Web3 can gain an advantage from embracing Web2 optimization.
NEWS

Web3 can gain an advantage from embracing Web2 optimization.

7th Dec, 2023

User experience remains a hurdle for Web3, prompting industry experts to advocate for integrating Web2 functionality. At the Next Block Expo in Berlin, several industry leaders highlighted the potential benefits of applying the polished user experiences perfected by Web2 to Web3 products and services.

Matthias Geihs, a senior cryptography engineer at Web3Auth, emphasized that Web3 services are hindered by cumbersome login features and the complexity of wallet and private key management. Geihs presented data indicating that 20% of Bitcoin losses stem from poor wallet management, and many Web3 services experience significant user drop-offs during sign-up.

Web3Auth, among a few platforms, seeks to streamline Web3 onboarding through multi-party computation (MPC) for passwordless wallet authentication. It provides noncustodial wallet infrastructure and has onboarded notable enterprises and decentralized applications, including Animoca Brands, Binance, SkyMavis, McDonalds, Ubisoft, Universal, and Fox.com.


A key aspect of Web3Auth's service is enabling users to log in with Web2 credentials from platforms like Google, Facebook, Twitter, and Discord. By utilizing a distributed key generation protocol, the service enhances security, ensuring that the key "never exists in one place," as explained by Geihs. This approach caters to both Web2 users and Web3 power users, creating a seamless login experience that conceals the cryptographic complexities underlying Web3 wallets.

“The output of the protocol will be that each of the servers hold the key share. But none of the servers ever learned the full key. Nobody actually knows the real private key.”


Web3Auth's system then associates the distributed keys with a user's identity through the selected Web2 login account or Web3 wallet.

"When you log in with Google, that signature verifies your identity to our servers. They then provide you with the key shares or allow you to execute signing protocols. The Web2 login signature serves as the means to access keys uniquely linked to your identity," explains Geihs.

This solution exemplifies the seamless integration of Web2 and Web3 functionalities, creating a user experience where individuals are oblivious to the cryptographic processes enabling the use of a Web3 wallet tied to their preferred conventional Web2 login method.

Fernando Martinho, CEO, and co-founder of Relayz, emphasized the importance of simplifying Web3 services.

“In development, there is a basic rule: there should be three clicks and you’re logged in,” Martinho says. “Logins need to abstract away from complicated steps.”

Distinguished speakers at NBX Berlin discussed key factors influencing Bitcoin's price surge into 2024. Major catalysts such as Bitcoin's mining reward halving, the potential approval of Bitcoin spot exchange-traded funds, and recent regulatory actions against industry leaders like Binance were highlighted as significant contributors to the upward trend in BTC as 2023 comes to a close.

Author

Felix @mecnix





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