Why the crypto wallet will soon be obsolete!

Intro:

The major challenge of building on the blockchain is limited to thinking in money paradigms, like a wallet. The name “wallet” is extremely limiting its features. In future your wallet will become the key to your entire digital experience.

Web3 and future of the Wallet:

Web3 has promised to make your wallet the sole key which allows you to access online digital content. Your wallet will become a key that unlocks your health, interests, finances, property, access, contacts, permissions, inventory, and status.

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?

What is a wallet, basically? Does it hold the virtual coins in it? No!

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:

The primary differentiator between Web3 and crypto is the massive amounts of things users can unlock using their keys.

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:

Legacy systems will benefit the most from DApps such as real estate, healthcare, and elections. A healthcare provider can become a DApp where all the patient’s data is on-chain, and the patient has full control over their data and they decide who to give access to.

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:

There are tons of benefits, but security can prove to become a big issue. Highly sensitive data can include finances, identity, and health, and reasonably sensitive data can include things like contacts, home addresses, etc. Some data will be public as well.

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?

Right now, we’re calling our private and public keys a wallet.

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:

Right of privacy is very crucial for users, especially in this era of rapid advancements in technology. A hardware device can add an additional security layer as the private keys are stored on the physical device that you own.

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:

Right of privacy is very crucial for users, especially in this era of rapid advancements in technology. A hardware device can add an additional security layer as the private keys are stored on the physical device that you own.

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!

Click here to order your Spider Miner now which houses all the above stated features and much more!

--

--

--

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

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

This project sets new standards in the field of NFT!

Working From Home Or Just Remotely? Do It The Safest Way Possible

//Phase 1 Sale: Final Stages

CoinW Futures:Daily Rewards for Daily Trading Round 8,The campaign has been upgraded and the…

How I hacked redbus [An online bus-ticketing application]

Messenger Rooms Vs Zoom

GTH-ETH Liquidity Providers // Instructions For Stuck Assets

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SpiderDAO

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

More from Medium

Cryptocurrency For Beginner’s — What You Should Know Before Starting

Introducing Axxeleum: The Journey to Sustainable DeFi Returns

Top 3 Algorand DeFi Platforms!

My first month (or something like that): GlowYield