Author: Jiyun Kyung, Business Development (https://www.linkedin.com/in/jiyunkyung/)
[TL;DR]
- Embedded wallets apply blockchain technology to Web3 service usage and digital asset management, providing users with a seamless and integrated experience.
- Built-in wallets and in-app wallets are terms encompassing the concept of embedded wallets, abstracting technical complexity and providing user-friendly interfaces.
- Embedded wallets operate through key generation and storage, transaction signing, key recovery, gas fee management, and user authentication, but currently have limitations in being tied to specific services or platforms.
- The Wepin wallet is an embedded wallet solution developed by IOTrust, a Web3 blockchain wallet specialized company, supporting businesses in easily integrating Web3 functions and contributing to the growth and popularization of the Web3 ecosystem.
1. Embedded Wallets, Built-in Wallets, and In-app Wallets
1.1 What is Embedded? The Concept and Meaning of Embedded Wallets
In the IT field, "Embedded" generally refers to software or systems performing specific functions that are built into a larger system or device. Embedded systems operate as part of a host system rather than independently, aiming to provide users with a seamless and integrated experience.
Embedded wallets apply this concept to blockchain, specifically Web3 services and digital asset management. Traditional blockchain wallets were independent software that users had to install and manage separately. Users had to download wallet software and go through complex setup processes. Additionally, using the wallet to send or receive digital assets required some understanding of blockchain technology.
However, embedded wallets significantly reduce this complexity. Embedded wallets are built into various services or platforms that utilize blockchain technology. In other words, users can naturally use wallet functions within the service they are using without having to install separate wallet software or go through complex setups.
For example, if an embedded wallet is built into a blockchain-based game, game users can manage digital assets directly within the game. There's no need to use a separate wallet when purchasing game items or trading items with other users. All processes occur naturally within the game.
Moreover, embedded wallets have significant advantages in terms of user interface and user experience. As embedded wallets are designed to match the design and usage flow of the host service or platform, users can have a consistent and intuitive experience. Rather than feeling like they're using a blockchain wallet, users feel like they're using a familiar service.
1.2 Built-in Wallets and In-app Wallets
Built-in wallets, or integrated wallets, literally refer to wallets with wallet functions built into specific services or platforms. Users can use wallet functions just by using the service or platform, without the need to install separate wallet software. This approach acts as a significant advantage in terms of user experience. Users can naturally use the wallet as if they were using a familiar service.
For example, cryptocurrency exchanges typically have built-in wallets. Users can automatically use a wallet just by signing up for the exchange. Receiving or sending cryptocurrencies within the exchange becomes very simple.
In-app wallets are integrated into apps. 'In-app wallet' is a term mainly used in mobile environments. Users can use wallet functions while using the app. This method maximizes the convenience and accessibility of mobile devices.
For instance, if an in-app wallet is integrated into a mobile game, game users can manage in-game digital assets while playing the game. When purchasing or trading game items, all processes can be handled without leaving the app.
Embedded wallets can be seen as a broader term encompassing the concepts of built-in wallets and in-app wallets. Embedded wallets refer to overall wallet functions integrated into specific services, platforms, or apps, whether in desktop environments, mobile environments, web-based, or game environments like Unity.
The key to embedded wallets is that wallet functions are integrated as part of a larger system, not as an independent solution. This allows users to have a consistent and seamless experience. Blockchain and digital asset management naturally permeate our everyday digital activities.
In conclusion, embedded wallets, built-in wallets, and in-app wallets are all important tools for the popularization of Web3 and the everyday use of blockchain technology. They abstract technical complexity and provide user-friendly interfaces, allowing more people to enjoy the benefits of blockchain.
2. Understanding Embedded Wallets Through Examples
Let's think about when we use simple payment apps like KakaoPay or NaverPay on our smartphones. These apps securely store users' card information or account information, allowing for easy payments without the need to enter information each time. When shopping online or sending money to friends, all processes can be completed with just a few clicks or touches after logging into the app.
