Detailed explanation of Web3 wallet: a 100-billion-level mass track

In the traditional Internet, a person’s identity symbol is often formed through his or her real world fame and behavior. In Web3, the symbol of identity is displayed through the assets in the crypto wallet, transaction behavior, and collected NFTs.

introduction

If the popularity and development of the Internet has created mobile payment, then the arrival of Web3 has written a new chapter in crypto payment and pushed the development of crypto wallets to a new climax.

The function of traditional e-wallets is to store assets and mobile payments. Crypto wallets add the function of identity identification on the basis of storing assets and mobile payments. This is also the entry and authentication that users can pass through in various DApps in Web3.

In the traditional Internet, a person’s identity symbol is often formed through his or her real world fame and behavior. In Web3, the symbol of identity is displayed through the assets in the crypto wallet, transaction behavior, and collected NFTs.

directory

First, the development and evolution of crypto wallets

Second, the current situation of the crypto wallet market

Third, the subdivision track of crypto wallets

Fourth, the future outlook of crypto wallets

First, the development and evolution of crypto wallets

(1) The development cycle of crypto wallets

Bitcoin has been born for 13 years, the blockchain has undergone four iterations of 1.0 – 4.0, and the wallet has also undergone 4 periods of evolution. From a single-asset wallet and a single-chain wallet to a multi-chain multi-asset wallet, from a single transfer collection to a blockchain ecological aggregation service platform.

Explain Web3 wallet: a 100-billion-level mass track

  1. From 2009 to 2012, the wallet began to enter the initial development period with the birth of Bitcoin and blockchain.
  2. From 2012 to 2020, the hacker era + Ethereum began to lead to a surge in smart contract wallets, a large increase in trading activities, DeFi liquidity mining is popular, the number of users of crypto wallets exceeded 50 million, and crypto wallets entered a period of rapid expansion.
  3. Since 2021, with the outbreak of NFT, DAO, and public chain and Web 3.0 applications, crypto wallets have become a popular choice for people to store assets and transactions, and supporting asset cross-chain has also become one of the focus of users to choose wallets, at this time, crypto wallets are more focused on interactive functions and user experience.

(2) Classification of crypto wallets

Crypto wallets can be divided into decentralized wallets and centralized wallets according to whether they master the private key; Among them, decentralized wallets, according to whether they can be networked, can be divided into cold wallets, hot wallets, cold wallets can be divided into hardware wallets, paper wallets, etc. according to different storage media, hot wallets can also be divided into mobile wallets, web wallets and so on according to networked tools; In addition, crypto wallets can also be divided according to the type of public chain ecology, whether it is escrowed, and so on.

Explain Web3 wallet: a 100-billion-level mass track

Second, the current situation of the crypto wallet market

(1) User scale

The user base grows, and the market share rises at the same time.

The rapid rise of digital assets has driven the market demand for the secure storage of digital assets and on-chain activities, and the digital wallet industry has ushered in a development opportunity, with a large number of developers and funds pouring in. According to Blockchain.com statistics, the average ownership rate of crypto tokens in 2022 is 3.9%, and more than 300 million people around the world are using crypto assets. Among them, the number of users with crypto wallets reached 68.42 million in 2021, and by July 2022, the number of crypto wallet users has reached 81 million, an exponential increase. From the perspective of future development, the wallet will not only serve as an entrance to the crypto world, but also assume the malleable functions such as digital asset management and social interaction, and its importance is self-evident.

Explain Web3 wallet: a 100-billion-level mass track

Explain Web3 wallet: a <>-billion-level mass track

(2) Business model

From To B mode gradually changed to To B+To C mode.

The business model of the crypto wallet is also evolving with its development, and when the crypto wallet focuses on accumulating users and developing its capital deposit function as a tool for storing users’ private keys, their profitability is limited and they cannot generate good income.

In order to generate revenue and profit, crypto wallets break the traditional business model and launch value-added services (wealth management products, PoS mining, trading, asset aggregation, market information, etc.) and traffic monetization methods such as advertising to increase revenue.

At present, there are two kinds of crypto wallets in the market, which are mainly oriented to To B and To C, compared to the To B field, the To C field is the source of profit for most crypto wallets.

Explain Web3 wallet: a <>-billion-level mass track

(3) Primary market

As a Web3 infrastructure, crypto wallets are favored by investment institutions.

