The balance of security and UX is crucial in to the widespread adoption of digital assets and web3 applications.
The most secure method of storing assets is by utilizing a multi-signature wallet. The keys can be stored on hardware devices or in cold storage where they are not connected to an internet connected device.
An example of extreme security is when the Winklevoss twins, in the early days of Bitcoin, created a private key, divided it into three parts, duplicated each and stored them in six banks across different states in the US in safety deposit boxes.
On the other end of the spectrum, you have platforms like Telegram trading bots where users funds and private keys are entrusted to a centralized server connected to the internet. A ticking time bomb, as any centralized entity is vulnerable to compromise.
Between these two extremes, there are varying degrees of wallet infrastructure which bridge security and user experiences. The most common way to interact with web3 is via the MetaMask browser plugin, which effectively balances security and user experience when interacting with DeFi protocols, NFT marketplaces and decentralized exchanges.
There are two technological developments that could potentially move us towards better user experiences and less decentralized security.
The first is account abstraction. This enables smart contract wallets, which creates new possibilities for social recovery, bundled gas-free transactions and custom logic and functions within the wallet itself. In the future, we could see less technically savvy users being introduced to platforms that leverage account abstraction.
Secondly, there is the development of progressive web apps. The potential for decentralized apps running local code with locally stored credentials offers an interesting balance between security and user experience.
As Ethereum scales over the coming years, I believe we’ll see these two developments converge. We could create more consumer friendly dApps that don't have the feel of decentralized apps at all. This would leverage decentralized infrastructure, locally stored credentials, and smart wallets operating on smart contracts all on a decentralized p2p network.
The next generation of web3 products will make what’s been before seem like a mere flicker of a match that started a wildfire.
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Are bull flags meant to take this long? It’s been six months since Bitcoin made a new all time high of $74k
At some point we will break out of this downtrend range. On the support side there is the $42k level which I expect/hope would hold strong because there is plenty of confluence around that area. A move above $70k would mean we are back in business for a bull market continuation.
Until then we wait, build and buy cat jpegs…
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