As use cases for blockchain technology increase, the number of related projects and associated cryptocurrencies are becoming more abundant too. While this may sound like momentum toward a future governed by user autonomy, it is not without concern in today's Web3 landscape.
As more blockchain ecosystems emerge, the challenge of navigating them becomes increasingly complex — one has to jump between multiple wallets, bridges and exchanges. Seemingly, the answer is straightforward: Turn the difficulty into simplicity by condensing a multi-faceted, several-step process into a single entry point to buy, exchange and swap assets regardless of the ecosystem. An example is a mobile app or browser extension with the ability to provide cryptocurrency wallet functionality for any Ethereum-compatible blockchain.
The caveat is that this is only a solution to a symptom of a larger problem to address third-party reliance. Consider that with only one or two solutions currently available to navigate the complex cryptocurrency landscape, some level of monopolization and, therefore, reliance will naturally occur. To put it in layman's terms, if only one platform offered an improved user experience and this platform was to go down, so too do the mass of users that rely on it. Consequently, the concern for many is how more user-friendly solutions will be made available to a growing market.
Enkrypt, created by MyEtherWallet (MEW), aims to address this problem. Originally recognized as the first-ever wallet interface for Ethereum, the team has since focused its aim to address this new concern in the market by partnering with Polkadot to build its own Web3-compatible wallet extension, released under the name Enkrypt.
In response to this mission, MEW founder and CEO Kosala Hemachandra shares,
"Ethereum and Web3 are revolutionizing crypto away from simple value-transfer chains like Bitcoin, but the growth of smart contract chains comes with challenges for users. With Enkrypt, we are solving for a better user experience and seamless interoperability in the multichain future."
The intent is that a solution like this will improve ease of use, and bring widespread adoption of cryptocurrencies and Web3 closer to reality.
Enkrypt is designed as a multichain tool, enabling different cryptocurrencies to be stored in the same place, thereby eliminating the need for users to utilize multiple wallets. Effectively, this wallet extension will allow users to store assets from Polkadot, Polkadot parachains, Ethereum and Ethereum-compatible (EVM) networks all within a single interface.
In many ways, the experience of using Enkrypt will be similar to leading offerings like MetaMask, which exists as a browser extension and mobile app. Users will gain access to a key vault, secure login, token storage solutions and exchange, all of which make up for a more asset-inclusive management tool.
However, to further enhance usage, Enkrypt will focus efforts on ease of use for the average user rather than on those who are well-versed in the complex workings of digital wallets. To illustrate its goal of simplicity, consider how the team has designed some of these processes.
For example, transferring funds to the Enkrypt wallet from another wallet, whether an exchange wallet or otherwise, can be done by simply clicking on the deposit button. Making this selection will open a series of prompts to ensure a user is on the correct network and transferring to and from the correct addresses, making an otherwise overwhelming process as straightforward as can be.
More insights on Enkrpyt
Upon release, functionality to deposit, buy and swap crypto can be done on many popular blockchains including Ethereum, Polygon, BNB Smart Chain, Goerli, Polkadot, Kusama, Moonbeam, Moonriver, Acala and Karura.
With many developments underway, the project's launch date has been set for August 3, 2022 — but this is just the beginning. The team plans to support more networks in the Ethereum and Polkadot ecosystems as a starting point and can extend to additional blockchains as the needs arise.
In alignment with industry experts' expectations that the space of scalable smart contract networks will continue to grow and become more interoperable, Enkrypt will continue to position its release as the one-stop wallet solution for simple Web3 access.
Learn more about Enkrypt
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