• Crypto needs better entry and exit points to promote the development of Web3.
• Current user journeys are not ideal, as they involve disjointed experiences and unnecessary risk.
• It is necessary to make user journeys more seamless, secure, cost-effective and self-custodial.
We’re Responsible for Web3 User Journeys; It’s Time to Make Them Completely Self-Custodial
Crypto needs better entry (and exit) points in order to promote the development of Web3. Current user journeys are not ideal, as they involve disjointed experiences and unnecessary risks. It is necessary to make these user journeys more seamless, secure, cost-effective and self-custodial from start to finish.
Phase 1 of Onboarding in Web3
Phase 1 of onboarding in Web3 today typically goes like this: Alice wants to participate in coolNewProject so she creates an account on a popular hot wallet browser extension. Then she goes through a service that will debit her bank account and credit crypto to her self-custodial wallet address. This could be improved, but it works.
Returning Funds Back To Fiat
However, when Alice sells her non-fungible token (NFT), beats the Web3 game or makes a profit with her latest decentralized finance (DeFi) strategy, she won’t be able to exchange her funds back into fiat within the app or browser extension easily. Taking her earnings back to fiat so she can use it in her day to day activities is possible but not simple.
The Necessity for Self Custody
In order for users of decentralized applications (dapps) to have an optimal experience with their funds it is important that there must be no custodian involved from start till finish – this requires complete self custody from beginning until end..
In conclusion we need better entry and exit points into Web 3 that are seamless , secure , cost effective , fast and fully self custodial . This will allow users more control over their funds without any middle men involved .