Account or wallet, how to access the decentralized economy?
pier wallet
Pier is the world’s first smart contract wallet as a service – your clients' bridge into Web3.
Blockchain technology has brought us a new digital and decentralized economy (called web3) with lots of opportunities. One way, people can benefit from this decentralized economy by transacting with various digital assets and decentralized services, covering anything from finance to gaming to art & music and beyond.?Digital assets include:
The question many ask themselves is how they can best access this decentralized economy and benefit from it?
Currently, there are a few indirect ways to participate. Indirect participation typically involves accounts with one of different service providers. Through such accounts, people can buy a limited number of digital assets from centralized exchanges (such as Coinbase), digital banks (such as Revolut) or ?through a traditionally traded fund that tracks or includes investments into digital assets. However, all of the above have significant shortcomings: They severely limit access (most of them allow investments only into a few crypto assets) and add unnecessary intermediaries (they hold assets for you instead of you holding them directly). It is important to remember that the goal of a decentralized economy is to cut intermediaries and facilitate direct transactions. So instead of embracing the opportunities offered by web3, these services stick to traditional business models and simply move them into a new technical environment.
What we believe to be far superior, is to directly participate in web3 by creating a wallet. A wallet is an account that lets people safely and directly connect with the blockchain: It is your key to your address on the blockchain – your home where you have all your belongings (digital assets). The wallet allows for direct transactions on the blockchain. It allows people to have full ownership (custody) over everything that is in the wallet and all transactions going through it.
What about existing wallets?
One of the problems that wallets face today is that they lock out users without meaningful technical knowhow because of the challenging?user experience they provide. They have been built by techies for techies. Another problem is that traditional wallets are secured by a 12-word security phrase – a seed phrase – that safeguards the wallet. If you lose the seed phrase, your wallet is lost. Creating an account to transact digital assets with the high risk of losing said account – that does not sound very reassuring to us.
领英推荐
How does nobank improve this?
With nobank, we build a so called smart wallet. This is a programmable wallet which allows us to give it a number of state-of-the-art security features that are similar to traditional digital accounts. Thanks to these features, we can make transacting without intermediaries very secure, yet easy to use:
In addition, our smart wallet not only gives you state-of-the art security, but it also allows for intuitive transactions. We can use it to make various investment products such as earning interest on assets available through one click (more about our investment products in a later post). In order to allow many new, technically less experienced people to transact directly on the blockchain, the wallet needs to become an easy-to-use and trustworthy tool. In this, we agree with Vitalik Buterin, the founder of Ethereum, who said:
We need wide adoption of social recovery wallets.
We believe that our nobank smart wallet will enable many people to invest directly into digital assets, benefit from decentralized finance or transact safely in the decentralized economy.
If you want to learn more about our smart wallet and be among the first to hear about further developments, sign up for our waitlist.