Embedded wallets essentially play a similar role. While simple payment apps handle real-world money, embedded wallets handle digital assets, tokens, and NFTs.
Taking blockchain games as an example, the embedded wallet in the game securely stores the user's in-game assets. When purchasing game items or trading with other users, users can use their embedded wallet within the game without any complicated procedures.
Just like registering payment information in a simple payment app and shopping or sending money, connecting a user's digital assets to an embedded wallet allows for free trading within the game.
Thinking about cases where embedded wallets are applied to specific services is similar. When registering and managing user-created content as NFTs, the embedded wallet plays that role. The process of selling one's content to other users or generating revenue by licensing can be done through the embedded wallet.
Ultimately, embedded wallets play a role in naturally integrating blockchain and Web3 technologies into our everyday services. Just as simple payment apps have made our everyday financial activities easier and more convenient, embedded wallets make Web3 services feel closer and more familiar.
Users can naturally experience blockchain and digital assets within familiar services without knowing complex technical concepts. These characteristics of embedded wallets will play an important role in the popularization of Web3.
3. Characteristics and Operation of Embedded Wallets
3.1 Differences Between Embedded Wallets and Existing Web3 Wallets
As mentioned earlier, existing Web3 wallets, such as browser extension wallets like MetaMask, require users to install and manage them directly. After installation, users must initialize the wallet and securely store a backup seed phrase. Additionally, using the wallet requires a certain level of technical understanding, such as network settings and gas fee configurations.
These wallets have the advantage of giving users complete control over their private keys. Users have ultimate control over their assets. Also, these wallets can be used universally across various decentralized applications (dApps). Users can access multiple dApps with a single wallet.
However, these wallets have certain limitations in terms of user experience. Some technical effort is required for wallet installation and management, and if the wallet is lost or the seed phrase is forgotten, assets can be lost forever. Also, because the wallet is not optimized for specific dApps, users sometimes have to go through cumbersome processes between dApps and wallets.
On the other hand, embedded wallets emerged to solve these problems. Embedded wallets are directly built into specific services, platforms, or apps. Users don't need to install or manage a separate wallet. This is because the service provider offers wallet functionality to users in an abstracted form. Embedded wallets also make it easy for users to control their private keys. This maximizes the user experience in these aspects.
3.2 Limitations of Embedded Wallets
Currently, most embedded wallets are deeply integrated into specific services or platforms. For example, an embedded wallet built into a game might be optimized for managing digital assets within that game, but it may be difficult to use that wallet directly in other games or dApps.
However, this approach also acts as a certain constraint in terms of user experience. If users have to manage separate embedded wallets for each service they use, it could actually cause inconvenience to users.
Moreover, if embedded wallets of each service use different technical standards and protocols, it could lead to fragmentation of the Web3 ecosystem. This fragmentation could potentially hinder the long-term development and innovation of Web3.
Therefore, to overcome these limitations faced by embedded wallets, it's important to increase interoperability between embedded wallets and develop in a more open and standardized way.
A primary consideration to achieve this is to develop a universal embedded wallet that can be commonly used across various services and dApps. Such a wallet would not be tied to a specific service and could provide a consistent wallet experience regardless of which service the user is using.
Furthermore, if such a universal embedded wallet develops into a platform like existing simple payment services, the effect could be even greater. Users will be able to freely use various Web3 services with a single embedded wallet, which can greatly improve the usability and accessibility of the overall Web3 ecosystem.
4. WEPIN, a Representative Web3 Embedded Wallet
4.1 What is the Wepin Wallet?
The Wepin wallet is an embedded wallet solution developed by IoTrust, a company specializing in Web3 blockchain wallets. Wepin aims to lower the complexity and entry barriers of existing Web3 wallets and provide users with a simple and intuitive Web3 experience.
The core of the Wepin wallet lies in its WaaS (Wallet-as-a-Service) model. Wepin provides blockchain technology and wallet functionality as a service, helping businesses and developers easily integrate Web3 functions into their services. Through this, Wepin is contributing to the growth and popularization of the Web3 ecosystem.
