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:
No squinting
No holding the phone at arms length
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.