The number of connected projects and associated coins is growing as use cases for blockchain technology expand. While this may seem like progress toward a future where user autonomy will rule, it is not without worry in the Web3 environment of today.
The difficulty of navigating the expanding blockchain ecosystems grows as one must switch between several wallets, bridges, and exchanges. The solution seems to be simple: convert the complexity into simplicity by streamlining a complex, multi-step procedure into a single entry point to purchase, trade, and swap assets regardless of ecosystem. A mobile application or browser extension that may provide bitcoin wallet capabilities for any Ethereum-compatible blockchain is an example.
The warning is that approach only addresses a small portion of the issue of third-party dependency. Consider that some amount of monopolization and, consequently, dependency will inevitably develop given that there are now only one or two solutions available to traverse the complicated bitcoin ecosystem. In layman’s words, if just one platform provided a better user experience and this platform were to fail, the vast majority of users who depend on it would as well. Therefore, a common worry is how a larger market will be able to access more user-friendly solutions.
To solve this issue, MyEtherWallet (MEW) developed Enkrypt. The company, which was initially acknowledged as developing the first-ever wallet interface for Ethereum, has recently narrowed its attention to solve this emerging market issue by working with Polkadot to create its own Web3-compatible wallet extension, dubbed Enkrypt.
Kosala Hemachandra, the founder and CEO of MEW, responds to this mission by saying,
“While Ethereum and Web3 are moving cryptocurrency away from straightforward value-transfer networks like Bitcoin, the expansion of smart contract chains presents difficulties for consumers. We are addressing the need for improved user interaction and seamless interoperability in the multichain future with Enkrypt.”
It is hoped that a solution like this would increase usability and speed up the adoption of cryptocurrencies and Web 3.
Adapting the multichain experience for the general public
Enkrypt is intended to be a multichain solution that allows users to store numerous cryptocurrencies in one location, doing away with the need for multiple wallets. Users will be able to store assets from the Polkadot, Polkadot parachains, Ethereum, and Ethereum-compatible (EVM) networks in a single interface thanks to this wallet extension.
The experience of using Enkrypt will resemble popular products like the browser extension and mobile app MetaMask in many aspects. Access to a key vault, secure login, token storage options, and an exchange will be made available to users, making the tool for asset management more comprehensive.
Enkrypt, however, will concentrate efforts on simplicity of use for the typical user rather than those who are well-versed in the intricate workings of digital wallets in order to further increase use. Please take a moment to evaluate how the team created some of these procedures to demonstrate its desire for simplicity.
For instance, you may transfer money from another wallet, such as an exchange wallet or another wallet, to the Enkrypt wallet by simply hitting the deposit button. By choosing this option, a sequence of prompts that check that a user is connected to the right network and sending data to and from the right addresses will be shown, making an otherwise complicated operation as simple as possible.
a one-stop shop for wallets
The project’s debut date of August 3, 2022 has been determined, however this is only the beginning of numerous ongoing initiatives. If a starting point, the team intends to enable more networks in the Polkadot and Ethereum ecosystems, with the option to expand to other blockchains as demands warrant.
Enkrypt will continue to pitch its release as the one-stop wallet solution for straightforward Web3 access, in line with industry experts’ predictions that the field of scalable smart contract networks will continue to expand and become more interoperable.