It feels like we have been talking about web 3 forever now. It was a term that came out of the last bull run and started the evolution of social media for crypto. However to this day there's still not a break out platform that's done it well and stuck around.
Sure you had places like Friend-tech that took off and mooned but are a trash heap now. and you've also had a number of other platforms like Torum, BULB, Tangled and Solcial. They have all failed to really adopt in users being the onboarding is too complicated such as needing a new crypto wallet including funds to get started or they simply generate no revenue from it's userbase to support the growth, cost and value of their tokens and the site it's running on.
This has so far seen a drastic disappointment in the web3 social space and the only one that's somewhat getting it right so far is honestly hive and InLeo
Now another new platform is looking to take this head on called Exodus. Which I have to say is a solid wallet for desktop and mobile.
Their new system is designed to take web3's user friendly issues with a feature called passkeys wallet.
Passkey is designed to work with many blockchains including Bitcoin and Solana. The wallet is designed for easy setup and then integration with dapps. Easy one click encryption wallet that's self-custodial which is crazy important as we continue to roll out this new space.
What currently blocks new users?
Being in the crypto game for 13 years now I have to say I've been around for a while and learned a ton. What seems easy to me is most likely complicated to someone new coming into the space. Things like 12 word seed phrases, the risk of losing all my assets if I lose they key, paying fees, double checking transactions for errors or overly high fees and a whole host of other issues. Not to mention my newest gripe which is having about 30 wallets that I have to keep track of now just to interact with all of the blockchains it's become a real pain in the you know what even for an experienced user such as myself.
With Passkey a lot of this should be eliminated. You can think of it as a digital identity that's used to quickly join applications without needing fees, crazy amounts of wallets to keep track of and so forth.
This is where you run into a gray area...
For experienced users we understand the importance of decentralization but with that comes major complexity and understanding of how things work that you'll need to learn.
For a vast majority of the worlds population however they simply don't care about this and would rather have a fast easy experience. While this has happened somewhat it's often very centralized systems that do it like Coinbase for example. Now it's going to be up to these places to if they want focus on building decentralization into their applications to provide users with the tools they should want and need without having to fully understand it.
Passkey should help progress us towards that new phase in the crypto world.
Posted Using InLeo Alpha