TL; DR
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There are a few features in Binance’s new self-custodial wallet that could increase the ‘convenience factor’ in the crypto space.
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The sign-up process is super easy and some of the usual Web3 features/services are included in the app.
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the wallet has one fatal flaw: Users can only create/access the wallet through the Binance app…
Full story
Imagine a sea of parents sitting in a conference room.
A man in a lab coat comes in and sets up phones for each parent/subject.
He challenges them to set up a crypto wallet without help and follow these rules:
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No squinting
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You don’t have to hold the phone at arm’s length
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You no longer have to grab your reading glasses from the top of your head
(See gif ☝️).
This should be the official litmus test for determining whether a tech product is simple enough to use. and we will die on this hill.
Unfortunately for Web3 users: wallet technology isn’t here yet!
…but, in the words of Justin Bieber circa 2010 “Never say never.”
There are a few features in Binance’s new self-custodial wallet that could increase the ‘convenience factor’ in the crypto space.
For example:
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It does not require users to write down a random 12-word password
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Users can earn in-app interest and take out loans against their assets.
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It has an ‘Air Drop Zone’, where users can discover unclaimed crypto rewards that they may have missed.
The thing is, the sign-up process is super easy and some of the usual Web3 features/services are included in the app.
We love that!
…unfortunately the wallet has one fatal flaw:
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Users can only create/access the wallet through the Binance app…
(Eeeew!)
This means they still have to provide personal data/ID to Binance and still rely on Binance to access their crypto (highly centralized).
If we can reduce the process to:
Download mobile app → enter email address/create password → Boom! You have a wallet.
Than we could be on to something.