Crypto wallets are one of the main tracks for institutions to choose to invest in the crypto space, with a total of $400 million raised in the wallet space in the first half of 2022 alone, far exceeding other sectors. The data shows that the amount of investment in wallets has continued to grow in the past three years, and the amount of global crypto wallet financing from 2018 to 2021 has climbed from 200 million US dollars to 900 million US dollars.

Explain Web3 wallet: a <>-billion-level mass track

Third, the subdivision track of crypto wallets

There are more than 200 crypto wallet products in the Google Store, and the competitiveness between various wallets mainly depends on the size of their users in the crypto market. Therefore, some mainstream wallets usually cooperate with major public chains in an attempt to expand the share of transactions. The user’s demand for wallets is generally considered from the aspects of convenience, ease of use, and security, and the direction of the development and development of crypto wallets is also based on this. 7 O’Clock Capital will analyze the representative wallets of the current mainstream mobile wallets, public chain ecological wallets, trading platform wallets, asset custody wallets, hardware wallets, identity wallets and other subdivision tracks in the current market.

Explain Web3 wallet: a <>-billion-level mass track

(1) Mobile wallet

1、BitKeep

BitKeep Wallet is the largest Web3 multi-chain wallet in the Asian market and an important strategic partner of 7 O’Clock Capital. Founded in Singapore in 2018, in May, BitKeep completed a $15 million Series A funding round with a valuation of $100 million, led by Dragonfly Capital. There are currently more than 6 million users.

Explain Web3 wallet: a <>-billion-level mass track

Explain Web3 wallet: a <>-billion-level mass track

Features:

  1. Provide accurate DEX market K line function;
  2. Support cross-chain exchange of 18 public chains;
  3. Provide the function of “borrowing Gas fee transaction”, which can be easily traded without the main chain currency as Gas;
  4. Built-in NFT trading market, support NFT project INO and NFT casting;
  5. Support more than 70 main chains, tens of thousands of DAPPS and hundreds of thousands of crypto assets;
  6. Support OTC trading;
  7. Launched BitKeep Business, a Web3 ecological open platform for the B-side.

BitKeep wallet is one of the well-known digital asset wallets in the industry, set brand, technology, functional experience, user reputation, education and service as one, the use of hot and cold separation, offline signature and other security mechanisms to ensure the safety of funds, BitKeep long-term excellence in all aspects of polishing products, will become the most secure and powerful entrance to Web3.

2、Rainbow

Rainbow received $18 million in Series A funding in February, led by Seven Seven Six, a venture capital fund set up by Reddit co-founder Alexis Ohanian. The product is still in its early stages, you can pay attention to the official push information, there are random NFT airdrops to wallet users.

Explain Web3 wallet: a <>-billion-level mass track

Features:

  1. Rainbow is more interesting than other wallets, with rainbow gradient buttons, rich emoji, and overall richer than MetaMask;
  2. Allow users to purchase crypto assets using bank cards;
  3. Dapps interaction;
  4. Support for purchasing and viewing NFT collectibles;
  5. Support for Layer2 networks (Polygon, Optimism, and Arbitrum);
  6. Social features, links to social media such as Facebook and Ins to showcase NFT works within the wallet;
  7. Provide DefiPulse index function, view high-quality DeFi assets in the wallet;
  8. Asset sending/receiving can be done directly via the ENS username.

3、ZenGo

Series A funding of $20 million was led by Insight Partners, with Distributed Global co-invested with Temasek Holdings and Austin Rief Ventures. The ZenGo wallet is also one of the non-custodial wallets, with more than 650,000 users.

Explain Web3 wallet: a <>-billion-level mass track

Features:

  1. The platform supports 40+ encrypted tokens;
  2. Intuitive and user-friendly operating interface, biometrics;
  3. There is no charge for sending, receiving, or saving crypto tokens on the Platform;
  4. High security, using ClearSign firewall and MPC encryption technology;
  5. 7X24 hours customer service support;
  6. There is no option to connect your ZenGo wallet to a third-party DeFi application.

Summary: With the increase in user demand and the maturity of product development, mobile crypto wallets will become the traffic and distribution platform for Web3 applications, which will eventually promote the paradigm shift of the entire Web3 track from “wealth creation effect” to “daily application”.

(2) Public chain ecological wallet

1. EVM ecology: Metamask

Metamask is one of the 6 products of Ethereum technology development company ConsenSys and was once supported by the Ethereum Foundation. March 15 ConsenSys announces the completion of a $450 million Series D funding round at a $7 billion valuation, led by ParaFi Capital, with other participants including Temasek and SoftBank Vision Fund 2.

