Why is Crypto Moving towards Web 3 Wallet Development?

Decentralized Finance (DeFi) and NFTs are the two most significant and exciting sectors of the crypto space. However, the learning curve for both sectors is quite steep. Changpeng Zhao, the CEO of Binance revealed in a recent interview that pushing crypto adoption is not easy but Web 3 wallet development can change the game as it is a fundamental thing that helps a crypto user or investor take the first step. 

What is a Web 3.0 Wallet?

Let’s understand what a Web 3 wallet is, but before that, we need to know about Web3. Web3 is the latest iteration of the web that allows users to control their data without compromising their privacy.

To enable control and anonymity of this scale, Web3 demands highly precise Web 3 crypto wallet development.

Here are the features that actually define a Web 3 wallet:

• Web3 is a decentralized and permissionless network where the ownership of the networks is distributed among the users and the builders of Web3. As a result, both owners and users have equal access to Web 3 participation. A web 3 wallet development software would make it easier to produce a wallet for carrying out crypto transactions through a trustless blockchain ecosystem. 
• As Web 3 uses blockchain, the dApps built on Web 3 have their native tokens to facilitate payments and they don’t rely on centralized banking services. This is the reason why people are more intending to carry out web 3 crypto wallet development. 
• Web3 is a trustless economy that does not rely on any third party. 
• To ensure user privacy and anonymity, web 3 wallet development software does not need the users to complete any KYC/AML process. 
• A web3.0 wallet is non-custodial which means it requires users to trust no third party to store their digital assets in a secure manner. It means the wallet holder has to take ultimate responsibility for the safekeeping of the assets in the wallet using something called a recovery Seed. 

• Web 3 wallet development services would help produce a wallet that would be non-custodial inherently. It is always a best practice to have both browser and mobile crypto wallet support for your Web3 wallet. Metamask is the best example of a Web 3 wallet. 
• A web 3 wallet development software would help create Web 3 wallets that have multi-chain support. It means that such wallets are supported by multiple blockchains and each blockchain provides its users with a different wallet address. This allows the users to send or receive crypto assets on different blockchain networks from a single wallet application. Hiring an experienced web 3 crypto wallet development service provider would help use the key features of a blockchain-based wallet with utter convenience. 
• One of the very useful features of Web3 wallets nowadays is that it supports ENS domains that are becoming increasingly popular. These domain names act as a proxy to long Ethereum addresses and users can share these “.eth’ names with someone from whom they intend to receive funds. 
• The browser version of the wallet that is developed by web 3 wallet development services must allow users to buy or swap tokens. It must also show different options for the gas fee required to carry out the transaction.

Web 3 wallet development has opened up crypto users to a whole new host of crypto applications from DeFi, Gaming, and NFT space.  

Recently, we have seen no-fee trading platforms. Robinhood released the beta version of its Web3 wallet. This wallet will allow Robinhood users to swap assets on its non-custodial wallet. The wallet is based on the Polygon blockchain and will enable users to connect to various decentralized apps (dApps) and earn a yield on their crypto assets. The users will be able to trade over 20 crypto assets supported by DEX aggregator 0X. 

MetaMask is one of the most popular multi-blockchain web3 wallets and has over 21 million monthly active users. It started as an Ethereum blockchain-specific wallet but as the DeFi and NFT ecosystem on blockchains like Binance Smart Chain, Solana and Polygon grew, it also extended its configuration services to them. Therefore, it’s always a good practice to go for Web 3 wallet development that supports multiple blockchains. 

As a web 3 wallet does not involve any third party, the users are responsible for the security of their assets. A web 3 wallet requires users to manage the security of assets through a recovery seed. The individual private key is stored locally in the user’s browser data store. 

Web3 wallets are of two types, hot wallets, and cold wallets. Hot wallets are online by default and expose users’ crypto assets to risks. To circumvent this, the web 3 wallet development software must support hardware integration. For example, MetaMask allows its users to directly integrate the Ledger hardware wallet so that they can quickly move their assets to a cold wallet. 

Unlike Robinhood, most of the Web 3 wallets are developed to support NFTs. With the MetaMask wallet, users are able to buy, lend, and stake NFTs because NFTs are a very important part of the Web3 economy. Thanks to the web 3 wallet development services that have been helping crypto traders and investors to carry out various types of transactions with unknown people from different geographical locations, sharing the same blockchain networks. 

Wrapping it up

Web3 wallets are the fundamental and most powerful tools that enable user interaction with Web3 economies. While users are eager to try their hands at Web3 economy, they are continuously looking for easy-to-use and secure Web3 wallets. 

At Antier we have our toes dipped deep in Web 3 wallet development that allows users seamless dApp, NFT marketplace, and DeFi protocol interaction. If you are seeking any advice or development support for your web3.0 wallet, connect with Antier Web3.0 experts now. We are just a call away!