Why the crypto wallet will soon be obsolete!

Intro:

Web3 and future of the Wallet:

If Web3 delivers on its promise, you alone will control all of the above. This feature eradicates the centralized parties that currently have control over your data.

Utility of a wallet?

A wallet does not even house the virtual coins; it only contains the keys. A typical wallet contains private and public keys, metadata, and human-readable labels. That’s it.

All your virtual coins are on the blockchain, and your wallet is just a means of getting access to your crypto assets.

Now you know why the name “wallet” was such a bad naming for this mechanism.

Now we see wallets integrated everywhere — web-based, app-based, and even as browser extensions. Sadly even today, the basic structure of wallets is the same.

The keys stored in your wallet are a hindrance and mandatory for you to gain access to your things.

There is nothing actually inside your wallet; it just unlocks your stuff.

Crypto and Web3:

A great example of the above use case is DApps or decentralized applications. The users can connect their wallets and gain access to many things with DApps.

The amount of content unlocked in these DApps depends on what the keys in the respective wallets are able to unlock. The number of DApps will increase as more data is attached to the blockchain.

The stuff unlocked on DApps via your wallet is mostly non-financial, and this works as an authentication process, so the term “Web3 Auth” is more suitable.

DApps and legacy systems:

Similarly, in real estate, a user can authorize a DApp and grant some access to their financial data in order to purchase a house in installments.

Exploitation and Security:

But the issue is that malicious DApps may exploit the Web3 Auth mechanism. Wallets with big amounts of sensitive data will become primary target points for attackers. Only a single authentication is what hackers need to gain access to your assets and data.

There are a lot of malicious apps out there. Even the crypto space is not secure, as frequently we hear about crypto funds being stolen from big crypto projects.

So in order to protect user data, DApps need to build a robust permissions schema into wallets that easily allows users to grant access to some data and strongly deny access to sensitive data. Users should have complete control over their data, and such mechanisms need to be devised.

Future of wallets?

The Web3 Auth is a good replacement for wallets to connect to DApps.

Maybe this term doesn’t change and remains a confusing and technically inaccurate metaphor. Let’s see what the future holds!

Hardware Aided Protection:

The hardware is also immune to virus attacks as the majority of viruses are designed to attack system software.

A hardware device such as the Spider Miner can offer you a decentralized ID. This ID can keep you completely anonymous even in the metaverse.

Using a VPN based hardware device can double the security layer. All your data is safely routed through VPN tunnels, keeping your identity safe.

A hardware device bundled with a built-in VPN such as our Spider Miner is crucial to protect your data in the ever advancing Web3 ecosystem.

Click here to order your Spider Miner now which houses all the above stated features.

Solution?

Hardware Aided Protection with Spider Miner:

The hardware is also immune to virus attacks as the majority of viruses are designed to attack system software.

A hardware device such as the Spider Miner can offer you a decentralized ID. This ID can keep you completely anonymous even in the metaverse.

Using a VPN based hardware device can double the security layer. All your data is safely routed through VPN tunnels, keeping your identity safe.

A hardware device bundled with a built-in VPN such as our Spider Miner is crucial to protect your data in the ever advancing Web3 ecosystem.

Get your Spider Miner Now!

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SpiderDAO

SpiderDAO is the industry’s first hardware-enabled DAO that bundles multi-layered hardware and software tools on top of Polkadot. https://spiderdao.io