Explain Web3 wallet: a <>-billion-level mass track

Peculiarity:

  1. MetaMask monthly active users exceed 30 million;
  2. Global user base, of which the United States, the Philippines, Brazil have high participation;
  3. Lightweight Ethereum open source wallet, which is also an APP wallet;
  4. It also has the function of testing Ethereum smart contracts and supports the most comprehensive Dapp;
  5. Compatible with hardware wallets Ledger and Trezor;
  6. The operation interface is simple, which is very suitable for beginners;
  7. User-defined wallet experience, such as adding a new API to MetaMask;
  8. Gas rates are high. The only thing that has been criticized for being overly simple UI design and pages is the one.

2, Solana ecology: Phantom

Phantom secured a $9 million Series A funding round in summer 2021, led by a16z, with participation from Variant Fund, Jump Capital, and Solana Foundation. Phantom is a hot wallet dedicated to the Solana chain.

Explain Web3 wallet: a <>-billion-level mass track

Peculiarity:

  1. Securely and easily store, buy, send, receive, exchange tokens, and collect NFTS on the Solana blockchain;
  2. At present, Google, Edge, Firefox, Brave are supported on web browsers, and mobile phones support IOS systems;
  3. Special services for direct viewing of NFTs and pledges;
  4. The wallet can directly pledge SOL to earn income;
  5. Users create and manage private keys;
  6. Connect the hardware wallet;
  7. Links to other apps (such as Serum or other Farming apps)

However, SOL had a security flaw, and there was a large-scale theft of the Solana wallet in August, with a loss of more than $580 million.

3, Cosmos ecology: keplr

Built specifically by Chainapsis for the Cosmos-SDK, Keplr is a wallet designed for flexible and versatile account management in the Cosmos ecosystem.

Explain Web3 wallet: a <>-billion-level mass track

图:Keplr产品展示图

Peculiarity:

  1. Keplr enables users to explore interoperable blockchain applications both inside and outside the Cosmos ecosystem;
  2. The Keplr wallet already supports a variety of native integration protocols, including more than 10 protocols such as CosmosHub, Kava, Secret Network, Akash, Sifchain, etc.
  3. The wallet accommodates all the Dapps currently in the Cosmos ecosystem;
  4. Unlike other wallets such as Metamask, Keplr generates a new set of mnemonics every time he creates a new wallet.

Cosmos is one of the top tracks in 2022, with more than 200 projects in the ecosystem that can participate in the following interactions through the wallet:

  1. Stake $ATOM to the verification node to participate in the airdrop
  2. Participate in the ecological Cosmos SDK chain nodes pledge the ecological project of the new chain
  3. Add LP (provide liquidity) in Osmosis

4, Layer 2 ecology: Argent

As Layer2 flourished, Layer2’s wallet was also a necessary facility for development. Argent is a Layer2 wallet active on the ETH chain, which has the advantage of being able to easily transfer Layer2 assets to Layer1, with low cost and fast speed. In April 2022, Argent completed a $40 million Series B round, led by Fabric Ventures and Metaplanet, with Paradigm, Jump and Animoca.

Explain Web3 wallet: a <>-billion-level mass track

Features: Argent is a user-friendly crypto wallet with over 500,000 users. The official disclosure will launch decentralized products such as lending and pledge in the future, and plans to open up new areas such as virtual real estate, games, DAOs and NFTs.

Argent has obvious market competitiveness in this regard, starting from the most important security of crypto wallets, eliminating the concept of private key/mnemonic words, and using features such as social recovery to ensure user ownership of the wallet and thus reduce the threshold for use. However, compared with other wallets, Argent wallet users are unable to switch most of the commonly used EVM networks, which will limit their use scenarios to a certain extent and make it difficult to establish user stickiness.

5, Aptos ecology: Martian Wallet

Martian DAO is currently building various products for the Aptos ecosystem, including Martian Wallet, Curiosity NFT Marketplace, trading platform, and more.

Martian Wallet is a crypto wallet built by the team using its version of the Aptos web3.js module for managing digital assets and accessing decentralized applications on the Aptos blockchain, and also supports the development of online casting NFTs in Aptos, currently launched a plugin wallet on Chrome, and will later launch an iOS version.

