Every project in the crypto industry has its own role. Many things that we don’t expect or think will eventually turn around. For example, ENS was born in 2017. For a long time, many people believed that ENS would not airdrop because its token had no practical use. However, when Web3 attracted attention, ENS airdrop was sought after by the market. Today we will talk about another project, WalletConnect, and its new project, Web3inbox.
What is WalletConnect
WalletConnect is a project that connects web3 applications and wallets for secure connection. Simply put, it is similar to metamask. When logging into DApp, you can scan the QR code through WalletConnect on the wallet side to log in. This avoids the private key leakage that may be caused by the wallet importing the machine to connect to DApp.
There are currently three main ways to log in to DApp. The first is to log in through a plug-in such as metamask. Its security is mainly related to the security of the computer. If the computer is hacked, it is easy to steal coins through metamask. In addition, the hardware wallet is connected to the computer for signature authorization. This security is further improved, but the security of the connection between the hardware wallet and the computer also has a small risk. However, plug-ins are generally required to cooperate. The second way is to log in with the coinbase wallet. Coinbase has established a method for its own wallet to interact with DApp. The third way is the connection method of WalletConnect. When the private key is not directly leaked or connected to the computer, the wallet can be connected normally by scanning the code. The desktop wallet can also be connected directly, thereby avoiding possible risks and maintaining the status quo of the wallet to the maximum extent.
The functions of WalletConnect make it difficult to issue tokens. On the one hand, the issued tokens have no specific application scenarios, and on the other hand, there is no governance demand for users. Because its functions are relatively simple, other additional functions need to be added to ensure the sustainability of the project and maintain its future development. At the same time, WalletConnect also focuses on web3's messaging technology. Therefore, under this condition, the Web3inbox application of the WalletConnect team was born.
What Web3inbox brings
The WalletConnect/Web3inbox team received three rounds of financing, the first was US$1.25 million, the second was US$11 million, and the third was US$12.5 million in January 22, totaling US$24.75 million. It is a project with a relatively high amount of financing. During the second round of financing, the WalletConnect team stated in the announcement that it would focus on the decentralized web3 messaging layer. After receiving US$12.5 million, we discovered WalletConnect’s new product Web3inbox, which also corresponds to the direction of the web3 messaging layer mentioned by the official before.
Judging from the official website, Web3inbox is more like a chat software. Users can use Ethereum wallets to chat and send messages through mobile devices. At the same time, Web3inbox can also push various messages to users, ensuring that users can get the latest information in the first time and avoid missing important events and market conditions.
Of course, Web3inbox has not yet been officially launched. We can join the waitlist to get the opportunity to participate later.
We all know that the public chain is currently mainly used for asset value transfer, which is the token transfer and various transactions we all know. In addition, some developers also hope to increase the public chain's data storage and information transmission functions. Data storage is distributed storage. The more popular solution now is IPFS. Of course, the storage layer and Ethereum have not yet been deeply bound. The previous popular project swarm had the opportunity to serve as the Ethereum storage layer, but the project was too severe and now it is almost ignored. After the storage layer is not mentioned, the information transmission layer becomes the next focus.
When it comes to messaging via blockchain, the first thing that comes to mind is chat software and social applications. Starting this year, decentralized social networking has also received a lot of attention from investors and user discussions. Social networking is also likely to become one of the key directions of the next bull market. This shows that the direction of Web3inbox is still very forward-looking.
Currently, most DApps use metamask to interact with wallets, which makes metamask far more popular and used than WalletConnect. Fortunately, metamask has not yet established a social application, so Web3inbox still has a certain opportunity.
Therefore, overall, the direction that Web3inbox is going to develop will be very important in the future. At the same time, with the rapid development of web3, various DApps will come on stage, and the demand for messaging will increase significantly. Just like most of the current web2 Internet APPs have chat functions, web3 messaging naturally plays a vital role in web3.
In addition, WalletConnect can break through the limitations of the chain through message transmission, that is, messages from different chains can be transmitted to each other, forming a cross-chain effect, which will also bring more possibilities for DApp developers. The official can promote the development of DApp by providing APIs.
At the same time, after the WalletConnect team launched Web3inbox, the subsequent coin issuance will have good support, which can also ensure that the project will receive continuous attention and continue to support the team's development and investors' returns, so that both the development of the project itself and the token can form a healthy development. For example, the decentralized social project Status Network issued coins early, and is also doing chat, Web3 browsing, payment and messaging services, which can be regarded as a certain competitive relationship with Web3inbox. After all, projects like OpenSea and Metamask that do not issue coins are still in the minority. The ultimate direction of Web3 DApp may be to issue coins, which is also a fact recognized by most people.
Outlook and Conclusion
The upgrade from computers to mobile devices has triggered a wave of mobile Internet, allowing people to see the potential of mobile devices. Currently, most DApp users mainly operate on computers, which is why browser plug-ins such as metamask are very popular. If we apply the development trend of the Internet to the blockchain, then it can be foreseen that mobile wallets and DApp interactions through mobile phones will become a trend in the future, so this will also bring new directions to WalletConnect and Web3inbox.
The message layer of blockchain is another development direction. In addition to the scenarios brought about by DApp and message transmission between users of different public chains, it can also involve the direction of decentralized social communication. Currently, there are relatively few projects involved in this direction, and there is a large room for development. Therefore, it is also a good opportunity for Web3inbox.
