Author: Jiyun Kyung, Business Development (https://www.linkedin.com/in/jiyunkyung/)
[TL;DR]
- While MetaMask is an essential wallet in the Web3 ecosystem, it has limitations as an enterprise wallet.
- When Web2 companies transition to Web3, MetaMask has constraints in terms of branding, user experience, and scalability.
- WaaS solutions allow companies to build their own branded wallets and improve user experience.
- The Wepin wallet is a representative WaaS solution, gaining attention as an enterprise wallet solution for the Web3 era.
1. What is MetaMask Wallet? Concept of MetaMask Wallet
MetaMask is a cryptocurrency wallet based on the Ethereum blockchain and a gateway for decentralized applications (dApps). Developed in 2016 by ConsenSys' blockchain software development company, it is now one of the most widely used browser extensions and mobile apps in the Web3 ecosystem.
1.1 Managing EVM-based accounts and assets
MetaMask basically allows users to create and manage Ethereum and EVM-compatible accounts. Users can generate Ethereum addresses and securely store and manage private keys through MetaMask. MetaMask stores users' private keys locally on the device, allowing users to have complete control over their assets without relying on centralized servers.
1.2 Medium for interacting with dApps
MetaMask provides more than just cryptocurrency wallet functionality. Through MetaMask, users can interact with Ethereum-based decentralized applications (dApps). When accessing a dApp through a browser extension or mobile app, MetaMask acts as an interface between the dApp and the Ethereum blockchain. Users can log in to dApps through MetaMask and perform transactions using Ether or ERC-20 tokens.
1.3 Decentralized security, backup, and convenience
Another important feature of MetaMask is security and backup. When creating an account, MetaMask provides a seed phrase consisting of 12 words. By safely storing this seed phrase, users can recover their account even if their device is lost or damaged. Also, MetaMask requires user confirmation before signing all transactions, preventing unauthorized transactions.
MetaMask is also excellent in terms of ease of use and accessibility. The browser extension is compatible with most major browsers (Chrome, Firefox, Brave, etc.), and the mobile app is available on iOS and Android. MetaMask's intuitive user interface allows even cryptocurrency beginners to easily explore Ethereum and dApps.
1.4 MetaMask and UX innovation
The emergence of MetaMask has greatly contributed to the development of the Web3 ecosystem. By allowing users to use Ethereum-based dApps without centralized exchanges or complex technology, MetaMask provided dApp developers with a larger user base and users with more dApp options. Also, MetaMask implemented the principles of blockchain decentralization and self-sovereignty by allowing users to have complete control over their assets.
In 2023, MetaMask made it possible to manage non-EVM accounts and assets through the Snap update. For example, if you wanted to use the Solana network, you had to create and use additional wallets like Phantom or Solflare instead of MetaMask. Now, through Snap, you can create accounts and manage assets for Solana, NEAR, Aptos, etc., with MetaMask.
Also, in response to feedback that it was difficult to customize the user experience, MetaMask now provides Custom UI with Snap, allowing MetaMask wallets to be attached in various forms. MetaMask is playing an important role in the popularization of the Web3 ecosystem. It has brought blockchain and dApps closer to general users and has established itself as a key tool for realizing individual financial sovereignty.
2. Utilizing MetaMask in Web2 Companies' dApp Services: Advantages and Limitations
2.1 General limitations of MetaMask
While MetaMask has established itself as an essential tool in the Web3 ecosystem, it has several limitations.
First, MetaMask's user experience (UX) can still feel complex to users unfamiliar with cryptocurrency and blockchain technology. Technical terms, long addresses, and complex transaction processes can act as entry barriers.
Second, MetaMask assigns the responsibility of private key management to users. While this implements the principle of self-sovereignty on one hand, on the other hand, there is a risk that users cannot recover their assets if they lose or get their private key hacked. Also, MetaMask is an easy target for phishing attacks, so users always need to be mindful of security.
2.2 Limitations of MetaMask as an enterprise wallet
Many Web2 companies integrate MetaMask when providing dApp services because MetaMask is the most widely used wallet in the Ethereum ecosystem. Through MetaMask, companies can easily attract existing Ethereum users, and users can use dApps through familiar tools.
