Japanese crypto wallet Myna Wallet conducts local experiments
The world of cryptocurrency payments continues to grow, and many companies are trying to streamline the experience of operating a cryptoasset wallet and make it simpler.
Japanese blockchain startup a42x recently conducted empirical experiments on its own product Myna Wallet in the Yamakoshi area of Nagaoka City, Niigata Prefecture, allowing elementary school students to 80-year-olds to experience the U.S. dollar stable currency $USDC with one click payment process.
a42x said that although blockchain technologies such as stablecoins and NFTs have attracted much attention, when promoting digital transformation (DX), the use design of related products is often too complex, which is more difficult for the elderly and children. It's a big challenge.
Through this experiment, a42x attempts to prove that even users who are not familiar with technology products can easily use $USDC for daily payments.
Source: a42x official press release Japanese crypto wallet Myna Wallet combines ID cards to realize USDC payment with one click
Myna Wallet uses account abstraction and Base chain technology
According to a42x’s description, Myna Wallet uses account abstraction technology (ERC-4337) and Base blockchain to allow Japanese users to use their ID card My Number Card (Personal Number Card) to manage cryptocurrencies, stable coins, NFTs and digital identities. Here are the three main features:
Convenience: Put My Number Card on your smartphone (NFC) or card reader to use Web3 services easily and securely.
Security: Identity verification through My Number Card will effectively reduce the risk of leakage of crypto asset private keys. Even if the certificate is lost or stolen, digital assets can be protected through multi-factor authentication and recovery functions.
Identity verification: Use the Public Personal Authentication Service (JPKI) to strictly verify the identity of wallet holders, and protect user privacy through zero-knowledge proof technology.
Myna Pay is the payment service of Myna Wallet, which allows users to pre-store cryptocurrencies such as $USDC and Ethereum ($ETH), and complete the payment simply through contact, achieving a one-click stablecoin payment experience.
What is My Number Card?
My Number Card is a non-compulsory ID card launched by the Japanese government in 2016. As long as you are a Japanese citizen or a foreigner with a residence status (visa for more than 3 months), you can apply.
My Number Card can be used in various financial institutions and public agency services, and it also has health insurance functions, eliminating the need to present multiple documents. As of the end of July 2024, more than 100 million people have applied for My Number Card, approximately 80% of Japan’s total population.
Myna Wallet won the Ethereum Hackathon Award
Myna Wallet is a crypto asset management application that combines account abstraction, Layer 2 and physical ID cards. It has gained industry attention as early as 2023.
Ethglobal website information shows that Myna Wallet was favored by Polygon and the Ethereum Foundation in the EthGlobal Tokyo Hackathon, and the latter also awarded it the "Best Account Abstraction" award.
However, Myna Wallet was originally developed using Polygon and was later changed to a Base chain.
Image source: Tachibana Hiroyuki/XMyna Wallet has won the Ethereum Hackathon Award
Are simple and easy-to-use crypto wallets a trend?
Currently, the mainstream encryption wallets on the market are MetaMask, Phantom, etc., but in order to allow ordinary users to better enter the world of Web3, more and more companies are trying to launch simpler and easier-to-use wallets.
For example, the US-listed exchange Coinbase has launched a "Smart Wallet", which not only simplifies the on-chain process and solves the burden of gas fees, but also can be used easily without the need for a mnemonic phrase.
As can be seen from the new products of a42x and Coinbase, simplifying the user experience of cryptocurrency wallets has become an important trend in the development of the industry.
a42x’s experiment further proves that by combining account abstraction and physical ID cards, even the elderly can easily use stablecoins such as $USDC, opening up new possibilities for cryptocurrency applications, and is expected to attract more people of different ages. Users join the world of Web3.
"My 80-year-old grandpa can use it too!" Japanese crypto wallet combines ID card to realize USDC payment with one click. This article was first published in "Crypto City"
