Almost everyone reading this has taken the first step in using DeFi by setting up a wallet. If you haven’t, consider yourself lucky to have come across this article first because we’re diving into the common challenges faced with web3 wallets and revealing the ultimate solution.
DeFi is an incredible field, and thanks to our years of experience and solid customer data, we’ve got some insights worth sharing. Our data show that over half of the newcomers struggle with the first step, which is to connect their wallets. This issue isn’t unique to us; it’s a widespread challenge across almost every platform.
This challenge is just one of many that users often face with popular Web3 wallets. And CrowdSwap has a history of tackling these problems by simplifying and making the process user-friendly for everyone. As soon as we saw the new concept of smart wallets in blockchain technology, we started to work on it.
Smart Wallets
Smart Wallets are a new form of Web3 wallets, combining all their good capabilities with additional functionalities without any of their drawbacks. Due to their ease of use, enhanced security features, and customizable settings, smart wallets will have a significant role in the future of DeFi. CrowdWallet is an example of such a wallet, and we’ll explore what it is, how it functions, and the steps to set it up.
The Ultimate Solution
CrowdWallet offers a comprehensive solution for your blockchain wallet requirements, incorporating all the desired features of a wallet along with multiple additional functions and settings designed to simplify and enhance user experience. Here’s why.
Easy Setup
Setting up your CrowdWallet is as straightforward as registering for any website; simply enter your email address, verify it, and create a password. The greatest advantage is that from that point forward, you only need your email and password to access your account. Say goodbye to the constant need to connect your wallet, the back-and-forth interactions, switching browsers, and the need for extensions—it’s all eliminated.
Social Recovery
Perhaps one of the main challenges with decentralized wallets is managing private keys and seed phrases. Initially, this method was, and arguably still is, one of the most secure. However, the real issue arises if you lose them. Private keys and seed phrases are the only means of account recovery; losing them, or if someone gets hold of them, means your wallet and digital assets are gone. Imagine losing your house keys. If someone else finds them, they can enter your house at will, forcing you to move.
CrowdWallet introduces a different recovery method that avoids this problem. It allows you to select a trusted group of individuals who can verify your identity if you lose access to your wallet. During the recovery process, a few members of this group are chosen randomly to confirm and approve your access. Going back to the house key analogy, here, you can simply get help from a group of trusted friends to change your lock, making your home secure again, instead of relocating completely because a wallet’s private key is not normally changeable.
Gasless Transactions
Whether you’re a beginner or an advanced trader, dealing with gas fees is always a hassle. Let’s say you want to be active on seven networks; you need seven different tokens to cover gas fees, which is far from efficient. With CrowdWallet, you can trade easily, using the token you’re trading with to cover transaction costs.
So-called ‘gasless transactions’ not only eliminate a significant inconvenience but also increase transaction speed, enhance your trading experience, and lower the DeFi entry barriers for newcomers.
Increased Security
CrowdWallet not only offers convenience but also prioritizes security to protect your assets. Let’s explore the multiple security features it offers:
- Two-factor authentication (2FA): Like many applications, CrowdWallet allows you to add 2FA as an additional layer of security when logging into your account, enhancing protection against unauthorized access.
- Daily withdrawal limit: By setting a daily limit on withdrawals, you safeguard yourself against potential attacks or even simple errors in typing. This limit acts as a stopgap, ensuring your assets remain secure until you can address the concern.
- Daily transaction count limit: Similar to the withdrawal limit, you can set a cap on the number of transactions you can conduct in a day. This helps maintain security by limiting potential unauthorized transactions to a predefined number.
- Setting notifications: Like your banking app, CrowdWallet lets you set up push notifications for various activities such as withdrawals, deposits, or other transactions. This feature keeps you informed in real-time, adding an extra layer of security by alerting you to any unexpected activity.
These measures collectively ensure that while you enjoy the convenience offered by CrowdWallet, your assets remain as secure as possible.
Less interaction with wallet
A major barrier, especially for newcomers, is the continuous back-and-forth needed when interacting with wallets. This inconvenience can be discouraging, leading some to abandon the process. CrowdWallet addresses this issue by minimizing the need for repeated confirmations. For example, if you’re swapping USDT for CROWD on CrowdSwap, CrowdWallet allows you to set your preferences to require only a single confirmation for this type of transaction. This means that after the initial setup, future swaps between USDT and CROWD on CrowdSwap will proceed with just a click of the swap button without further wallet confirmations. This streamlined process significantly enhances user convenience and efficiency.
Where can I test CrowdWallet now?
The early version of CrowdWallet has now been developed and is available on the CrowdSwap application. This version does not have all the features pointed out in the article yet, but they will gradually be available in time.
Conclusion
CrowdWallet truly embodies CrowdSwap’s core mission. Every feature we’ve developed was because we saw unnecessarily complicated, slow, and inefficient approaches in the current ecosystem, and we introduced better solutions.
With CrowdWallet, the goal is to streamline interactions with DeFi to such an extent that users find the experience indistinguishable from using a centralized exchange—except that everything from your wallet to your activities on CrowdSwap remains decentralized and within the DeFi space. Imagine setting up an account on a decentralized exchange and diving straight into trading and earning. That’s the seamless experience CrowdWallet aims to provide, making it the only wallet you’ll ever need to engage with DeFi platforms efficiently.
FAQ
What makes CrowdWallet different from other Web3 wallets?
CrowdWallet is a smart wallet and differentiates itself from other Web3 wallets through its simplicity in setup, advanced security features, and incredible functionalities such as gasless transactions and social recovery. It is designed to streamline the DeFi experience, making it straightforward for users at all levels.
Can I perform transactions on multiple networks without worrying about gas fees and network tokens?
Yes, with CrowdWallet, users can conduct transactions across several networks using the token they’re trading with (Stablecoins and the network’s native tokens) to cover transaction costs. This feature, known as gasless transactions, simplifies the trading process, increases transaction speed, and reduces the entry barriers for newcomers to the DeFi space.
What security measures does CrowdWallet implement to protect users’ assets?
In this version, we only provide email address verification as a security measure but in the coming versions, we will have authentication (2FA) for an additional layer of login security, setting daily withdrawal and transaction count limits to safeguard against unauthorized movements, and enabling push notifications for real-time alerts on account activity. These measures collectively ensure a secure environment for managing digital assets. It is worth noting that additional features will also be introduced with the development of new versions.
Where can I Create my CrowdWallet?
You can create one at https://app.crowdswap.org or visit the following webpage for more information: https://crowdswap.org/smart-wallet/
