Notes on crypto wallets and the future of the web

man touching screen with control

‘web3 controller’ by ade’s press

 

For many people, they get any fiat or traditional money and they automatically move it to Coinbase or their Wirex etc. account, and change it to a stablecoin, perhaps to Maker DAI and also some into Bitcoin.

These aren’t ‘wallets’ as such, but gateways (although Coinbase does have a separate wallet app).

But people are starting to trust crypto (or its potential) more than their banks. Or they’re using apps that convert crypto to cash at the checkout (Coinbase UK app). They might also put some of their crypto to work in a de-fi project, to gain interest, staking rewards etc.

But all this will be combined, thanks to wallet development.

image of spare bitcoin in pocket

Ideally, we’ll one day be able to use our wallets in a shop.

Recently I’ve been thinking about crypto wallets – mobile, browser, desktop-based, dedicated and multi-coin – and this future trend.

As a hodler you can end up with quite a few wallets, but where you actually store your crypto today can be confusing.

Where is the best place, especially since many de-fi projects, or exchanges are encouraging people to keep their coins on an exchange or in their custody, compounding, staking etc.

Also, using cold storage is important yes, but can seem impractical and many people don’t invest in cold storage wallets, let’s be frank.

It’s important to realise what’s going on, about the importance of having your own keys, and what the future holds.

I will recommend a few wallets at the bottom of the page, but first…

Some notes

It’s interesting that wallets remain the killer dapps for crypto as the space continues to promote the value of hodling tokens where they belong. But where do they belong? Well, wait…

Let’s think about how we interface with technology and the internet as a whole…

Screens, usernames and passwords, bank accounts, google search, ‘free’, centralised email storage…

Is this really ideal? What is the ideal scenario?

Some day…

Right now, there are multiple usernames, passwords and calls on our personal information.

These actually put many people off signing up to things online. Many sites and projects will never see large traffic or challenge sites like Amazon, simply because people are unwilling to create new accounts.

The power of wallets

What would be better, is that our identities, our money and our data are secured, as we access and surf an internet that is decentralised to a larger extent than today (from monopolies, from continual advertising, data breaches etc.)

With any luck, blockchain or DLT tech will allow us to log-on to this internet with secured, unified (or dynamic) identities, with our wallets and with our data all under one roof or ‘container’. This data will never leave our private, encrypted control. Only we will have the keys (just as with proper crypto-wallets today.) Programs and websites will request or pay to gain (limited) access without anyone having actual access to or anything exposing the contents. A bit like Blockstack dapps. Or via Ethereum MetaMask-style wallets.

There will be numerous ways to back up and secure this data further, even insure our ‘digital selves’.

This (should) then… free up the way we access or sign up to new projects, new content sites, acquire tokens, exchange them instantly and make purchases or donate and interact at different sites.

This ‘unified’ ID and wallet with details of all our activities will be recorded via interconnected blockchain networks. Money and value will fly across the globe like nothing we can imagine today. Like Amazon on a Black Friday, only on multiple sites and ecosystems we will not think about using. There will be more diversity.

Perhaps major, centralised monopolies from the likes of Google, Facebook, etc will be broken. They may still run the architecture and cloud computing, but even this will be challenged by token-based setups and nodes contributing their own resources.

In this future, everyone may contribute to this decentralised state, health and content of the internet, …or web3.

China may have realised this trend already.

Why try to predict the future?

Because it’s happening. It’s important to stop and bear this in mind, as this is the trend that Bitcoin, blockchain, crypto and decentralisation is already allowing for and securing.

MetaMask, Scatter etc. are here already. Blockchain smartphones are here.

Wallets? They are the gateways: Fascinating, all-in-one, monetized playgrounds, accounts and browsers developing.

We’re on a road that leads to better access and interaction with the internet.

Google may no longer need to help you store all your usernames and passwords. This website already covers projects (like BlockstackCivic etc.) that allow you to create blockchain-based IDs.

This is why crypto wallet development is currently the killer dapp that many people overlook.

Wallets as Tools

However, wallets are tools. If they’re not useful to people, then they won’t be used. Like cryptocurrencies. From an investment point of view, currencies need active ecosystems in which to grow.

Yes, you can keep crypto stored in funds or ‘strategies’ like Iconomi, but it could be defeating their purpose if not being staked or kept for store of value: to support or give out, or get some benefit within the ecosystems where they belong.

 

AR and MR (and QR codes)

…And yes, we do need to break free from computer hardware, from laptops, pads, desktops… from screens, and perhaps have only some Augmented or Mixed Reality glasses (with maybe a pair of slip-on gloves etc.)

This will allow us to produce screens and keyboards wherever we are. (‘Hot-desking’ should no longer be necessary.)

QR codes will actually be used.

 

Recommended wallets and storage

If you have a decent smartphone, then mobile wallets are where it’s at. The ideal is to get your crypto away from gateways like Coinbase and into a wallet for longer term storage.

Cold storage like a paper wallet is ideal for long-term storage, and you can give them to people as gifts like an instant savings account.

But mobile app wallets now provide decent (biometric) security, access to staking rewards and dapp browsing, and may connect with a dex (a decentralised exchange) for exchanging between numerous cryptos more securely than a big exchange.

Central Exchanges: You may like to keep crypto on an exchange to take advantage of lending your crypto for interest, or trading (+margin) etc, or gaining bonus rewards (like with KuCoin). However, as soon as you can, the best place is a proper wallet.

 

Early or Major Blockchains

For early, unsupported cryptos you’d need a dedicated wallet… until the larger, multi-coin ones start supporting them.

For a large, dPoS blockchain like EOS, you could be missing out by not keeping your EOS in a dedicated wallet like Meet.One. That’s because they have been built to allow dedicated access to the EOS ecosystem of dapps and dexes, for trading EOS-based tokens. You can also get more Airdrops and features.

But a DEX is essential, as here you can trade your EOS or invest in tokens (you may also need) if you’re to use the dapps on this network.

 

My (recommended) multi-coin crypto wallet:

promo image for Trust Wallet

Trust Wallet 

This multi-coin wallet is integrated with Binance DEX (and Binance Chain) for clear, easy swapping between cryptos.

The Trust Ethereum Dapp browser supports a variety of dapps for your gateway to Web3. This includes the Trust staking platform. You can also browse OpenSea art collectables.

It’s also the official wallet of choice supported by the leading player in the cryptocurrency space: Binance.

Expect to see gradual, interesting developments like this one.

……………………………..

I hope this post helps. Please let me know any comments or suggestions to help improve the post.
Nov 2019.

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