Also, by utilizing MetaMask, companies can quickly launch dApp services without having to develop complex wallet systems themselves. MetaMask's security features and user-friendliness reduce the time and cost of dApp development.
However, MetaMask has several limitations in fully meeting the requirements of Web2 companies.
First, MetaMask is optimized for the Ethereum network, which limits its use with other blockchain networks. This can be an obstacle for Web2 companies in expanding and innovating their services. Although support for non-EVM networks is possible through Snap, this may increase new complexities in user experience and require additional resources for wallet development.
Also, as MetaMask is an independent brand separate from the company's brand identity, companies cannot fully control the user experience. For example, if you use MetaMask attached to an app, the user experience may not be good. The user flow of moving from the app to MetaMask and back to the app can increase the bounce rate.
In terms of user experience, there is also room for improvement in MetaMask. To use MetaMask, users need to install a separate browser extension or app, and go through complex login procedures and transaction approval processes. This can act as an entry barrier for users accustomed to Web2 services.
3. Innovation in Wallet UX: Wepin Wallet and WaaS
This is where the Wepin wallet emerges as an attractive alternative for Web2 companies. Wepin is a WaaS (Wallet as a Service) solution that helps companies easily build their own branded blockchain wallets. Using Wepin, companies can provide wallets with their own brand identity. This allows users to get a consistent and integrated brand experience, and companies can increase brand loyalty.
Wepin provides a user-friendly interface and intuitive user flow, allowing users familiar with Web2 services to easily use blockchain wallets. The Wepin wallet integrates seamlessly with the company's DApp, so users can use the service without installing separate apps or going through complex procedures.
Additionally, Wepin supports various blockchain networks, allowing companies to design optimal services by leveraging the advantages of each blockchain. Companies can provide the best experience to users by combining the characteristics of various blockchains such as Ethereum's smart contracts, Solana's fast processing speed, and Klaytn's low fees.
In terms of security, Wepin goes a step further than MetaMask. Based on the technology of IoTrust, Korea's only hardware wallet manufacturer, Wepin provides various security mechanisms such as multi-signature, biometric authentication, and HSM. This allows companies to safely protect user assets and minimize brand risk due to security issues.
Finally, Wepin provides the flexibility to be customized according to company requirements. Based on Wepin's modularized architecture, companies can selectively implement necessary functions or add new ones. This greatly helps Web2 companies respond to rapidly changing markets and provide differentiated Web3 services.
4. Conclusion
While MetaMask played a decisive role in the spread of the Web3 ecosystem, the user experience (UX) of wallets needs to be completely different in the new era. Especially in the process of Web2 companies transitioning to Web3, the limitations of MetaMask become even more prominent. The lack of brand identity, disconnected user experience, and limited blockchain support are major obstacles for Web2 companies providing Web3 services.
However, the Wepin wallet presents an innovative solution that solves these problems and allows Web2 companies to be competitive in the Web3 era. Through the new concept of WaaS (Wallet as a Service), Wepin makes it easy for companies to build wallets with their own brand identity. This will greatly help in forming a close bond between companies and users and increasing brand loyalty.
Moreover, the Wepin wallet provides a user-friendly interface and intuitive user flow, allowing users familiar with Web2 services to use blockchain wallets without resistance. Being able to use the service immediately without installing separate apps or going through complex procedures is a key element in the popularization of Web3.
Web3 is now a necessity, not a choice. With the development and popularization of blockchain technology, Web2 companies are quickly seeking to transition to Web3. In this process, the Wepin wallet will be the most effective and innovative solution for companies. Through Wepin, companies can incorporate the value of blockchain into their services, and users can experience the benefits of Web3 more familiarly and safely.
A new era needs a new wallet. The Wepin wallet is not just a tool for storing and transferring cryptocurrencies. Wepin will be a bridge connecting Web2 and Web3, and the center of an ecosystem where companies and users grow together. If you're a company aspiring to be a leader in the Web3 era, why not start that journey with the Wepin wallet?
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