According to Pengyu Wang, the founder of Particle Network, developer solutions known as zero-knowledge wallet-as-a-service (ZK-WaaS) embody Web3 principles and “are highly performant” which in turn makes them “an evergreen solution that will become the industry standard.” Wang also points to how zero-knowledge technology helps ensure a core principle of Web3, asset sovereignty for end users, is upheld.
‘Complexities Associated With Traditional Web3 Wallets’
In written answers sent to Bitcoin.com News, Wang also pointed to how WaaS can turn out to be a developer solution that ultimately brings the masses to Web3. According to the Particle Network founder, this is due to the fact that WaaS wallets are not burdened with the “complexities [often] associated with traditional Web3 wallets.”
When asked about some of the complexities stopping prospective users from seeking to utilize Web3 wallets, Wang identified three main contributing factors. One of these factors relates to the perceived complexity of managing and safeguarding private keys and seed phrases. Poor user experience as well as the multiple signature requirement for on-chain transactions are the other two contributing factors.
Meanwhile, in the rest of his written answers sent to Bitcoin.com News via Linkedin, Wang also shared his views on intent-centric design in Web3 wallets and why this should concern both users and developers of decentralized applications. He also touched on how Web2 companies can better prepare for Web3 integration. Below are the rest of Pengyu Wang‘s answers to the questions sent.
Bitcoin.com News (BCN): For most users, wallets are where their Web3 journey begins, storing digital assets, facilitating transactions, and acting as users’ digital identities. What are some of the attributes of wallets you think contribute to complicating user interactions?
Pengyu Wang (PW): Some of the key issues that contribute to the complexity for users include:
- Private Key Complexity: Managing and safeguarding lengthy private keys and seed phrases can be daunting, especially for newcomers, creating security concerns.
- Poor User Experience: Many wallet interfaces lack user-friendly designs and essential features, making the user experience less intuitive and frustrating for those seeking easy access to NFTs or native token swaps.
- Multiple Signatures: Users often encounter multiple signature requirements during on-chain transactions. For instance, a simple USDC to ETH swap may involve a two-step process, adding friction to the user interaction. Streamlining this process can reduce friction and enhance the user experience.
BCN: What’s wallet-as-a-service (WaaS) and in what ways does it help developers build Web3 experiences accessible to not-so-crypto-savvy users? Also, how does it compare to the normal decentralized exchange or centralized exchange-based wallets?
PW: WaaS is a developer-friendly solution for seamlessly integrating Web3 wallets into native platforms, enhancing accessibility for all users. It appeals to non-crypto users as well by removing complexities associated with traditional Web3 wallets. Particle Network’s MPC-TSS technology provides users with a non-custodial embedded wallet, superior to centralized exchange (CEX)-based wallets.
Compared to conventional decentralized exchange (DEX) or CEX-based wallets, WaaS offers distinct advantages:
- Swift Onboarding: Particle’s WaaS enables new users to access Web3 in just 20 seconds, thanks to social logins integrated directly into the application’s interface. This is a significant improvement over traditional wallets, which can take several minutes to set up.
- Customization: Developers have the flexibility to tailor WaaS to suit their specific business requirements. They can seamlessly integrate it with their platform, incorporating features such as transaction capabilities and NFT displays.
- Enhanced User Efficiency: WaaS boosts user efficiency for on-chain transactions by eliminating the need to leave a dApp for transaction signatures. Users enjoy a seamless experience without switching to third-party external wallets, improving overall usability in Web3 applications (eg: Web3 mobile games).
BCN: Users tend to expect absolute sovereignty over their assets and information. Your company Particle Network recently unveiled the upgraded V2 of its WaaS solution with zero-knowledge technology. Could you tell our readers more about how this upgrade helps to ensure confidential transactions, login, and other interactions?
PW: By introducing zero-knowledge proof (ZKP) technology into our existing product suite, we’re enabling users to experience Confidential Login and Confidential Transactions. The Confidential Login feature ensures user login privacy by concealing the connection between their Web2 identities and wallet addresses. Users only need to plug into Particle Network and their activity will be protected with ZKP when using them. This approach aligns with our vision for Web3 wallet infrastructure, which goes beyond signature and private key management to encompass comprehensive data protection.
