For the first time in the history of cryptocurrency, there is a clear trajectory towards reaching hundreds of millions of monthly users. This change will be fueled by a far better user experience (UX) than web2, not by the conventional crypto objectives of “democratizing finance” or “decentralization.”
The Problems With Current Web2 UX
Web2 UX as it exists today is essentially inefficient, even if we’ve grown accustomed to it. We look for and enter email confirmation codes, manage several financial app accounts, wait a long time for bank transfers, recreate social networks in each new app, and deal with a difficult online experience.
The upcoming crypto tools will make the internet so much more user-friendly that users will expect this improved experience, frequently without understanding it’s driven by crypto.
The Latest Set Of Crypto Tools
Passkeys: Passkeys eliminate the need to remember passwords or private keys. They can be easily created, kept safe on your devices, and backed up to the cloud. Prominent corporations such as Amazon, Google, LinkedIn, Shopify, and Uber have already implemented passkey support, which can be retrieved using your device’s PIN or biometrics.
Web Wallets: Do not need a browser plugin or a mobile app. They provide a smooth single sign-on (SSO) experience as opposed to the clumsy “Connect Wallet” procedure used in modern cryptocurrency. These passkey-enabled wallets let users carry their identity online without using Google, Apple, or Twitter sign-ins.
Smart Contract Accounts: Gas fees are frequently abstracted, multistep transactions combined into one, and account recovery made easier through smart contract as well as paymasters. Apps can be given special permissions by users, enabling one-click transactions without the need for confirmation banners.
Open Social Graphs: Users’ on-chain addresses are connected to decentralized social graphs created by new social protocols such as Farcaster. Rebuilding social networks is not necessary because any app that knows your address may provide a tailored and sociable experience from the moment of sign-up.
What The New Crypto User Experience Will Look Like
In the future, logging in to apps will be as simple as utilizing Google or Apple SSO. Wallet app downloads, 24-word backup phrases, and problematic WalletConnect flows won’t be required. No more attempting Google account passwords or entering six-digit numbers repeatedly. The process can be completed with just a passkey confirmation, which makes it much simpler than the current SSO.
The software will quickly personalize upon login by using information from your social graph and on-chain history. Your buddies will already be there, so there won’t be any more dark patterns forcing users to share contacts. Credit card transactions won’t require transcribing, ACH transfers won’t take 72 hours to execute, and money will be available through your web wallet right away.
Conclusion
Crypto will win by improving internet accessibility and making all web2 apps change. This will give development on cryptocurrency a sound justification.
To remain competitive, exchanges will have to recreate themselves on-chain and build web wallets for their user bases. Web wallet options should be included in wallet apps that are meant to be widely used. Cross-app experiences should be supported by embedded wallet providers. Instead of building their own social graphs, apps should make use of ones that already exist.
