Web3 Leader Spotlight: Evgeny
This week we interviewed Evgeny Yurtaev, CEO at Zerion, a smart & social web3 wallet with over 220,000 monthly active users. In this edition, Evgeny delves into the best practices for crypto wallets, promising trends and important design considerations for web3 apps.
What are some of the most promising trends and developments in the crypto wallet space?a) Wallets as Browsers: Wallets are transforming. More transactions are happening inside dApp browsers, making wallets more like browsers themselves, enabling direct interactions with various dApps.b) Account Abstraction and MPC Wallets: Account abstraction and Multi-Party Computation (MPC) wallets are two trends worth watching. It’s not clear yet which will become mainstream, or if it will be a blend of the two.c) ‘Smarter’ Wallets: Wallets are growing in sophistication. They enhance security, providing more detailed info about tokens, NFTs, and DeFi positions, and enabling more interactive experiences like listening to Music NFTs or watching videos on decentralised social media.What are some of the most important design considerations for building user-friendly Web3 applications?When creating a new dApp, it’s essential to make it feel natural for the Web3 audience. Make sure it works well with popular wallets like Metamask or Zerion. Also, find the right balance between what should be on-chain versus off-chain, balancing the cost of using your application with the level of trust it requires.How can users ensure the security of their crypto wallets, and what are some best practices for securing private keys and other sensitive information?Here are some of the practices I usually recommend for people who are getting started with non-custodial crypto:a) Spread the Risk: It’s safer not to store everything in a single wallet. Use multiple wallets to distribute risk of one wallet being hacked.b) Hardware Wallets: For larger amounts of crypto, hardware wallets are a safer choice.c) Paper Backups: Store your recovery phrases on paper. Consider splitting the key into parts for added security.d) Secure Digital Storage: If paper backups aren’t your thing, use encrypted password managers, like 1Password, for storing backups. Avoid storing screenshots or notes in unsecured cloud storage.
e) Always review what you are signing: Even though wallets are becoming more and more secure, it is too early to say web3 is fully safe.