The Aptos public chain is a brand new public chain, so the new ecological project is very worthy of interaction, ambush airdrop. The process is also very simple, Google Chrome plugin installs the wallet and clicks Airdrop to collect test coins and enter the official website. (https://martianwallet.xyz) Perform NFT casting and complete the interaction.

6. Sui ecology: Sui wallet

Sui builds on important innovations in consensus algorithms and leverages novel data structures to produce high-performance Layer 1, and development team Mysten Labs, a company building infrastructure for Web3, is based on Facebook.

Sui has secured $300 million in Series B funding, led by FTX, with participation from a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures and others.

Recently, the project launched an ecological wallet product, Sui wallet, which is currently just an early adopter tool, and can also be early accessed, the whole process is very simple. Go to discord’s #devnet-faucet channel to claim test coins in the format !faucet + your address.

Summary: Multi-chain deployment has become a definite trend, and more and more public chains are choosing to be directly compatible with the Ethereum Virtual Machine (EVM) and directly borrow Ethereum’s wallet. For public blockchains that are not compatible with EVM, the development of wallets and other infrastructure is a strategic requirement for improving ecological development. However, the lack of interoperability between different public chains is also a bottleneck that limits the overall development of the industry. Wallets are fiercely competitive in the pattern of multiple chains and parallel, and it is likely to derive a wallet that covers all public chain ecosystems in the future, becoming a phenomenon-level product in the DeFi field.

(3) Trading platform wallet

The trading platform is also launching its own crypto wallets, which are represented by Coinbase Wallet, OKX Wallet and 1inch wallet.

Coinbase Wallet, also known as the best wallet for crypto beginners, currently has web plugins and mobile terminals. The mobile app scans the QR code on the plug-in wallet to connect and access DApps and DeFi apps on your desktop with one click. However, the Coinbase plugin wallet page is too simple, and the relevant transaction records can only be viewed on the App side. In addition, the user must confirm all transactions in the plugin in the mobile app, while supporting the storage of NFTs. As of now, Coinbase Wallet supports Ethereum, Polygon, and Optimism.

OKX wallet is the official wallet of Europa Exchange, for the development and use of users’ Web3 needs, backed by one of the world’s largest digital asset trading platforms, OE currently has more than 20 million users around the world, OKX wallet as a secure and complete web3 wallet, will allow exchange users to quickly enter the web3 world. OKX wallet features are as follows:

  1. Multi-chain multi-asset, support 25+ public chain, 1000+ DeFi protocol
  2. Provides NFT purchase, transaction, and creation capabilities
  3. web3 user portal, involving a wide range of DApps (DeFi and GameFi and select DAOs)
  4. The API is open source and developer-friendly, and Web3 developers can easily connect their dApps with OKX wallets.
  5. The user experience is good, integrating the needs of beginners and professional users, and providing complete process guidance for novices.

The 1inch wallet is a built-in DEX aggregator that supports hundreds of token transactions and transfers on the public chains of Ethereum, BNB, Polygon, Optimistic Ethereum, Arbitrum, Gnosis, Avalanche and Fantom. 1inch provides users with deep liquidity and better flash rates. It was recently announced that 300,000 OP airdrops were issued to 1inch wallet users on the Optimism network to reward users who use Optimism to interact with the 1inch wallet.

(4) Asset custody wallet

Safeheron Secure Heron is a preferred asset custody wallet featuring high asset security. It has completed a $7 million Pre-A round of funding, co-led by Yunqi Partners and Web3Vision, with participation from PrimeBlock Ventures, Cobo Ventures, M77 Ventures, 7 O’CLOCK Capital and former Sequoia Capital China co-founder Zhang Fan.

Safeheron Secure Heron is the only self-hosted service provider in Asia that has mastered MPC (Secure Multi-Party Computing) and TEE (Trusted Computing) technologies. Since its launch, it has served more than 20 customers who have collectively hosted more than $1.5 billion in crypto assets and facilitated transactions worth more than $4 billion using Safeheron’s wallet service. Official website: https://www.safeheron.com

Explain Web3 wallet: a <>-billion-level mass track

Explain Web3 wallet: a <>-billion-level mass track

Key features of the wallet include:

  1. Replace a single point private key with distributed private key sharding;
  2. Self-designed MPC multi-layer security technology combining cutting-edge cryptography and hardware isolation;
  3. The wallet is open source verifiable;
  4. Transactions as low as free, no transfer service fees;
  5. Support multi-chain multi-currency as well as NFT assets.

