- Published on
The Power of Web3 Wallets
- Authors
- Name
- Schoon
- @DanSchoonmaker
When talking to friends about getting started in web3, setting up a wallet is often the first confusing step.
As we’ve seen with past innovative technologies, the first version is often raw and not very user-friendly. When it comes to web3, wallets are no different.
This becomes a critical inflection point with wallets now acting as your passport to the quickly evolving metaverse. Web3 is built on decentralization, trust, and ownership; every step of your journey requires a stamp of approval (via a wallet) to verify your intent.
The benefit is that each of these signed transactions then becomes an interaction that you now own. Gone are the days of blindly accepting all terms and conditions by simply signing up for the platforms we now consider web2 (Facebook, Uber, Yelp, etc.).
When your wallet contains the information required to verify every action you take, that information no longer needs to be stored in the database of a Big Tech company. This is the difference between you truly owning your data and them being the ones who ultimately profit from it.
The shift from centralized to decentralized data removes the guardrails that internet consumers have grown accustomed to.
Instead of quickly checking a box and approving every pop-up that covers our screen, we must fundamentally understand the contracts that we sign.
Protect these transactions as if your net worth depends on it because, in some instances, it might. In return, you now get to own your digital assets instead of them simply being a row in someone else’s database.