Web3Auth

Big news for MetaMask users! ConsenSys is making your wallet WAY safer and easier to use. They just snagged Web3Auth to simplify seed phrase management – you know, those 24 words of doom that are easy to lose. 😬
Apparently, over a third of us are at risk of losing our crypto because of seed phrase slip-ups! This update lets you recover your wallet with social logins and device authentication. Think Google or your fingerprint – much easier, right? 😉
This is being rolled out gradually, and they're adding multi-factor authentication for extra security. Plus, MetaMask is planning to support Bitcoin and Solana!
ConsenSys has been on a buying spree, grabbing security tools and dev platforms to beef up MetaMask. They even bought MyCrypto to merge it with MetaMask. 🤯
Is this the future of crypto wallets? This definitely removes a major barrier for newcomers.
Follow for more insights!
#MetaMask #Web3Auth #CryptoSecurity #DeFi #WalletRecovery

What is Solana Mobile Saga?
On June 23, 2023, Solana Mobile Saga was launched as a "mobile device for the Web3 era". Solana Mobile Saga provides Web3 features such as secure self-custody by protecting private keys with secure hardware, allowing users to sign transactions using only fingerprints in a familiar mobile Android 13 operating system environment.
The Solana Mobile Saga sold out in the US by the end of 2023, thanks to the phone’s unique combination of Web3 functionality and Web2 familiarity, addressing the market pain point of poor user experience (UX) and user interface (UI) for mobile decentralized applications (dApps).

Web3Auth’s mission statement is simple: “Making digital ownership and identity human-centric and accessible to everyone.”
In line with our mission statement, our goal is to drive Web3 towards mass adoption by providing developers with the tools and resources to build decentralized applications (dApps) that will bring the next billion users to Web3, and these tools and resources will be tested at ETHOnline 2024.
Trends we see at ETHOnline 2024
ETHOnline 2024 was not only a great experience, but also provided valuable insights into what developers are currently building. Here are some of the standout trends we observed during the hackathon:

Today, we’re announcing the launch of NFT Services, our newest product designed to simplify the end-to-end NFT trading process.
NFT services eliminate the biggest barriers for customers and users to own NFTs, one of which is the need to exchange fiat currency for native tokens before obtaining NFTs. This process usually involves multiple steps and incurs additional fees. With NFT services, we eliminate this complexity in the payment process and enable more functionality.

Benefits and Features
The benefits of NFT Checkout go beyond users, it also provides features that make it better and easier for creators and developers to earn NFTs:

Heroes of Mavia, from Skrice Studios, is a play-and-earn MMO strategy game set on the fantasy-themed island of Mavia.
In the competitive and fast-paced world of mobile gaming, user conversion is key, which is why Skrice Studios, the developer of the Web3 MMO strategy game Heroes of Mavia, decided to provide a frictionless sign-up experience for gamers.
The decision to integrate Web3Auth
Skrice Studios evaluated various options extensively before ultimately choosing Web3Auth for integration, and they wanted a wallet provider that could be seamlessly integrated into the game’s registration process, ensuring best-in-class security and reliability.

MetaMask – the famous Ethereum wallet with over 250 million users – is preparing to undergo its biggest transformation ever, after parent company Consensys announced the acquisition of Web3Auth, a startup specializing in cryptocurrency wallet login using social media accounts.

#Web3Auth allows users to access crypto wallets using Google, Facebook, or Discord, instead of having to remember a “recovery phrase” of 12–24 words – a significant barrier that makes it difficult for newcomers to engage.

In recent years, Ed25519 has become synonymous with the Web3 ecosystem because of popular blockchains such as Solana, Near, Aptos, etc. Although they are widely used for their efficiency and cryptographic strength, true MPC solutions are still not fully applicable to them.
This means that despite advances in cryptographic technology, Ed25519 wallets generally lack the level of multi-party security that can eliminate the risks associated with a single private key, and without MPC they will continue to have the same core vulnerabilities as traditional wallets, leaving room for improvement in protecting digital assets.

Accessibility and user experience have always been significant barriers to mass adoption of decentralized applications, and even with account abstraction, smart contract wallets often face a limitation: asset portability.
Typically, with ERC-4337, assets within a wallet are restricted to a specific application, but Animoca Brands’ latest innovation, the Realm Network, changes that narrative.

Introduction to Realm Network
Animoca Brands, a leader in NFTs and digital ownership, has strategically integrated with Web3Auth’s wallet ecosystem to create the Realm Network.

Imagine a bustling new city still under construction - ambitious planning, towering skyscrapers, green spaces and innovative infrastructure that promise a bright future, now imagine that you have to apply for a special pass to enter each building - the allure of the gleaming high-rises seems to have been greatly diminished.

Like this new city, Web3 is full of potential and excitement, attracting new “citizens” (users and developers) who see the promise of decentralization, privacy, and control over their digital lives. Although some key challenges still hinder its widespread adoption, emerging solutions such as chain abstraction are paving the way for a more unified and accessible Web3 ecosystem.