Thread by @nix_eth

I spent a little time digging into @Reddit's crypto wallet product.

I found it's nice balance between security and good user experience. Easily one of the better wallets in crypto.

I know many of us don't use Reddit, so here is a brief thread showing it off 👇🧵

1/ It's built right into the mobile app (along with the marketplace). They chose to call it a vault. In just two sentences they masterfully convey what it is without blockchain jargon. Beautiful 😍

2/ Wallet is generated locally using a standard BIP39 mnemonic seed phrase. This means a user can access it in other wallets and isn't stuck using Reddit's Vault. It can be imported directly into a wallet like Metam*sk.

3/ User is empowered with the choice to backup their seed phrase manually, or trust Reddit to back it up.

4/ If the user chooses to Backup on Reddit they pick a password. That password is used to encrypt the seed locally before submitting. Reddit has no access to the private keys, it can't be recovered if lost.

5/ The wallet, in combination with marketplace and minting, demonstrates to me that @Reddit deeply understands the ethos and power behind NFTs. The way they nailed UX without significant compromises really has my attention.

Now some constructive criticism:

6/ More work could be done to warn users of scammers. It's easy to click and copy your seed to the clipboard but it doesn't warn users about sharing it. I predict scammers will have a feeding frenzy 😢.

7/ I encourage the team to look into adding a social recovery mechanic. Something like pick ten friends and in the result of a seed loss you can get four to sign and recover it. User studies show single use passwords with complex requirements are quickly forgotten.