Binance’s New Web3 Wallet Has One Fatal Flaw

TL;DR

  • There're a few features in Binance's new ​self-custodial wallet​, that could increase the 'ease-of-use factor' in the crypto space.

  • The sign up process is super easy, and a bunch of the common Web3 features/services are contained within the app.

  • the wallet has one fatal flaw: Users can only create/access the wallet through the Binance app...

Full Story

Picture a sea of parents, sitting in a conference room.

A man in a lab coat enters, placing phones in front of each parent/test subject.

He challenges them to set up a ​crypto wallet​, unassisted, while following these rules:

  1. No squinting

  2. No holding the phone at arms length

  3. No grabbing your reading glasses from atop your head

(See gif ☝️).

This should be the official litmus test of whether a tech product is easy enough to use, and we will die on this hill.

Unfortunately for ​Web3​ users - wallet tech ain't there yet!

...but, in the words of Justin Bieber circa 2010 "​Never Say Never​."

There're a few features in Binance's new ​self-custodial wallet​, that could increase the 'ease-of-use factor' in the crypto space.

For example:

  • It doesn't require users to note down a random 12-word password

  • Users can earn interest and take loans against their holdings, in-app.

  • It has an 'Air Drop Zone,' where users can discover any unclaimed crypto rewards they might have missed.

Point is: the sign up process is super easy, and a bunch of the common Web3 features/services are contained within the app.

We love that!

...unfortunately, the wallet has one fatal flaw:

  • Users can only create/access the wallet through the Binance app...

    (Eeeew!)

    This means they still need to give over personal details/ID to Binance, and still rely on Binance to access their crypto (very centralized).

If we can get the process down to:

Download mobile app → input email/create password → Boom! You have a wallet.

Then we could be on to something.

Web3 Daily

Web3 and crypto news, translated into plain English.

https://web3daily.co/
Previous
Previous

Are Stablecoins About To Become More Stable? (Is That Even Allowed?)

Next
Next

This Is Rock Bottom for New Crypto Projects