As the use cases for blockchain technology increase, the number of related projects and associated cryptocurrencies also becomes more abundant. While that might seem like a leap towards a future ruled by user autonomy, it’s not without concern in today’s Web3 landscape.
As more and more blockchain ecosystems emerge, the challenge of navigating them becomes increasingly complex – one has to jump between multiple wallets, bridges, and exchanges. Apparently, the answer is simple: Turn difficulty into simplicity by condensing a multi-faceted, multi-step process into a single entry point to buy, trade, and trade assets, regardless of ecosystem. An example is a mobile app or browser extension with the ability to provide cryptocurrency wallet functionality for any Ethereum-enabled blockchain.
The caveat is that this is just one solution to a symptom of a larger problem to address the third-party dependency problem. Consider that with only one or two solutions currently available to navigate the complex cryptocurrency landscape, some level of monopolization and, therefore, dependency will naturally occur. To put it in simple terms, if a single platform provided an enhanced user experience and that platform were to fall, so would the mass of users who rely on it. Therefore, the concern for many is how more user-friendly solutions will be made available to a growing market.
Enkrypt, created by MyEtherWallet (MEW), aims to solve this problem. Originally recognized as the first-ever wallet interface for Ethereum, the team has since focused its focus on this new market concern by partnering with Polkadot to create their own web3-compatible wallet extension, released as ‘Encrypt.
In response to this mission, MEW Founder and CEO Kosala Hemachandra shares,
“Ethereum and Web3 are revolutionizing cryptography away from simple value transfer chains like Bitcoin, but the growth of smart contract chains comes with challenges for users. With Enkrypt, we are solving for better user experience and seamless interoperability in the multi-channel future.”
The intention is that a solution like this improves usability and brings the widespread adoption of cryptocurrencies and Web3 closer to reality.
Tailoring the Multi-Channel Experience to the Masses
Enkrypt is designed as a multi-chain tool, allowing different cryptocurrencies to be stored in one place, eliminating the need for users to use multiple wallets. Indeed, this wallet extension will allow users to store assets from Polkadot, Polkadot parachains, Ethereum and Ethereum-enabled (EVM) networks, all in a single interface.
In many ways, the experience of using Enkrypt will be similar to mainstream offerings like MetaMask, which exists as a browser extension and mobile app. Users will have access to a key vault, secure login, token storage solutions, and exchange, all of which are a more inclusive management tool.
However, to further improve usability, Enkrypt will focus on ease of use for the average user rather than those familiar with the complex workings of digital wallets. To illustrate its goal of simplicity, consider how the team designed some of these processes.
For example, transferring funds to the Enkrypt wallet from another wallet, be it an exchange wallet or otherwise, can be done by simply clicking the deposit button. Making this selection will open a series of prompts to ensure a user is on the correct network and transferring to and from the correct addresses, making an otherwise overwhelming process as easy as possible.
Upon release, the crypto deposit, buy and trade functionality can be performed on many popular blockchains including Ethereum, Polygon, BNB Smart Chain, Goerli, Polkadot, Kusama, Moonbeam, Moonriver, Acala and Karura.
A unique portfolio solution
With many developments underway, the launch date for the project has been set for August 3, 2022 – but that’s just the beginning. The team plans to support more networks in the Ethereum and Polkadot ecosystems as a starting point and can 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 the one-stop wallet solution for easy Web3 access.
Disclaimer. Cointelegraph does not endorse any content or product on this page. Although we aim to provide you with all important information we may obtain, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.
#interface #Ethereum #blockchain #announces #release #wallet #extension
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