2023 is already here, and the current trends essentially reflect the famous quote, “New Year! New Me!” As multiple business domains put their hands up in a bid to take to the higher levels, there are a few in the decentralized world as well. Yes, the Web3 realm has seen some foundations set up for this year, with Web3 wallet development having a crucial position. In any case, if you are wondering, “Aren’t Web3 wallets already around? Why should they gain recognition now?” you are not alone, and this blog is here to clarify all doubts surrounding you on the topic.
What is Web3?
Web3 is the name given to the newest generation of the internet based on the principle of decentralization of control on user data. While the overall Web3 technology consists of multiple emerging tech elements, blockchain networks serve as the backbone by offering provisions for decentralized storage and processing of user data.
How can Web3 Benefit Wallets?
With Web3 taking decentralization as its core policy, wallet applications can become more user-centric by eliminating platform developers from controlling the apps for any reason. Such wallets are called non-custodial since they provide users with complete control over their Web3 asset holdings. Such provisions might be good and bad, although the advantages outweigh the cons that can be resolved by following basic internet ethics.
Developers can gain immensely through these wallets despite not having control over user accounts in a flurry of ways. Their role will be minimized to support, maintain, and overall governance and handling without the hassle of confronting users.
What is a Web3 Wallet?
A Web3 wallet is a platform where people can store and transact cryptocurrencies and non-fungible tokens with full custody over their assets. These applications eliminate the need for centralized authorities to hold funds and aid transactions for users that typically present them with numerous difficulties and concerns.
Why Do You Require a Web3 Wallet?
A Web3 wallet application could be a necessity for both users and developers for many reasons. For a user, such a decentralized wallet offers them complete control over their crypto assets, ensuring that their actions determine how their holdings grow without any third-party involvement.
From a business perspective, Web3 wallet platforms can be essential for an enterprise to stay relevant and competitive in a space that is increasingly getting decentralized. You should remember that revenue options are not ruled out; it is just that they do not control user funds. Hence, experts say Web3 wallets could become mainstream in 2023.
Eminent Features of a Web3 Wallet
- A Web3 wallet is open, meaning that the underlying software is open-source, and anyone can report bugs and perform modifications (and anyone trying to use it for malicious actions will get caught easily).
- The platform works on the trustless principle, as users control their holdings completely, giving them the ability to transact privately with peers or businesses.
- These applications are permissionless, as they get rid of centralized authorities that had earlier controlled users’ crypto holdings, such as wallets offered by crypto exchanges.
- Web3 wallets can be accessed from anywhere, making them ubiquitous, as it is only enough to have a decent internet connection and a smart device to begin transacting.
- Lastly, decentralization is a feature that Web3 wallets boast of, as everything gets recorded on-chain, eliminating the possibility of data manipulation from outside parties.
Best Web3 Wallets that can be Market Hits in 2023
- MetaMask is the most popular Web3 wallet out there, with extensions for browsers and applications for mobile devices. It allows users to store and transact NFTs and cryptocurrencies inside dApps seamlessly.
- Coinbase Wallet is another decentralized and non-custodial wallet app offering novel features such as user names, making it easier for users to send and receive Web3 tokens from peers.
- Argent is a Web3 wallet mainly used for Web3 and DeFi transactions, built on zkSync, with support to the Ethereum main net and StarkNet.
- Trust Wallet is a digital wallet platform like the others, although it has additional features related to DeFi, such as staking, allowing users to earn passive income without external transactions.
- Rainbow is a virtual wallet that allows transactions using alphanumeric wallet addresses and human-readable ENS domains. Users can even purchase ENS domains utilizing this application.
Trends About Web3 Wallet Development You Should Know
- Protecting private data will become paramount among Web3 wallet development ventures as we head toward complete decentralization.
- Offering intriguing user experiences will be critical to a Web3 wallet provider to gain success in the space, as it is one of the fundamental applications a user needs to have in the Web3 space.
- The usage of interactive 3D technology is projected to increase in these wallet platforms since most applications using these have already delved into the metaverse world.
- Artificial Intelligence (AI), another pioneering element of Web3, will have a massive role in shaping the future Web3 wallets as more data becomes available for machines to learn and form an operable memory system.
- Digital wallet platforms are expected to be created from low-code software, such as our MetaMask-like wallet app, where coding is minimal to zero, as development becomes oriented toward drag-and-drop operations.
Crypto Wallets and Web3 Wallets: A Point of Difference
Fundamentally, crypto wallets allow only cryptocurrencies and NFTs, while Web3 wallets allow cryptocurrencies and NFTs, alongside interaction with Web3 decentralized applications (dApps). They are non-custodial and decentralized, giving complete control over the assets to the users. These applications are also more secure, more private, and more user-friendly than conventional exchange-operated wallet apps.
Reason Cryptos are Moving Toward Web3 Wallets
Cryptos, NFTs, dApps – What do these have in common?
If you say Web3, you come under that large category of Web3 enthusiasts. But, if you say Web3 wallet development, you certainly are super updated, as these platforms can fluently interact with all these entities.
Also, Web3 wallets can handle tokens and cryptocurrencies from multiple networks effortlessly, as most of them are made ready for operating across multiple blockchains.
Why Should You Choose Blockchain App Factory for Your Web3 Wallet?
If you’re looking to run a business based on the Web3 wallet model, Blockchain App Factory is the perfect spot for you. Our experienced team in Web3 wallet development can help you find your venture needs and incorporate them into a neatly-made application using good Web3 development practices. Below are more reasons you should consider choosing us:
- Proficient Blockchain Developers
- Creative Consultants
- Professional End-to-End Development Teams
- Access to Modern Technological Stack
- Multi-chain Compatible Solutions
- Tailor-made Applications
- 24 x 7 x 365 Technical and Non-technical Support
- On-time Delivery
- Economical Prices
Fill out the form below to schedule a 1-1 conversation with one of our professionals to develop a featureful and functionally-rich Web3 wallet solution!