Conceptualization of how cryptocurrency wallets will change in the near future
It all began with a simple query.
How are Web3 wallets different from Web2 wallets?
Typically, Web2 wallets have a centralized service and a single provider. For instance, PayPal is the sole vendor capable of providing the service. There is no opponent.
Web3 and the Future of Wallets
The wallets of Web3 are decentralized. Numerous vendors can supply the same service. This is due to the main fact that all service providers are linked to the same decentralized network.
Enhanced safety
Decentralized wallets are substantially more secure than centralized wallets because there is no single point of failure.
Increased discretion
These wallets do not keep your personal information. This means that the security of your data is not in danger.
Enhanced adaptability
Decentralized wallets are more flexible than their centralized counterparts. For example, a decentralized wallet can be used to hold many cryptocurrencies.
Research
We started with an overview of the user experience for various wallet kinds.
The next stage was to build a set of user experience (UX) flows that could be used to evaluate the usability of various wallets. Here, we examined onboarding, sign-in and sign-out, money sending, and payment receiving.
Then, we examined how the various flows operated in practice and how they aligned with our design principles. The outcomes were very disappointing:(
- Lack of simple enrollment
- Difficult navigation
- Excessive friction
- Absence of streamlined instructions and clarity of what is occurring.
- Usability that does not measure up to Web2 standards.
So, what is the conclusion?
The conclusion is that there is significant potential for improvement in Web3 wallet development user experience. Nevertheless, the current generation of wallets is beginning to provide enhanced experiences. We intended to demonstrate what the future of wallets may look like.
Prioritative Objectives
Our primary focus is on the characteristics of the ideal wallet.
The wallet of the future will be created with usability in mind. It will be intuitive and simple to navigate. Gamify wallet usage and generate interesting experiences.
Future wallets will be constructed with low friction and fast speed in mind. It will be able to process enormous quantities of data and transactions rapidly and effectively.
The future web3 wallet will be built to enable multiple use cases. It will be flexible and adaptive to accommodate the requirements of various users.
The Framework
The general flow of this ideal video wallet is comprised of five primary scenes.
Scene 1
The wallet would contain a socket layer that would allow users to customize the wallet’s appearance and experience. Users could put an NFT into the socket to alter the appearance and functionality of the wallet.
Scene 2
Switching networks should be as easy as starting a new tab or web3 wallet. We made it simple to switch between different Polygon networks (PoS, Hermez, etc.) for different use cases (trading, gaming, collecting) within the same environment.
The user interface has been modified to seem and feel more contemporary. The interface is significantly easier to use and allows for the addition of unique networks. This will expedite the addition of new networks and access to previously saved networks.
Scene 3
The user may add Trusted Contacts to the system by supplying the Polygon IDs of the contacts. The system will then authenticate the identities of the contacts.
Scene 4
Introducing the ease of the UPI to instant payments. Using Camera QR code scanning or tap scan method for sending and receiving tokens or making payments.
Scene 5
An AI assistant can guide you through the friction process and assist you in making informed decisions. It can explain unknown ideas and facilitate easy onboarding. In addition, an AI assistant can help users develop trust.
Future Possibilities
To make an impact in the marketplace, even the best ideas must pass the practicality test.
In the interim, we are devoted to listening to our consumers, collecting their input, and adapting the product to their requirements. We are constantly seeking input. If you have any suggestions for the next steps, please contact me on LinkedIn and share your views.