Digital asset custody has undergone many evolutions, from only hot wallets to the current hot wallet, cold wallet, multi-signature and other hybrids, MPC technology + TEE technology makes Safeheron stand out in the asset security custody market, and at present, Safeheron has also formally reached a strategic cooperation with MetaMask to enter the enterprise-level MPC multi-signature security field and firmly occupy a high ground in the market.

(5) Hardware wallet

Cold storage is the preferred storage method for everyone, and it is not only the first choice for long-term token holders and Bitcoin supporters, but also for institutional escrow services. By disconnecting the encrypted USB device from the Internet, users are provided with physical security, eliminating the need for a third party to control their funds.

The following is a comparison of the three mainstream hardware wallets in the market:

Explain Web3 wallet: a <>-billion-level mass track

In addition to the above three hardware wallets, I have to specifically mention the OneKey wallet, which is the only hardware wallet invested by Coinbase, and also developed a mobile APP wallet with obvious features and silky smoothness. OneKey recently announced a $20 million Series A round, led by Dragonfly, Ribbit Capital, Framework Ventures, Sky9 Capital, Folius Ventures, Ethereal Ventures, Coinbase, Santiagoroel, and Fishkiller.

The OneKey hardware wallet has the largest sales growth rate in Asia and a rich product line, including OneKey Swap, OneKey Desktop desktop, OneKey plug-in, and OneKey app. Hardware wallet support includes all EVM chains such as ETH, Polygon, BSC, OKT, etc., as well as BTC, Solana, Near, Trx and other networks, and is currently adding multi-chain support and feature optimization at a weekly update rate. Compatible with the OneKey plugin and MetaMask connected hardware wallet to participate in DeFi, is a necessary hardware wallet for users to participate in DeFi.

Peculiarity:

  1. Desktop, browser plug-ins, mobile apps full platform support
  2. Support multi-chain, multiple sets of mnemonic words, multiple software and hardware wallets at the same time
  3. Passphrase is supported
  4. Built-in multiple nodes and default chain free switching
  5. Weekly iterations, new features and chain support, and feature optimization.

Summary: On the one hand, wallets are an essential tool for users to interact on-chain, and can be regarded as an important entrance to the crypto world in the real world; On the other hand, the essence of the wallet is a private key management tool with strong asset attributes. In the future, the development of crypto wallets will also continue to enrich and expand around these two features, and carry out business optimization and resource aggregation in a comprehensive and comprehensive direction.

(6) Multi-chain wallet

Coinhub is a multi-chain decentralized wallet product that serves the DeFi ecosystem, and has now launched a browser plug-in version and a mobile phone version, supporting 40+ public chains such as Bitcoin, ETH, BSC, Solana, Polygon, Avalanche, Tron, Arbitrum, Optimism, etc., cooperating with 2000+ DApps, users distributed in 50+ countries and regions around the world, and global self-media traffic coverage of 150w+, The global ecological community covers 200w+ users.

Coinhub fully displays user assets through contract analysis, intelligently recommends high-quality applications through data analysis, and realizes convenient financial management, one-click mining and optimal transactions through aggregated DeFi tools. In the new ecosystem of DeFi, users can fully understand the current data and manage assets with convenient operation, reduce user risks, and realize asset appreciation.

(7) Identity wallet

The emergence of Web3 and the concept of Metaverse has a deeper positioning of the crypto wallet attribute, and the wallet will serve as the user’s identity identity, not only representing digital assets but also digital identity, giving the wallet social attributes.

Formatic Wallet (now renamed Magic)

It has completed a $27 million funding, led by Northzone, with participants including Tiger Global, Volt Capital, Digital Currency Group, CoinFund and Reddit co-founder Alexis Ohanian.

Features: The user enters an email address to register for a wallet, no mnemonic word generation, and the user’s identity is protected by a trusted key management system based on a hardware security module (HSM) compliant with SOC 2 standards. From a developer’s point of view, Fortmatic Wallet is extremely simple to integrate and is a developer-friendly wallet that integrates with Fortmatic with just a few lines of code copied for any existing web 3 application. But at the moment it is mainly compatible with EVM networks.

(viii) Web3 wallet

Web3 wallet Steakwallet, now renamed Omni, raised $11 million in seed funding in September at a $50 million valuation. Investors include Spartan Group, GSR Ventures and Eden Block.

