Thread by @AlexIsBuilding

What is one of the biggest areas holding back mainstream #crypto & #NFT adoption?

The answer: Wallets suck ☠️

Here’s 4 #features that we need to see in #Crypto #Wallets before we get adoption from #Web2 users.

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1⃣ Anti-Wallet Drain Preferences

All wallets need to add this feature.

A toggle that is on by default, which prevents you from signing any #transaction that will give #scammers the ability to #drain your wallet.
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If you can lose everything from one click, the space will never grow.

In addition to this, when signing a transaction like this, it needs a big red warning of what functions you are approving and what you currently have in your wallet ⚠️

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2⃣ Integration with cash payments

When I go to send someone money on PayPal, I can put $100 USD in and it will tell me the cost in my native currency (AUD), with a conversion rate 💰

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Why can’t I put 0.1 $ETH to buy an #NFT, and my wallet ping me saying: Would you like to pay $240?

When we get to this point, the friction of crypto and NFT use will drop dramatically, likely boosting user growth 🚀

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The next two are so simple, and arguably more important than points 1⃣ & 2⃣

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3⃣ Sign up with email, with ‘forgot your password’ features.

The concept of entering crypto for the first time is already a lot to take in for a new user.

They need to feel that the signup experience is something familiar and easy.

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Bounce rate = The percentage of visitors that leave a webpage or app without ever taking action.

A high friction signup process is the #1 cause of this. Which brings me to my next point…

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4⃣ No more seed-phrases (unless you want them)

If a user can lose a piece of paper, and lose all their funds, then the average individual will be too scared to get involved in the first place 😱

We’re going to start to need to see other forms of verification ✅

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In my opinion, a decentralised form of security questions is a potential answer🔐

Imagine if you could set up a smart contract form, where you write out 10 questions that only you could know the answer to, and if you get them all correct you regain access to your wallet.

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So how do you create this #wallet? 💼

As uncomfortable as it may be to a #Web3 mindset, most people want #centralisation (to an extent).

90% of people want to be able to call someone if something goes wrong, and as many of us have experienced, it will at some point.

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But many of us would say “What if the company managing their funds goes bankrupt?”

As we’ve seen with @CelsiusNetwork, @investvoyager and many others, this can happen overnight and entire lifesavings can be wiped out.

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🧬 The answer: A hybrid model 🧬

I believe that we will start to see the emergence of #Web3 tools and services that make it easier for users to #interact with the blockchain, without those services, apps or companies actually holding a user's funds.

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These #services or #applications would perform a number of interactions (e.g. buying bitcoin with $$$ and sending it to the desired address as crypto), all complete in what feels like a 1 click #UserExperience.

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What are the wallet features you want to see?

#Follow for daily threads on accelerating #Web3 adoption 🚀

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