<\/p>\n
Crypto wallets are becoming an even bigger entry point for new users than centralized exchanges.\u00a0<\/p>\n
That\u2019s according to Phantom co-Founder and CEO Brandon Millman who spoke Monday at the Permissionless conference in Austin, Texas.<\/p>\n
And that\u2019s why the phrase that anyone who\u2019s been paying attention to crypto for half a minute has come across \u2014 \u201chow do we onboard the next billion users\u201d \u2014 is fundamentally flawed in Millman\u2019s view.<\/p>\n
\u201cThe space really needs to focus on\u2026retention of users, and not actually trying to onboard all these net new users,\u201d Millman said. \u201cIt doesn\u2019t matter if you onboard a billion users if your retention is zero, because then you end up with no users.\u201d<\/p>\n
Having good security in place is the first step toward getting people to stick around. That\u2019s because if they fall victim to a phishing scheme, it makes it dramatically less likely for them to persist in crypto.<\/p>\n
However, the assembled panelists seemed eager to move away from seed phrases, a security measure that\u2019s so rigid it can lock the end user out of their account.\u00a0<\/p>\n
Look no further than Stefan Thomas<\/a>, a programmer who has hundreds of millions of dollars worth of bitcoin trapped in a wallet to which he lost the password.<\/p>\n Braavos co-founder and CEO Motty Lavie went as far as to say that seed phrases are \u201calmost the root of all evil.\u201d<\/p>\n Braavos, a smart contract wallet, uses two-factor authentication, biometric authentication and a seed phrase, widening the ways users can access their assets. This, essentially, is a form of account abstraction, which can allow users to recover their funds in the event of losing their seed phrase.\u00a0<\/p>\n A subsequent panel weighed the evolution of account abstraction and its benefits \u2014\u00a0chief among them being gasless payments.\u00a0<\/p>\n Stackup co-founder and CEO John Rising described gas payments as a \u201chuge barrier of entry that has now been knocked down by smart accounts\u201d and paymasters.<\/p>\n \u201cA paymaster is an entity that exists on-chain that can basically sponsor transactions for people. So if you have a marketplace, and you want creators to publish things to your marketplace, you can effectively pay for gas for that,\u201d Rising said.<\/p>\n Still, even if account abstraction became the norm, panelists said crypto wallets would need to evolve to handle customer issues in a more standard manner.\u00a0<\/p>\n As Lavie put it, people will inevitably make mistakes. They\u2019ll click on links they shouldn\u2019t click on and they\u2019ll transfer funds they shouldn\u2019t have transferred.\u00a0<\/p>\n Read more:<\/strong> Researchers flag security concern for users of certain crypto wallets<\/a><\/p>\n Millman and fellow panelist Jason Lau, OKX\u2019s chief innovation officer, emphasized that providing customer support through standard, time-tested systems is the way to go.\u00a0<\/p>\n \u201cFor some reason, crypto and Web3 don\u2019t really take much inspiration from all of the customer support techniques that have been developed over many decades on Web2 and instead opt for sending people into a Discord channel,\u201d Millman said.\u00a0<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Crypto wallets are becoming an even bigger entry point for new users than centralized exchanges.\u00a0 That\u2019s according to Phantom co-Founder and CEO Brandon Millman who spoke Monday at the Permissionless conference in Austin, Texas. And that\u2019s why the phrase that anyone who\u2019s been paying attention to crypto for half a minute has come across \u2014 […]<\/p>\n","protected":false},"author":2,"featured_media":154027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-154026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154026"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154026\/revisions"}],"predecessor-version":[{"id":154029,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154026\/revisions\/154029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154027"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n