What’s a Web3 Wallet?

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What’s a Web3 Wallet?

If you’re been following tech trends and news lately, you’ve surely come across posts about Web3. The highly popular iteration of the worldwide web based on blockchain technology incorporates decentralization and token-based economics in principle, although it’s not precisely clear when this idea could materialize. Being centered on the blockchain and DeFi, Web3 wallets will be a huge part of this idea.

Web3 is a new iteration of the world wide web, following 1.0 and 2.0. We’re currently in the second era, with a third one looming in the near future. It’s supposed to be a fully new way we interact with the Internet and use it, promoting better security and privacy, higher scalability, and worldwide adoption of the blockchain. The idea behind it is to fight and reduce the influence of big tech companies, although there have been many concerns about the idea of a decentralized web.

Continue reading to learn about Web 3.0 wallet and the whole concept.

How Web3 Would Work

The idea of Web3 has only been a concept so far. While many have been waiting on its launch impatiently, it will be a while before it arrives. It has been facing a lot of controversy from notable figures such as Elon Musk who says that it’s more than just a buzz keyword than anything else. 

Many have opposed the concept of Web3. Ex-Twitter CEO and Bitcoin enthusiast Jack Dorsey said that it will only shift power from companies such as Facebook to venture capital funds. Regardless of your own opinion on it, all the hype that surrounds it makes it impossible for tech enthusiasts to wonder how it would all work.

Unlike Web 2.0, the era we live in now, the third iteration will be completely decentralized. This means that it will rely on token-based systems which should strip the power major tech corporations have over the Internet and bring it back to the people. With all the economy being crypto-based in the third version of the world wide web, crypto wallets will play a big part in it.

If you’re looking to invest in crypto or have done so already, you probably know what these wallets are. Web3 wallets are supposed to take things to the next level, opening the doors to the crypto realm to everyone.

How Crypto Wallets Will Evolve in Web3

Web3 wallets will still be digital wallets where you can store your crypto or NFTs. Non-fungible tokens are expected to be a great part of Web3. All Web3 wallets will open the door to the crypto realm even wider to new investors, allowing them to interact with dApps on various blockchains.

How will they change from what they represent now? With the whole concept of Web3 based around the idea of decentralization, that’s where crypto wallets will shine. They already have loads of great functionalities right now, but when Web3 arrives with a decentralized nature, crypto wallets will be the only way to store and send your digital assets. Of course, since there’s no middleman involved, all the responsibility of keeping the private keys falls to yourself.

Crypto wallets will become the primary wallet on Web3. Now we’re just waiting for the third iteration to hit the web, although there’s no ETA. But we’re sure it’s just around the corner.

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