Omni says it has built its own custom smart contract middleware that allows users to stake on more than 20 protocols and has a built-in liquid staking option. Users can also move assets to different blockchains via cross-chain bridges and display NFTs from different chains on mobile apps. Currently available on all major Ethereum virtual machines and Layer 2 scaling solutions such as Arbitrum, Optimism, and Polygon, the company is currently preparing to integrate with zkSync and Starknet.

Fourth, the future outlook of crypto crypto wallets

As one of the must-have tools for crypto market participants, wallets occupy a very important position in the infrastructure sector. At present, there are many entrepreneurs pouring into the wallet track, and we believe that in Web3, the importance of wallet entrance will go beyond the trading platform and become one of the infrastructure of Web3 traffic gathering place and Metaverse, and its value will be reflected in the following aspects:

(1) DID identity certificate

In the long article “Centralized Society: Searching for the Soul of Web3”, V God pointed out that Web3 currently has considerable limitations in the application layer, and this limitation stems from the lack of native components of current Web3 that represent “human identity and social relationships”. The wallet is the perfect Web3 component, identity, driver’s license, medical records and address and all other information through the smart contract display to generate a unique DID system, the wallet finally realizes the functions of off-chain identity authentication, on-chain identity aggregation, on-chain credit score, on-chain behavior authentication.

(ii) Web3 gateway

At present, the four levels of the Web3 stack are protocol, infrastructure, use case layer, and access layer, which cannot be well integrated due to the complexity and structural problems of each layer. The wallet is at the top of the stack and serves as an entry point for various Web3 activities that will completely make the Web3 stack a reality. For example, wallets would replace existing login or registration systems, no longer using Facebook or Google credentials to create new accounts on all websites, but instead using wallets to approve logins, becoming the main entry point for most Web3 applications.

(3) Public chain adapter

Web3 application development is carried out on the basis of smart contract platforms such as Ethereum, Solana, Avalanche, Cosmos and other public chains, whether it is layer0, layer1 or layer2, will develop a wallet to adapt to the development of their own on-chain ecology, one is to prosper the ecology, the other is to compete for traffic. However, the pattern of multi-chain competition divides the liquidity and composability of DeFi products, digital assets cannot be freely circulated in all public chains, and the wallet, as a connector, will build a bridge between all public chains.

(4) Become the “Alipay” in Web3

By integrating all the Dapps into the wallet while supporting payments and transfers, project developers and users can gather in large quantities to form a new generation of Internet ecosystem based on blockchain technology. In this ecosystem, all online operations of users can be carried out through wallets, including socializing, short video browsing, shopping, ordering, taxiing, and traveling.

(5) Metaverse hardware equipment

The wallet will evolve into a small chip that will make the virtual and real world perfect tolerance. Similar to contact lenses, the effect of glasses AR can be achieved after implantation, and daily use is combined with a control terminal similar to that of a mobile phone. Everyone’s information is displayed directly on the face through AR, including age, occupation, emotional status, social relationships, digital assets, etc. In the Metaverse, everyone’s information is transparent and interactive, you can log in to get any Metaverse experience, and can buy anything sold in the Metaverse, making full use of the interoperability of the wallet to provide users with a better experience.

▍At the same time, the future development of wallets also faces challenges:

  1. On the issue of regulatory compliance, the service provider of Web3 applications will be digital people projected by real people under the chain, but from the perspective of Web3’s global regulatory compliance and public popularization, the verification of real people may be inevitable. In the future, the possibility of coexistence between the two is not ruled out, and accounts certified by real people will enjoy more rights in the Web3 world, but pure digital people will still be accepted.
  2. Another derivative problem is the issue of privacy protection, using the wallet for various authentication and off-chain information binding, how to protect the user’s identity information, is the technical implementation to face the problem.

The Web3 narrative is constantly being dismantled and reshaped, attracting more new developers and users, but compared with the world’s 4 billion Internet users, the current number of Web3 users is far from comparable. According to the data, as of the first quarter of 2022, the number of monthly active users on Facebook was 2.936 billion, while the number of monthly active users of the wallet Metamsk was only 30 million, which means that the proportion of digital asset wallet users is still very small, and the future market potential is huge.

Explain Web3 wallet: a <>-billion-level mass track

We assess that in the Web3 digital world, there are at least billions of users to discover, which also means that there are still unlimited possibilities in wallet-related fields, which will also be a stage for adventurers of all walks of life to show their skills, and whoever captures most of the users of the Web3 world in the future will win this war.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/detailed-explanation-of-web3-wallet-a-100-billion-level-mass-track/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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