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The Critical Role of Crypto Wallets in Web 3.0

  1. History of crypto wallets
  2. The only portal to Web3
  3. Can Web3 really replace Web2?
  4. User Orientation for Crypto Wallets in Web3
  5. Start your Web3 journey with 3S Wallet
  6. Some features of 3S Wallet
  7. Summary

Today, most new users only consider crypto wallets as a means to store crypto assets. If we want Web 3.0 to be fully decentralized and widely adopted, crypto wallets must also evolve beyond simply being a means of storing financial assets. Crypto wallets will need to evolve to become the gateway to the new and exciting online world of Web3. In this article, BHO Network will provide you with information about the critical role of crypto wallets to the unlimited potential of Web3.

History of crypto wallets

In the early years when the concept of bitcoin came to be, and eventually other coins/tokens, a wallet was simply a means to store your bitcoins and other crypto assets. This was enough at the time, because most of the interest in the coins/tokens then focused more on resale value than on its underlying technology.

Initial views about crypto wallets also lead to a false perception of the nature of this type of wallet. The truth is, crypto wallets don't actually store any coins/tokens in them. Even from the early days of bitcoin, they never had. Your funds are on the blockchain; your wallet contains only your key to authenticate with the network.

So, one way or another, whatever you think of crypto wallets, or however crypto wallets are implemented in different ways to fit user needs, basically they just contain the same data, which are the public and private key pairs.

The only portal to Web3

User experience will improve dramatically once we reach the point where crypto wallets are essentially our only gateway into the blockchain world.

With excellent UX on the wallet, it is possible to achieve a much broader potential than in the early years of just crypto storage and the “bitcoin craze”. Crypto wallets are personal gateways to the expansive Web3 ecosystem and will be the primary way to “unlock” our keys to access products and services, so much so that when you “connect your wallet” to use your favorite DApps, you will see all your assets on different blockchains. The DApps show your assets in the wallet according to what the keys in it can unlock.

Metadata is all there is to it, with your full control. In this way, the keys in your wallet are placed on the blockchain, to fulfill the predefined necessary conditions to allow the blockchain to grant access to your valuable assets.

A decentralized data world, driven by on-chain data validation through dApps. In short, anything can be a dApp. In a similar way, most software is now fintech. Finally, we will be able to truly “own” our data.

Today, as more data is tied to the blockchain, more dApps can be built to facilitate access to that data and do a variety of interesting things with it. This could be the real way to get a fair share of the data used by protocols and dApps.

Once the model reaches a certain level of adoption, nearly all online products and services will be forced to conform to that model, and so will many legacy systems. From there, you can see the real importance of a crypto wallet that will help you initially connect and explore the vast potential of Web3.

Can Web3 really replace Web2?

A lot of Web3 skeptics have pointed to the fact that the current paucity of user experience and widespread network effects in Web3 applications means it will never be able to compete, much less disrupt Web2's big tech companies. However, this is what Netscape looked like in the early days of the Internet.

The early days were days of trial, experiment, repeated mistakes, and then exponential growth. Separating the different components of Web2 and devising new ways to exploit the potential of these parts is what makes the future of Web3 so exciting.

For example, data portability is a minor feature in Web2, but will be an essential part of Web3. End users will have virtually no problems with transferring their data from one service to another in Web3.

Web3 is creating new incentive structures on the web, with new user behaviors towards newer incentive groups directly challenging the advantages that incumbents have long had in a monopoly internet position. What will the new “creative economy” be? Is it much better than the current distribution in Web2?

By making data portability seamless, Web3 provided the platform to break down the barriers many major internet companies rely on today to subdue their competitors. We could see more changes to user behavior towards privacy and control changes as Web3 advances, especially if they can control it in one place (the crypto wallet).

Anyone can track, at any point in time, interaction data of the user base and activity on a publicly available ledger in Web3. When users access the internet and use applications, the data from those interactions no longer exists only on that application's server. It is recorded on a shared ledger and is publicly accessible. Incumbents will not have the first-mover advantage that their Web2 counterparts have.

User Orientation for Crypto Wallets in Web3

To make Web3 work, you also need to reorient your thinking from creating new accounts for every app to a “bring your own account” structure and a crypto wallet for navigating the site. This is seamless, truly decentralized, and requires no permissions, and no need for hassles like storing passwords with a central authority and hoping access isn't abused or hacked.

Besides, users must also reorient their thinking about crypto wallets if they want to realize their wallets’ true potential. This allows you to be completely in control, and your crypto wallet is like a passport to navigate the vast world of the Internet.

When you can combine identity and utility, the user actually becomes an owner of a part of Web3.

Start your Web3 journey with 3S Wallet

3S Wallet is a strategic product in the ecosystem of BHO Network. Along with the future and the vast potential of Web3, 3S Wallet is oriented to be a simple, secure and safe Defi wallet. With a one-touch interface and simple navigation gestures, 3S Wallet makes it easy for new users to access. You can download and start your Web3 journey with 3S Wallet here.

Some features of 3S Wallet

  • 3S Wallet - A multi-chain-enabled non-custodial crypto wallet that provides secure and convenient storage and management of crypto assets according to Web3 standards. You can store more than 3000 different coins/tokens.

  • Allows trading, storing, and managing coins/tokens and NFT assets on multiple blockchain networks such as Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche, Optimistic, Arbitrum, Cronos, Solana, BHO Chain, etc.

  • 3S Wallet provides one-click access to different DeFi exchanges: Kyber Network, Uniswap v3 (coming soon), SushiSwap (coming soon), PancakeSwap (coming soon).

  • Users who use the coin/token swap feature on 3S Swap will enjoy cheap gas fees, lowest slippage rates, just with the simplest and fastest gestures.

Summary

Through the above article, we can see that the future and potential of cryptocurrency wallets for Web3 is critical and necessary. Most crypto wallets these days are easy to use, secure, and put you in control of your assets. Whether you are a cryptocurrency trader, or just interested in safe asset storage, now is a great time to start using 3S Wallet - the right Web3 crypto wallet for your assets.

🎁 Invite friends to use 3S Wallet - Get passive income with your own system up to $20 for every successful referral. Join 3S Wallet's Rewards program today HERE!

Published on December 03, 2022

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