As the number of use cases for blockchain technology increases, the number of related projects and associated cryptocurrencies is also becoming more numerous. While this may sound like a push for a future driven by user autonomy, it’s not without its worries in today’s Web3 landscape.
As new blockchain ecosystems emerge, the task of navigating them becomes more and more difficult, with the need to switch between multiple wallets, bridges, and exchanges. It would seem that the answer is simple: turn complexity into simplicity by integrating a multi-faceted, multi-step process into a single entry point for buying, exchanging and exchanging assets regardless of the ecosystem. An example would be a mobile app or browser extension with the ability to provide cryptocurrency wallet functionality for any Ethereum compatible blockchain.
The caveat is that this is only a solution to a symptom of a larger problem related to third party dependency. Consider that with only one or two solutions currently available for navigating the complex landscape of cryptocurrencies, some level of monopolization and hence trust will naturally occur. Simply put, if only one platform offered an improved user experience, and that platform were to fail, the same would happen to the masses of users who rely on it. Consequently, many are concerned about how more convenient solutions will be available to a growing market.
Encrypt, created by MyEtherWallet (MEW), aims to solve this problem. Initially recognized as the first wallet interface for Ethereum, the team has since focused on solving this new problem in the market by collaborating with Polkadot to create their own Web3-compatible wallet extension, released under the name Enkrypt.
In response to this mission, MEW Founder and CEO Kosala Hemachandra shares:
“Ethereum and Web3 are revolutionizing cryptography away from simple value chains like Bitcoin, but the rise of smart contract chains comes with challenges for users. With Enkrypt, we are solving how to improve the user experience and ensure seamless future multi-chain compatibility.”
The goal is that such a solution will simplify the use and bring the widespread adoption of cryptocurrencies and Web3 closer to reality.
Adapting multichain for the masses
Enkrypt is designed as a multi-chain tool that allows you to store different cryptocurrencies in one place, thus eliminating the need for users to use multiple wallets. Essentially, this wallet extension will allow users to store assets from Polkadot, Polkadot parachains, Ethereum, and Ethereum compatible networks (EVM) in a single interface.
In many ways, the experience of using Enkrypt will be similar to leading offerings such as MetaMask, which exists as a browser extension and mobile app. Users will have access to a key vault, secure login, token storage and exchange solutions, all complemented by an asset management tool.
However, to further expand usage, Enkrypt will focus on ease of use for the average user rather than those well versed in the complexities of digital wallets. To illustrate the goal of simplicity, consider how the team developed some of these processes.
For example, transferring funds to an Enkrypt wallet from another wallet, exchange or otherwise, can be done by simply pressing the deposit button. If this choice is made, a series of prompts will open to ensure the user is on the correct network and is transferring to and from the correct addresses, making the process as simple as possible.
Once released, the deposit, purchase, and exchange feature can be implemented on many popular blockchains, including Ethereum, Polygon, BNB Smart Chain, Goerli, Polkadot, Kusama, Moonbeam, Moonriver, Acala, and Karura.
One-Stop Wallet Solution
Since there is a lot of development going on, the launch date for the project has been set for August 3, 2022, but this is just the beginning. The team plans to support more networks on the Ethereum and Polkadot ecosystems as a starting point and may expand to additional blockchains as needed.
In line with industry experts’ expectations that the scalable smart contract network space will continue to grow and become more interoperable, Enkrypt will continue to position its release as a one-stop wallet solution for easy Web3 access.
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Credit : cointelegraph.com