Wallets are a quintessential part of the crypto and web3 ecosystem at large. They help users manage their private keys, sign on transactions, track their assets, and more. Among the various kinds of crypto wallets that are available to users, web wallets are some of the latest and user friendly options out there. They come with an easy-to-use UI, are accessible through the internet, and ideal for any user looking to actively trade crypto or sign up on dApps. We at Arcana have built our very own non-custodial web wallet, called the “Arcana Wallet.” Check out our official documentation to learn more about our web wallet.
Moving on, in this blog post, we elaborate on the various reasons to use web wallets, and how they benefit both users and dApp developers. Read on.
Why Use Web Wallets?
Crypto wallets are not only used for tracking assets and transacting onchain, but also for signing up on dApps and interacting with the web3 ecosystem. And this is where it gets complicated. For a non web3 native interacting with dApps, the whole process of setting up a crypto wallet and signing on transactions can be rather daunting. This also explains why the onboarding rates of dApps are generally low, and users face high friction when signing up on new dApps.
A web wallet, on the other hand, makes it incredibly simple for new web3 users to interact with dApps. Since web wallets are embedded in the Iframe of a browser, they can be accessed on the fly and help users authenticate, store assets, and sign transactions seamlessly.
What’s more, web wallets are also equally useful for native web3 users. Because not many crypto natives are comfortable with logging in to new dApps through their primary crypto wallets. That is when embedded web-wallets such as the Arcana Wallet can be a valuable proposition. dApp developers can simply integrate the Arcana Auth SDK to provide a non-custodial web wallet for users to interact with their application(s).
How Web Wallets Benefit Both dApp Developers & End Users
Web wallets help new users better navigate the web3 space and dApp developers onboard more users. But the advantages of using web wallets do not end just here. In this section, we explore four ways in which both dApp devs and users benefit from using web wallets.
By Reducing Extra Steps & Eliminating Friction
Like we wrote earlier, new web3 users looking to sign up on a dApp must go through the long process of choosing a crypto wallet, downloading, setting the wallet up, and signing on transactions. With an intuitive web wallet such as ours, signing up dApps becomes a walk in the park. Just like any other web2 app, users can authenticate themselves through social auth or passwordless login and use the Arcana Wallet for signing up on dApps. All-in-all, web wallets enable users to interact with the web3 ecosystem with less friction and helps dApp devs onboard new users easily.
By Improving User Experience & Usability
Most crypto wallets that web3 natives rely on expect users to know how to manage their keys– a task that not every non-native web3 user might be up for! Along with figuring out a new dApp that a user signs up on, they would also need to spend some time getting accustomed to using their crypto wallet. Bottlenecks in using crypto wallets would invariably translate to a poor user experience when interacting with dApps.
Web wallets, such as the Arcana Wallet, manage users’ keys over a distributed network of nodes. Users are no longer required to trust a single entity and get superior privacy, along with the freedom from having to manage their keys themselves. As a result, the overall user experience and usability of dApps also tend to become better with web wallets.
By Providing Better UI Control for dApp Devs
Developers don’t get to customize the web wallets that are supported by their dApps. But with web wallets like ours, developers get to choose between UI modes to offer a non-intrusive user experience. For use cases with high transactions, the UI mode of the Arcana Wallet is a great fit. Use cases with minimal onchain transactions, on the other hand, can simply go with the widget UI mode. The freedom to choose between UI modes and offer a tailored experience to users is made possible through web wallets.
By Providing Brand-Specific Customizability in Wallets
Most standalone wallets do not support any features that allow developers to customize the wallets or brand them according to their dApp. Arcana Wallet, on the other hand, lets developers customize a few components of the wallet to resonate with the dApp’s brand, improve recall in users and provide a personalized experience overall.
Arcana Wallet: A Secure & Smart Web Wallet for All
The Arcana Wallet is an embedded non-custodial web wallet that can be accessible for all dApps that integrate our Auth SDK. Our web wallets provide secure key storage, management of private keys, and hassle-free interaction with dApps.
Integrating the Arcana Wallet is as simple as it can get. Developers just have to install and integrate the Arcana Auth SDK in their dApps. Doing so will let users sign up using passwordless auth and social login mechanism, with the Arcana Wallet widget becoming readily available for users once they authenticate and log in.
The Arcana Wallet UI comprises three components– token, profile, and notification. The token section displays information such as wallet address, balance, assets, activity, and network. Profile section displays basic information of the user such as name, email id, and active network. The notification section simply notifies the user of any transaction that needs to be approved.
You can learn more about integrating the Arcana Wallet and its features here in our official documentation: https://docs.beta.arcana.network/docs/category/using-arcana-wallet
About Arcana Network
Arcana is Web3 infra for devs to launch and scale apps through its Auth, Store, and Access SDKs. Web3 apps use Arcana’s SDK to authenticate users with Social and Passwordless Auth and create non-custodial wallets, Store Encrypted/Unencrypted Data, and Manage Access. Built for Ethereum and EVM-based chains, with Arcana’s privacy stack, developers can build secure and privacy-preserving apps with a seamless user experience.
Arcana has raised 2.7Mn USD from some of the leading investors and founders in the ecosystem, such as Balaji Srinivasan, Founders of Polygon, Woodstock, Republic Crypto, and Digital Currency Group.
Watch out for Arcana’s upcoming Mainnet in December 2022. Want to know more about our Mainnet features? Book a demo.