Web3’s Potential Leap Forward with Web2’s User Experience
The world of Web3, while innovative, faces a significant hurdle: user experience. This issue was a focal point at the recent Next Block Expo (NBX) in Berlin, where industry leaders discussed the need for Web3 to embrace Web2’s user-friendly features.
Bridging the User Experience Gap
Matthias Geihs, a senior cryptography engineer at Web3Auth, emphasized during his presentation at NBX Berlin the challenges Web3 faces, notably in login mechanisms and wallet management. He pointed out that nearly 20% of Bitcoin losses result from inefficient wallet management, and many Web3 platforms see a high drop-off rate during user sign-up processes.
Web3Auth’s Role in Streamlining Onboarding
Web3Auth, leveraging multi-party computation (MPC), offers a passwordless authentication method for wallets, aiming to simplify the Web3 onboarding process. By allowing users to use Web2 logins from platforms like Google, Facebook, and Twitter, Web3Auth provides an easier transition for users accustomed to traditional internet services.
The Technical Edge: Distributed Key Generation
A significant feature of Web3Auth is its distributed key generation protocol. This innovative approach ensures that the private key is never held in a single location, enhancing security. The keys are linked to users’ identities, allowing them to access their Web3 wallets seamlessly with their familiar Web2 logins.
Simplifying Web3 Access
Echoing the sentiment for simplicity, Fernando Martinho, CEO of Relayz, stressed the importance of reducing the complexity of Web3 services. He advocates for a more streamlined approach, where users can access services in just three clicks, moving away from the often complicated steps currently involved.
Macro Trends and Bitcoin’s Future
The event also touched upon broader topics, including the macroeconomic factors influencing Bitcoin’s price. Experts discussed the upcoming mining reward halving, potential regulatory changes, and the impact of developments in major industry players as key drivers for Bitcoin’s price trajectory heading into 2024.