Regarding Confidential Transactions, our approach focuses on safeguarding user privacy at the address level rather than the asset level. This also enhances user transaction privacy through the use of one-time, temporary addresses, effectively preventing any linkage without the necessity for additional smart contracts or consensus layer forks.
BCN: Do you believe that ZK-WaaS will at some point become the standard configuration for Web3 application-layer products? If yes, can you share reasons to support your position on this issue?
PW: Absolutely, and here’s why. Our ZKwaas solution covers all the bases—Efficiency, Privacy, and Intelligence.
- Efficiency: We maintain user-friendliness with social logins, an efficient onboarding method for new users.
- Privacy Protection: With ZK technology, we are able to ensure absolute asset sovereignty for end users, which is a core principle of Web3.
- Intelligence: Our modular ZKwaas combined with Account Abstraction offers intelligent user interactions, including gasless transactions, session keys and other operations
In essence, it embodies Web3 principles, supports mass adoption, and is highly performant, therefore making it an evergreen solution that will become the industry standard.
BCN: According to various media reports, your WaaS solution has garnered more than 15 million users in about a year. What do you think helped you achieve this milestone?
PW: Our success can be summarized in three key points:
- Emergence of Pan-User Web3 Applications: The proliferation of pan-user Web3 applications, especially high-quality games and innovative social products, has been instrumental. These applications attract a broad audience, including existing Web2 users, driving demand for our B2B2C Wallet-as-a-Service products.
- Focused and Developer-Centric Approach: Our unwavering focus on WaaS has allowed us to effectively address both developers’ and end-users’ needs. We employ MPC-TSS technology for non-custodial security and offer a Smart WaaS solution. This not only benefits end-users with session keys and gasless transactions but also ensures developers’ concerns regarding security and privacy are addressed comprehensively.
- Strategic Partnerships: Strong industry connections, forged through partnerships with networks like BNB Chain, Linea, NEAR, Sei, and zkSync, as well as infrastructure partners like CertiK and Biconomy, have played a significant role in our growth.
BCN: What’s Intent-Centric Design in wallets, and why should decentralized app developers and users care about it?
PW: The need for intent-centric design arises from two key factors:
- Empowering User Autonomy: In the crypto industry, user empowerment is fundamental, granting control over assets, data, and information. However, this autonomy requires users to actively manage every minor on-chain operation, which can become cumbersome.
- Complex Interactions: With the evolution of the industry, blockchain scenarios have grown more intricate, involving numerous authorizations and subjective judgments. Users now face increased demands, such as setting gas fees and adjusting slippage.
Intent-centric design aims to preserve user autonomy while relieving the user from having to actively manage the underlying processes. Users only need to specify the start and end of their requirements, shifting user interactions from a transaction-based to a demand-based model.
BCN: In recent years, a growing number of Web2 companies have started experimenting with Web3 solutions to streamline their processes and strengthen their connections with users. Can you briefly discuss how Web2 companies can better prepare for Web3 integration and if WaaS is one tool that can help them in this endeavor?
PW: Facilitating Web2 companies in harnessing Web3 technology has been a core part of our mission. In addition to the previously mentioned WaaS features that ease the transition for Web2 users, we would like to highlight a real-world example involving Moongate, a non-fungible token (NFT) ticketing platform. They teamed up with offline events like ethereum (ETH) Singapore, ETH HK, and GM Vietnam to implement an NFT ticketing system.
They utilized our WaaS, enabling email login and fiat currency purchases for these NFT tickets. These tickets are sent to non-custodial wallets created by our service, fulfilling three needs simultaneously:
– Event organizers looking for Web3 features with a smooth ticketing experience.
– Web2 users at offline events find it user-friendly.
– Web3 users are able to acquire NFT assets easily.
What are your thoughts about this interview? Let us know what you think in the comments section below.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments