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The future of crypto wallets

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The future of crypto wallets

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What are crypto wallets? How different are they from exchanges? What is their job to be done? where are they weak? What is the potential and future they hold

Brought to you by @ZenGo

What are crypto wallets? How different are they from exchanges? What is their job to be done? where are they weak? What is the potential and future they hold

Brought to you by @ZenGo

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The future of crypto wallets

  1. 1. The future of (crypto) wallets
  2. 2. Ouriel Ohayon CEO @ZenGo
  3. 3. What is a wallet ?
  4. 4. 600 BC 1700 1950 2000 2012 2015
  5. 5. 600 BC 1700 1950 2000 2012 2015
  6. 6. 600 BC 1700 1950 2000 2012 2015
  7. 7. 600 BC 1700 1950 2000 2012 2015
  8. 8. 600 BC 1700 1950 2000 2012 2015
  9. 9. But money and digital assets evolved Scarce On Chain Cryptographic
  10. 10. What does a crypto wallet do
  11. 11. ● Custodial banks ● Funds Controlled by a corporation ● Exchanges ● Your bank + crypto ● Governments entity ● “off-chain” system ● hosted What crypto wallets are not
  12. 12. Why custodial wallets and exchanges won (by far) so far
  13. 13. ● Speedy trading fiat-crypto on/off ramp ● high convenience and familiar ● Best fees ● Compliance stack ● (partially) Insured “vaults” ● Account reset if lost ● Hyper-profitable ● Single point of failure ● Abusive withdrawal fee schedule (up to 10x) ● Trust-based Custodial systems are the greatest on-ramp
  14. 14. ● The raise of the web 3 economy ● Cannot connect to Dapps ● Crypto jails to funds lock-in ● Compliance, caps, censor ● Siloed identities ● Non-portable and local ● Tedious and expensive opsec ● Funds moving out of exchanges Custodial systems are necessary but unfit to web3
  15. 15. ● Key management and recovery controlled by users ● “on-chain” assets support (tokens, NFTs,….) and portable ● Crypto security (transaction protection, phishing) ● Transactional services (send, receive, history) ● Financial interfaces / services (buy, sell, trade, earn, stake, cards, history, tax connectivity) ● Web 3 connectivity (dapps, defi, ENS, identity,..) ● Customer experience (support, education, ..) ● Trust-minimized and private ● Bonus: entreprise wallets vs personal wallets What crypto wallets (should) do
  16. 16. You are your wallet
  17. 17. Wallets are primary interfaces to the native crypto economy …where the crypto journeys start and finish Wallets are the new (Google/Facebook) sign-up…
  18. 18. 600 BC 1700 1950 2000 2012 2015 Cold/ Hot
  19. 19. Extensions, social logins, multi-sig
  20. 20. Non-custodial Wallets have weak spots ● Intimidating: Be your own CTO ● Atomized (who wants tens of wallets?) ● On-chain means slower and more expensive ● Fees everywhere ● Fiat-crypto is sub-par compared to exchanges ● Cumbersome to use (onboarding, extensions, cables,…) ● Unclear sustainable business models (hardware, free downloads)
  21. 21. Wallets were not suited for mass adoption
  22. 22. Why?
  23. 23. Crypto is hard and wallets are harder
  24. 24. Security is UX and UX is Security
  25. 25. The seed phrase of death
  26. 26. So much can go wrong ● Prone to errors (too many wallets, seed back up errors…) ● Account take over: anyone can use your seed backup ● Malicious smart contracts ● Legit smart contracts hacks ● Abusive contract approvals ● Lost private keys Your wallet is not your wallet
  27. 27. The future of wallets: crypto remote controls Multisig / MPC Passwordless Customer Happiness $ Multi-Asset Multi-function 100% mobile Non-Custodial
  28. 28. Biometrics (not passwords) is the future
  29. 29. Wallets as the web 3 guardians
  30. 30. Wallets are pimary interfaces that can and should protect from ● Malicious contracts ● Abusive permissions (or ice phishing) ● Blind-signing (clarity of contract) ● Rug-pulls (reputation) ● Rogue addresses (scammers) ● Wallet spam (abusive airdrops)
  31. 31. zengo.com/podcast
  32. 32. Stay Zen www.zengo.com

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