Using Cobo as an example, Jamie pointed out that from a technical and logical perspective, V’s design logic for the product is correct as it includes considerations to avoid contract risks. However, from a business logic point of view, Cobo will consider and explore the path to meet customer application scenario requirements and find the direction to meet and solve customer pain points.
Perfect Web3 Wallet Needs Strong Technical and Product Capabilities
GerryWon and Adam expressed different opinions on this point. The key is to see if the product itself can bring the abilities of the two roles to the extreme. Vitalik himself is an outstanding technical researcher. In the entire Ethereum ecosystem, he is not only a technical researcher but also a project architect. At the same time, one of the most important jobs of a product manager is to clarify the target customers (such as the Ethereum target group being developers and project parties) and therefore needs to think about the user experience and usability dimensions from the protocol and application perspective. “From the wallet’s point of view, this is an entry point for users to enter Web3. Developing such a great application requires strong technical and product capabilities. This is not a multiple-choice question,” Frost summarized.
White-hot competition in wallet market: Rich application scenarios are key
In addition to technical and market selection issues, finding a unique project positioning is the key to standing out in the discussion of Web3 wallet development. Wallets are different from traditional payment and transaction tools. Wallets are more of a tool for generating and protecting private keys used to sign transactions, and users’ assets are ultimately recorded on the chain, using blockchain to ensure everyone’s safety. Currently, the competition in the Web3 wallet market is fierce because everyone is developing more and more circle chain scenarios, including DeFi mining and NFT purchases, which require wallets. In this context, Mako pointed out the superiority of imToken as a new generation wallet: “User usage knows no borders and has a strong trust mechanism; committed to promoting user wallet education and making users understand the various setting functions of the wallet.”
Cobo, which also pursues continuous improvement of functionality, has developed a wallet version that conforms to policy compliance and is suitable for more user scenarios. Cobo can recommend actual wallet application scenarios for each customer. Currently, it has obtained licenses in different regions including Hong Kong, Singapore, and the United States, further expanding Cobo’s coverage and increasing its market share.
“Breaking through the Web3 wallet market depends on reducing user thresholds.” Gerrywon used EverBlockingy, a product launched by the team, as an example to explain its use of the natural decentralized storage public chain RWA (so that there are no restrictions on the storage of user data assets). This product feature can further extend traditional financial application scenarios and promote user transaction and circulation.
Significant wallet security challenges, risk control is imperative
Just as the Web3 wallet market competition is in full swing, security risks and usage problems about wallets also frequently appear. Teacher Adam believes that we must first understand the current application situation of Web3 wallets , which is a multi-terminal application software with multiple forms (including browser plug-ins and mobile APPs, clients), and different forms require different security audits and testing content. Overall, we need to monitor and control the development of Web3 wallets in the following key points:
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Client security (preventing page hijacking and ensuring network communication security);
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Backend service API security (preventing user privacy leaks);
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Blockchain security (security of key generation, storage and display);
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Signature security (preventing the risk of being cracked);
Overall, wallet application development needs to do a good job of risk prevention and control across Web2 and Web3, with a focus on formulating security rules for business engines. For developers, they must have a high level of security operation skills and awareness to avoid unnecessary risks.
Enhance user friendliness, and make users more trustworthy of the wallet
As discussed earlier, users are not particularly concerned with the technical development itself, but rather with the user experience when using a wallet. For all wallet developers targeting Web3, balancing security and user-friendliness is an important issue that needs to be addressed urgently. “For imToken, a wallet designed for ordinary users, ease of use is also a key consideration. We work with some third-party security agencies to audit wallets and services, and promptly address and inform users of risk control issues. In addition, we attach great importance to helping users use wallets safely through user promotion and guidance, especially wallet backup functions,” said Mako. Mako emphasized that imToken is helping users understand wallets and private keys, which is essential to improving the user-friendliness of wallets. Recently, imToken has extracted 49 user requirements from the user needs pool for feedback and feature refinement, mainly focusing on price and DApp optimization.
Similarly, after 6 years of iteration and improvement in interface design, Cobo has upgraded user usage scenarios with targeted upgrades. Secondly, Cobo has proposed a one-stop technical solution for DeFi’s interaction process in transactions. These two directions are the paths that Cobo uses to design and develop wallets to improve user-friendliness, and also make users trust wallets more. For EverBlockingy, the product has a risk rating alert and blocking function for security, ensuring user fund security; and continuously optimizing functional experience in terms of user-friendliness, such as adopting the function of WeChat’s red envelope, to meet more daily payment scenarios.
In response to the question of whether interface design will affect wallet security, Adam firmly believes that good page design reflects the stability and usability of a product, and a good product will also give users a sense of security. At the same time, there is no necessary relationship between page design and security. The more user information exposed by the page, the more privacy risks there may be, so simple page design is better. This is also worth considering and applying by all wallet developers.
Support decentralized exploration, decentralize wallet data control
For the future development of Web3 wallets, decentralized exploration has never stopped. Just like various new Web3 projects are calling for and implementing user autonomy, wallets are also actively providing support for decentralized identity solutions and gradually decentralizing data control to users. The upcoming new version of EverBlocky can reduce the threshold for users to use wallets, and does not collect any user data to ensure privacy and security. “Actually, what Web3 wallets are considering now is to expand user increments, and also to respect users’ rights to keep their own data and property. We have been exploring ways to further delegate data ownership and control to users. On the one hand, it is to collect more user needs; on the other hand, it is to gather more funds to fully support the development and upgrading of the version,” summarized by GerryWon.
Meanwhile, Cobo has been developing a new smart scientific wallet since last year, allowing users to achieve free transactions and fund allocation through decentralized management, which has also become an important tool for users to operate freely in the DeFi field. At the same time, the self-developed plugin Cobo Connect can help users directly interact with various underlying protocols on the Cobo platform. In the future, we believe that we will see more Web3 wallet projects that support decentralized identity and privacy protection. As Frost pointed out, “Successful Web3 wallet projects need to demonstrate developers’ abilities in multiple combinations and infinite imagination.”
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