TL;DR
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There’re a few features in Binance’s new self-custodial wallet, that could increase the ‘ease-of-use factor’ in the crypto space.
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The sign up process is super easy, and a bunch of the common Web3 features/services are contained within 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
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:
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No squinting
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No holding the phone at arms length
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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:
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It doesn’t require users to note down a random 12-word password
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Users can earn interest and take loans against their holdings, in-app.
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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:
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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.
