As use cases for blockchain technology increase, the amount of related projects and connected cryptocurrencies have become more abundant too. Although this may seem like momentum toward the next controlled by user autonomy, it’s not without concern in the current Web3 landscape.
As increasing numbers of blockchain environments emerge, the task of navigating them becomes more and more complex — one must jump between multiple wallets, bridges and exchanges. Apparently, the reply is straightforward: Turn the problem into simplicity by condensing a multi-faceted, several-step process right into a single access point to purchase, exchange and swap assets whatever the ecosystem. A good example is really a mobile application or browser extension having the ability to provide cryptocurrency wallet functionality for just about any Ethereum-compatible blockchain.
The caveat is this fact is just a means to fix an indicator of the bigger problem to deal with third-party reliance. Take into account that with just one or two solutions presently open to navigate the complex cryptocurrency landscape, some degree of monopolization and, therefore, reliance will occur. To place it simply put ,, if perhaps one platform offered a better consumer experience which platform ended up being to go lower, also perform the mass of users that depend onto it. Consequently, the priority for a lot of is when more user-friendly solutions is going to be distributed around an increasing market.
Enkrypt, produced by MyEtherWallet (MEW), aims to deal with this issue. Initially acknowledged as the very first-ever wallet interface for Ethereum, they has since focused its try to address this latest concern on the market by partnering with Polkadot to construct its very own Web3-compatible wallet extension, released as Enkrypt.
As a result of this mission, MEW founder and Chief executive officer Kosala Hemachandra shares,
“Ethereum and Web3 are revolutionizing crypto from simple value-transfer chains like Bitcoin, however the development of smart contract chains includes challenges for users. With Enkrypt, we’re solving for any better consumer experience and seamless interoperability within the multichain future.”
The intent is the fact that an answer such as this will improve simplicity of use, and produce prevalent adoption of cryptocurrencies and Web3 nearer to reality.
Tailoring the multichain experience towards the masses
Enkrypt was created like a multichain tool, enabling different cryptocurrencies to become stored in the same location, therefore eliminating the requirement for users to make use of multiple wallets. Effectively, this wallet extension allows users to keep assets from Polkadot, Polkadot parachains, Ethereum and Ethereum-compatible (EVM) systems all inside a single interface.
In lots of ways, the expertise of using Enkrypt is going to be much like leading choices like MetaMask, which exists like a browser extension and mobile application. Users will get access to a vital vault, secure login, token storage solutions and exchange, which compensate for a far more asset-inclusive management tool.
However, to help enhance usage, Enkrypt will focus efforts on simplicity of use for that average user instead of on individuals who’re well-experienced within the complex workings of digital wallets. As one example of its objective of simplicity, consider the way the team has designed a few of these processes.
For instance, transferring funds towards the Enkrypt wallet from another wallet, whether an exchange wallet or else, can be achieved simply by hitting the deposit button. Causeing this to be selection will open a number of prompts to make sure a person is around the correct network and transferring back and forth from the right addresses, making a normally overwhelming process as straightforward as possible.
Upon release, functionality to deposit, buy and swap crypto can be achieved on the majority of popular blockchains including Ethereum, Polygon, BNB Smart Chain, Goerli, Polkadot, Kusama, Moonbeam, Moonriver, Acala and Karura.
A 1-stop wallet solution
With lots of developments going ahead, the project’s launch date continues to be looking for August 3, 2022 — but case the start. They intends to support more systems within the Ethereum and Polkadot environments like a beginning point and may include additional blockchains because the needs arise.
In alignment with industry experts’ expectations that just scalable smart contract systems continuously grow and be more interoperable, Enkrypt continuously position its release because the one-stop wallet solution for straightforward Web3 access.
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