Invisible Transaction Experience Key To Web3 Success

During an Oct. 31 panel discussion at Binance Blockchain Week in Dubai, Trust Wallet CEO Eowyn Chen said that an “invisible” transactional experience, one which does not require the user to interact with gas fees or seed phrases, is needed to boost the adoption of Web3.

The Current State of Web3 Accessibility

The panel discussion focused on Web3 accessibility, and shed some light on some of the challenges the industry is facing in trying to onboard the next wave of users onto the blockchain. 

While acknowledging that the Web3 space has come a long way, panelist and Reown CEO Jess Houlgrave said that the Web3 and digital asset industry accepted “a low bar” in the industry’s early days by choosing to not address technical complexities like gas fees and seed phrases sooner.

Trust Wallet CEO Eowyn Chen

Chen agreed with Houlgrave’s opinion that there are still some issues that need to be addressed in order to achieve the optimal transactional experience for new Web3 users. She also shared the results of an experiment Trust Wallet conducted with its new smart contract wallet, SWIFT, which eliminates gas and allows anyone to use a smart ID to create a wallet with one click. According to the Trust Wallet CEO, more than 1 million wallets have already been created through this new innovation, with a high retention rate. 

SWIFT Overview

SWIFT is an innovative Smart Contract wallet that is powered by account abstraction, and is designed to make exploring the world of crypto and Web3 accessible and secure for a wider audience. With its user-friendly interface, SWIFT allows users to manage their digital assets effortlessly, whether they are buying, selling, or swapping cryptocurrencies. The wallet supports over 200 tokens for transaction fees, providing unmatched flexibility and convenience.

One of the standout features of SWIFT is its biometric security. Users can set up, secure, and recover their wallets in seconds using face or fingerprint recognition. This effectively eliminates  the need for complicated passwords or lengthy secret phrases. This biometric protection also reduces the risk of lost funds, making it easier for users to manage their assets much more confidently.

SWIFT also prioritizes security through regular audits and continuous monitoring by industry leaders. This ensures that users’ assets are safeguarded against cyber threats. With support for popular blockchains like Arbitrum, BSC, and Avalanche, SWIFT is continually expanding its capabilities, allowing users to explore a variety of decentralized applications (dApps) and collect NFTs seamlessly.

Web2 and Web3 Will Merge To Create a “Unified” Future

Fellow panelist, Mastercard senior vice president for fintech enablement and crypto Europe, Christian Rau, said that the company wants to make Web3 accessible “in a safe way.” He acknowledged that the traditional finance sector has its flaws and shortfalls, but still believes that the traditional finance and crypto sectors can both learn from each other.

Mastercard senior vice president for fintech enablement and crypto Europe, Christian Rau

He went on to say that more people are thinking of merging both Web2 and Web3 technologies, and subsequently said there will be no “either or” case in the future.