Web3 Wallet Evolution

Transcript

yeah so today I'm gonna be talking about the evolution of web3 wallets um some of you might remember Mist so this was back in 2015 actually so very very early in the ethereum journey and at the same time this was a very remark remarkable vision and I think a lot of what was true about Mist as the product is still holds true to this day for some of you who don't know what missed this so mist is was the first ethereum wallet with the browser integrated into it and it also had access to the multisigs for

instance for like a party multisig um but back in 2015 and 2016 the use cases the number of use cases of how you can actually do use your ethereum was very very limited so one example you could transfer is to your friend so that's uh that's the first one uh the other one was to lose money on the Ico oh sorry oops the second example was to lose some money on the icos and lastly you can send money to the party multisecondo your ethereum forever but these were the early days and now as we are in 2023 you can see sorry okay uh you can see how many new use cases

they are out there so all of you have tried at least one of these dabs I'm very much sure about that and there are thousands and thousands of different things that people can now do in in their web3 Journey so it starts obviously with D5 you can swap tokens but obviously now we have you know even more and less connected Finance to financial use cases applications like decentralized social media or music nfts so all of that is exciting and now we're finally starting to reach any any closer to the vision that mist set out to be in 2015.

oops so since uh 2015 actually so we the bullet Evolution barely made a shift there so in 2015 Miss said this Grand Vision but honestly the use cases were so limited and that's why the walls basically did not there was no use for the wallet uh back in the day but now as we see this many use cases it's becoming very clear that wallets have to adapt to support this range of use cases that we have in a space when it comes to wallet Evolution a lot of the people were primarily speaking about key management and about bringing

the next billion to the space but reality is that people are not coming for the custody so they're not coming for account obstruction they're not coming for MPC they're coming for the things that they can do within the space and we are now as you can see in this audience where now the the active users of the web free space and they're actually quite a lot of us already so it's now very much clear that there's a big audience that is using web3 on a pretty much daily basis um and what we've set out to deliver at zirin and uh to focus on is actually citizens and not tourists so the way we see it is that

citizens is not the amount of experience that you have citizens is merely about the belief and the understanding of why you are doing what you're doing and obviously the skill level varies but it's all about committing yourself to the space and saying why what we are building is important and you can see that there are pretty much three groups that we we see in the citizens category so there are obviously Builders they're Traders they're enthusiasts but most of all the important part is that all of us believe in the future of web3 and that we can replace centralized web 2 platforms with a protocol-based plus application based technology so as fellow citizens you are probably

asking yourself all these questions on a daily basis so I have maybe 20 plus different walls and I'm sure most of you do have a lot of different wallets and managing that is becoming increasingly complex so privacy is one aspect of it so you obviously have to have some accounts that are public but then you you need to somehow send money between them you managing your identity is also pretty much important because right now most of the things that we do which is a little unfortunate is public and that creates a lot of um you are surfacing basically through your wallets of what you do and that's a that leads us to basically another question that you might be asking so whenever you are signing any

transactions uh you're probably feeling anxious at least I am and that's why I'm using all the new uh potential technology just to to check every time and like I'm looking through the data that I'm signing every time because I'm still anxious and lastly what is your on-chain footprint really and that means all of the things that you've done how easy for you is it to recollect all the things that you have in your wallets and across all of your wallets across chains across different D5 protocols and nfts um so we we launched a wallet at xerian about a year ago and since then we're now seeing that half of the transactions that are made through zirin are now

going through um the dab browser and we understand that dapps are becoming the number of use cases in in the battery ecosystem is now overwhelming a realm will be more than the swaps and for the tokens and uh yeah and now because of that wallets are becoming the place where people want to spend time this is a great quote from Gabi so she wrote a nice piece about the fact that wallets should actually not be called wallets we we cannot really fight with that but I agree with the the message here is that bullets are now becoming the daily tool that you're using When approaching web3 and and interacting with web3

