Juggling with Private Key Management? Switch to Embedded Crypto Wallets
The rising awareness around blockchain and cryptocurrencies has resulted in a surge in crypto wallets and its users. If we look at previous year’s data, there were 84M+ global crypto wallet users, increasing rapidly. However, we expect the existing crypto wallet user base to be much bigger as cryptocurrencies are booming right now. So, what could be the main reason behind the slow or we can say less than anticipated adoption of Web3/crypto wallets? The answer is bad user experience, which is mainly caused through wallet key management. ‘Embedded Wallets’ are now coming to bring a solution to the challenges associated with key-based crypto wallets. Let’s dive in and understand the whole concept of embedded wallets. Before that. We’ll first look at the problems that frustrate crypto wallet users.
The problem with traditional crypto wallets & adoption Most of the crypto wallets that are at present in use (including MPC wallets), are associated with critical risks and challenges, with: ● Single-signature wallets – A Single-signature wallet will make you lose your private key forever; if you upload the key to a wrong website, lose the device or forget the backup seed phrase. A small mistake can ruin the entire wallet setup and lead to issues like loss of funds, inability to access important information, and similar problems. ● Traditional Hardware wallets–