Genealogies don’t work for 95% of end users.
The complexity of current web3 wallets is one of the main issues holding back mainstream cryptocurrency adoption.
According to Bumblefudge, the head of cleanup at the Chain Agnostic Standards Alliance (CASA) — an independent blockchain development organization to facilitate large-scale adoption — the crypto industry needs to move past its current complicated pedigrees.
In the year He said this in a keynote address at the Web 3 Summit 2024 in Berlin, Germany.
“Racial phrases don't work for the other 95% of the world. But, uh, the solution to that is unfortunately boring, ugly standards, management.”
Today's complex crypto onboarding process is still daunting for end users, as it requires setting up a wallet with native gas tokens and unavailable pedigrees before transacting on the network.
Bumblefudge, Web3 Summit, Berlin. Source: Web3 Summit
Related: Color Proofing by Gavin Wood: Web3's Privacy-Protecting Tattoo
Web3 wallets and DApps need more user-centric features
Web3 wallets need more user-oriented features to appeal to end users, and the first priority is to break out of complex pedigrees.
However, this will require an industry-wide level of cooperation from pocket vendors and developers, Bumblefudge explained.
“Nobody wants to write how to use it because they're all competing against each other. They all want the best parts, the implementation. Therefore, nothing will be interoperable; Nothing will be safe.
Without a collaborative standard, wallet providers cannot create interoperable and more user-friendly solutions such as passkeys. He added:
We need to go down to the user instead of going up from what the chain needs and what the DeFi protocol needs. We need user expectations.
RELATED: Coinbase cbBTC token could revolutionize Bitcoin DeFi adoption
Crypto wallets and protocols need to avoid friction for the first billion users
Other prominent crypto organizations support the removal of friction points.
In particular, Chintan Turakia, senior director of engineering at Coinbase, said that bringing the first billion users to blockchain will require startup-friendly apps.
Speaking exclusively to Cointelegraph at EthCC, Turakia said:
If our goal is to bring in the next billion users—and let's start with just 100 million—we need to iron out all of these friction points.
Source: Coinbase Wallet
To bolster mass adoption, Coinbase launched its Smart Wallet in early June, with more beginner-friendly features, replacing complex pedigrees with account names and passcodes.
Turakia expects these simple login options to become the standard for crypto wallet providers in the future.
Magazine: AI drone ‘hellscape' plan for Taiwan, LLMs too dumb to destroy humanity: AI Eye
