in Web2 or Web3, we all need a medium as a carrier of personal identity. In the field of Web2, what represents us personally may be an email address, mobile phone number, user name, or some general avatars or even ID numbers. Most of these things contain our personal privacy information. It is not a safe practice to store this information on a centralised server, so now many Internet platforms have user information stolen and sold online from time to time. This will pose a threat to the user’s asset security and even personal security.

But if we use a decentralised wallet product, we avoid these troubles and insecurity factors for our users. Because a decentralised wallet can log in to multiple platforms at the same time, we no longer need to set different account passwords for different platforms, but just click “connect wallet” to have our own account on this Web3 platform. account, also we can browse, buy/sell, or produce your own content, etc. In addition, Coinhub is also a multi-chain wallet. On Coinhub, users can manage multiple wallet addresses through a set of private keys or mnemonics (for example, your addresses on different public chains such as ETH, Solana or Tron can use a set of mnemonics to manage), which is more convenient for users to use. And the decentralised wallet does not require the user’s private information, so it will not reveal the user’s personal privacy.

Finally, users use crypto wallets to enter the Web3 world, not only can browse, collect, and produce content just like on the Web2 platform, but also directly purchase and sell crypto assets through the wallet, and directly enjoy the benefits of the content they produce. So the experience will be more direct and comprehensive than in Web2.

Alex, Host: Do you believe crypto wallets can evolve to create an independent Web3 social layer?

Luis Vaello, QREDO :

Wallets can be the entry door to the web3 social layers. Wallets as the identifier with public keys or decentralised identity. We are already seeing some protocols like lenses with domains or lenses focusing on social media are growing fast.

Ge Li, ONTO:

It is certainly a tempting thought, but supposedly to create such a Web3 social layer, there are a couple of obstacles to be overcome:

• Right now, decentralised identity is a hot topic in the crypto space, for any potential social-related layer, a DID system is indispensable. For ONTO, we already have ONT ID, which can be used to prove users’ on-chain reputation with credit score service OScore in the Web3 world and function as the wallet address;
• For wallet services to create a social layer, it is never an easy thing, even for exciting superapps like Alipay, which has tried over the years to lure users to socialise on its platform with its day-to-day services like movies, takeout, sports etc. What we see more often is that social apps will add a payment option to their services, as Facebook and Tencent have done.

So overall, I think it won’t be an easy thing, but I’m also looking forward to more innovation and am happy to be proven wrong.

Yen, NABOX:

My answer is Yes. In the past, people used the Internet widely to social communicate and pay. If we talk about social in Web3, there is a word called DID. DID is our identity in Web3 and DID based on blockchain naturally has the function of the payment. All we need to do is to connect users from all over the world then we can create an independent Web3 social layer, that’s what I believe.

Coinhub:

I think it is possible. Embedding the social function in the wallet is also something that some wallet products have already tried.

As I said just now, users cannot do without the tool of crypto wallet as a way to realise the transfer from Web2 to Web3. After entering Web3, we will also have a carrier representing our personal identity, but this carrier is relatively virtual, or we cannot confirm the authenticity of this identity. But it is undeniable that these identities constitute countless individuals in the Web3 world. Where there are people, there must be communication.

Whether in the real world or the virtual world, communication and cooperation, support or opposition, alliance or confrontation, these primitive human needs and motivations will not disappear.

For example, DAO organisations, I think to a certain extent, can also be regarded as part of the Web3 social layer. Because the DAO organisation allows all members to have equal rights to express, vote, and abstain through openness, transparency, democratisation, and high participation.

In addition, there are now many institutions that issue specific NFTs to those who join their own institutions or participate in certain activities, which are similar to trophies or certificates in real life. Therefore, we can show our social activity experience through our own wallet address, which can be used in personal expression, value recognition, identity attribution and even job search in the future Web3 world. These are also part of socialising.

Wallets, or wallet addresses, are inherently part of Web3’s individual status symbols, so it provides the basis for building a Web3 social layer. Therefore, it is entirely possible for crypto wallets to establish a Web3 social circle. But as to whether it is independent or not, it depends on the individual’s understanding. I’m not clear on the specific meaning of “independent” in this question. Because the crypto world is inherently unbounded and undifferentiated, I think that the crypto wallet itself can develop in the direction of Web3 social, but it does not mean that it will form a completely independent (closed) circle.

Alex, Host: Some argue that crypto wallets should be fully integrated with Web3 ID, giving users control of their identity, which would increase the value and importance of crypto wallets. What do you think about this?

Luis Vaello, QREDO :

I think this is totally true. Our wallets itself are already online identities for the blockchain space. The combination with Zero Knowledge Proofs and DID will allow users to identify themselves without revealing personal information.

Ge Li, ONTO:

I would agree with this proposal, in fact, that is what ONTO is working on right now. We think users should be able to control their own identity and data, which is also what Web3 is promising to do.

As I mentioned above, ONT ID is a decentralised identity framework based on the W3C recommendations for decentralised identifiers and verifiable credentials, using blockchain and cryptographic technology, that can quickly identify and connect people, data, and services. It is decentralised, self-sovereign, privacy-preserving, and easy to use, enabling users to fully control their own data and identities. You decide if and when your data is accessible by others. This will definitely boost the value of crypto wallets.

Yen, NABOX:

Actually, I totally agree with this idea. This is why people entered Web3, which is and should be decentralised. Users should have the right of fully controlling their identity, their assets, etc. Wallets may be functional and users need to connect wallets in Web3, but I think users should control their wallets by themselves instead of wallets controlling over users. So wallet needs to integrate a lot of things to make it a better gateway for users to Web3, and that’s what we are trying to do.

Coinhub:

This is a question of the benevolent see the benevolence and the wise see wisdom. One of the great advantages of the crypto world itself is that it protects the user’s personal privacy (which is also the deep demand of many users) and the user has a high degree of freedom. Full integration with Web3 ID may compromise the benefits of both. So I guess, full integration of crypto wallets with Web3 ID is not what everyone wants, nor does it meet the mainstream needs of the current market.

Of course the market will change and so will the demand. When Web3 develops more maturely and is popularised to the public, this point may be more needed by everyone. At that time, I believe that various crypto wallet products or other products in the Web3 field will also have new product directions.

A massive thank you to all of our guest speakers, that was all very insightful!! If you haven’t already, be sure to go and check out the socials of all the projects our speakers are here to represent today.

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