oops thank you sorry um so let's talk a little more about the components of the modern webpray wallet so these three things are pretty straightforward so this is actually where it all started for the even the old bullets and most of the effort was focused on the key management and we obviously heard a lot about the account obstruction and NPC and this is most of the evolution that happened on the key management side but at the same time there are other important components of building a modern web reward so one example is portfolio tracking so your wallet has to understand what is it in your in your wallet for you to make

better decisions for you not to sign something what you didn't intend to sign and the lastly so only a few ball is actually in in the space right now approached this last row that I'm highlighting here and so let's talk about for instance spam filtering so now many of you have experienced the fact how there are spam transactions happening in your wallet on a daily basis so whenever you are making a transfer there is a malicious address that is sending you some um fake tokens such that you next time you might confuse it with a different address so spam filtering is important and then it comes when it comes to nfts that's even more relevant so you would get a random host of nfts pretty much on

a daily basis for someone to show their collection and the wallet it's now becoming clear that this is a responsibility of the wallet to filter out for these type of scams uh and on on the identity side of things well as I said previously so wallet is becoming your public representation in the web3 world and managing this identity is also the responsibility of the wallet so helping you navigate and present your identity in the way that you intend to to present your identity so this all of that got us thinking about the role the future role of the wallet in the web3 space and we've been basically battling through these two

concepts of bullet being somewhere in between I guess or on overlap between an email and the browser so I would say um I think that they're the important bits of the email and browser is I think that's a funny interesting analogy given that both email and browser were the first um in in web 2 space and they were uh actually not platformized in a big way as many other things were and I think this is exciting that the wallet sits at the pretty much similar intersection because I think we have the potential to build something that is um decentralized and distributed um so speaking about the analogy itself so wallet now acts similarly to email as

your identity because you you're you have the ens you're sending that to your friends so that's representing yourself then obviously email does spam filtering and it primarily used for communication I think on that last space bit wallets are currently not used as much for communication but this is already a big development that we see and I think sooner or later we'll see even more of the peer-to-peer messaging adaptive wallet communication starting from you know wallet connect and and others building in the space and this is all going to happen very soon I think on the browser side as I said previously 50 of transactions on zirin are now going through the browser and all of that basically brings us to the similar

analogy where now like browsing the web to space you you need to access websites somehow and that's the ultimate Way of executing certain applications within a secure environment so that's a primary role of the browser and the wallet is becoming similar in that sense and lastly the last bit here so managing user data is is all about basically history of your interactions with different websites and making sure that every time you're clicking on something it does what it's supposed to do and we believe that the web 3 wallets are evolving in something similar and I think the word wallet is going to stick with us for for a very long time um at zero and this became this actually from coming from one of the tweets of

our users so this became a little bit of a mantra for us recently so browser first Finance second and as you know historically wallets were viewed closer to some kind of a new bank type of application where you use your wallet primarily for financial cases but now you you as I explained browser is becoming the most important bit to it and the wallets should adapt to support the majority of use cases that people have within the web 3 space so at Syrian since we've released our Mobile World about a year ago we've been hard at work to deliver that vision

we've worked on everything that I've talked about previously so we we've done the portfolio part of it so tracking every token every nft on every chain and we're constantly improving at this we are working on the smart we have the smart transaction history that does um filtering for spam for you so you don't have to worry too much about losing the track of what you've done previously and not falling prey to scams we do have a lot of our users love push notifications so this is another big feature so you can instantly know what's happening in your wallet as well as in the wallets of other people and lastly this is rolling out soon so we are doing transaction

simulation as well as the safety check and fishing protection for every transaction that you sign so this is a a new product that is currently in the alpha stage actually maybe even better we've been testing it internally for a while so we're giving access early access to the people who want to participate in like actually we love to hear feedback so this is the more the most important piece for us right now if you can provide feedback for the extension that we're launching That'll be amazing so the mobile world is out but extension is going to be live I don't know exactly when but roughly at ECC this year but before that we're

giving early access to the folks who are interested in testing this out and leaving the evolution of the web3 wallets um thank you so much Kabbalah [Applause] [Music]