Web3Auth Harnesses Web2 Techniques to Streamline Web3 User Experiences
Summary:
Web3Auth, a platform promoting seamless Web3 experiences, could improve its services by adopting refined user interaction methods of Web2, as suggested by tech experts at the Next Block Expo in Berlin. Matthias Geihs, Web3Auth's Lead Cryptography Engineer, highlighted issues like tricky login procedures and complex wallet and private key management obstructing Web3 services' growth. The platform attempts to simplify user onboarding through password-free wallet authentication. It partners with decentralized and mainstream applications for this process. Their system allows users to login using established Web2 credentials, securing a smooth user experience.
Web3 systems could significantly improve by adopting the polished user interaction methods of Web2, as indicated by several tech experts at the Next Block Expo held in Berlin. During this event, Web3Auth's lead cryptology engineer, Matthias Geihs, conversed with Cointelegraph about how burdensome login procedures and the intricate aspects of wallet and private key management hinder Web3 services. Geihs presented statistics indicating that improper wallet administration accounts for a whopping 20% of lost Bitcoin, while many Web3 platforms see a substantial decrease in possible users during their website sign-up process.
Geihs also elaborated on the intricate workings of Web3Auth's Web2 login features and the foundational cryptographic key management infrastructure. Web3Auth, like a select few platforms, aims to simplify Web3 interaction by utilizing multi-party computation (MPC) to offer password-free wallet authentication, a pivotal component of which includes provision of noncustodial wallet infrastructure to users. Renowned enterprises and decentralized apps, including industry players like Animoca Brands, Binance, SkyMavis, and mainstream entities like McDonalds, Ubisoft, Universal, and Fox.com, are already in partnership with the service.
A unique aspect of Web3Auth's solution is that it allows users to log in using their existing Web2 credentials from platforms such as Google, Facebook, Twitter, and Discord. Additionally, their services aim to cater to both Web2 and Web3 enthusiasts while using a distributed key generation protocol that leverages various servers to generate a “key shares" set. Critically noting, Geihs pointed out that the key “never exists in one piece".
Web3Auth’s system links the distributed keys to a user’s identity using their selected Web2 account or Web3 wallet login. Geihs clarified the process as “a Google login and the corresponding signature proves your authenticity to our servers, which then grant the key shares or facilitate signing protocols. This Web2 login signature grants access to the keys that are uniquely mapped to your identity.”
This approach exemplifies how Web2 and Web3 functions can blend to offer a pleasant user journey. Essentially, a user remains oblivious of the cryptographic procedures enabling them to use a Web3 wallet linked to their preferred, traditional Web2 login method.
Decentralized privacy communication tech company, Relayz's CEO and co-founder Fernando Martinho emphasized the need for a simpler Web3 service. He believes in a basic rule in programming, which states, “Three clicks and you’re logged in”. He suggests that login procedures should be straightforward and not require multifaceted steps.
High-profile speakers at this event also discussed globally influencing factors contributing to Bitcoin's price surge, forecasted to continue into 2024. Factors speculated include Bitcoin's mining reward halving, potential approval of Bitcoin spot exchange-traded funds, and recent regulatory action taken against industry giants like Binance. These reasons are considered to be key instigators of Bitcoin's traction as 2023 nears its end.
Published At
12/7/2023 4:44:33 PM
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