4.2 Wepin Wallet: The Optimal Web3 Solution for Businesses
The Wepin wallet is not just a service for users. Wepin aims to be the best partner for businesses looking to implement Web3 services. Wepin wallet provides dedicated support and development assistance to corporate customers, helping businesses build and operate Web3 services more smoothly.
4.2.1 Simple and Fast Integration, the Strength of Wepin SDK
One of the biggest advantages of the Wepin wallet is its simple and fast integration. Using the Wepin SDK, you can integrate an in-app wallet optimized for your service in just 5 minutes. It also supports anyone to set up and manage a wallet with simple coding work, even without blockchain development knowledge. Due to these features, businesses can significantly reduce the time and cost required for Web3 service development.
4.2.2 Various Support Environments and Flexible Integration Methods
The Wepin wallet stably and quickly supports various service environments such as web, Android OS, and iOS. Businesses can integrate the Wepin wallet using various languages and frameworks including JavaScript, Java, Swift, Flutter, React Native, and Unity.
Also, you can choose to integrate the wallet either through a simple widget method or an API method that allows free UI/UX configuration. Thanks to this flexibility, businesses can utilize the Wepin wallet in the most suitable form for their services.
4.2.3 Support for Data-Driven Business Strategy Formulation
The Wepin wallet supports businesses to easily utilize wallet user statistics data of their services. It provides various data such as MAU, user transaction data, retention, activity patterns, and holder information through dashboards and charts, helping businesses deeply understand and analyze user behavior. Through this, businesses can establish data-driven business strategies for the growth of their Web3 services.
4.2.4 Dedicated Support and Development Assistance for Corporate Customers
provides dedicated support and development assistance throughout the entire process of implementing and operating Web3 services for businesses. Through a dedicated support team, it quickly identifies and responds to corporate customer requirements, and for technical issues, a professional development team directly provides solutions.
4.2.5 Proactive Reflection of Rapidly Changing Web3 Wallet Trends
The Wepin wallet proactively reflects rapidly changing Web3 wallet technology and UX trends, always providing the latest solutions to corporate customers. For example, various attempts are being made in the recent Web3 wallet market to improve user experience. Support for social login and gas fee payment are representative examples.
The Wepin wallet quickly catches these trends and applies them to its services, supporting businesses to provide the best user experience.
4.3 Use Cases of Wepin Wallet
The Wepin wallet is being integrated into various Web3 services based on its user-friendly UX, strong security, and development convenience.
4.3.1 Integration Cases with Various Web3 Services
"Anytime", a T2E (Time-to-Earn) reward app, is an innovative service that values users' time investment. Through integration with the Wepin wallet, Anytime users can safely and conveniently manage the rewards earned through their time investment.
"Vortex Gaming", a Web3 gaming community, has also upgraded user experience through the Wepin wallet. Vortex Gaming users can easily manage and trade tokens and NFTs acquired in-game through the Wepin wallet. This integration has made the reward system for gameplay more transparent and intuitive.
"Berrychat", a global reward chat app, is also opening new possibilities through its meeting with the Wepin wallet. Berrychat users acquire tokens through certain activities, and now they can safely store these tokens in the Wepin wallet and freely transfer them.
Lastly, "Alttown", a virtual celebrity value investment platform, is also opening a new era of fandom and rewards through the adoption of the Wepin wallet. Alttown users can invest in the virtual celebrities they support through the Wepin wallet and conveniently manage the rewards for their contributions.
→ Want to see various use cases of the Wepin wallet?
4.3.2 Continuous Innovation for User Convenience, Collaboration with Kanalabs
In addition to expanding integrated services, Wepin wallet continues technological innovation to enhance user convenience. Recently, through a partnership with blockchain infrastructure company 'Kanalabs', it has provided an advanced user experience.
With the integration of Kanalabs' account abstraction SDK into the Wepin wallet, corporate customers using the Wepin wallet can now pay blockchain network fees on behalf of users. With this innovative feature, users can experience Web3 services without the burden of gas fees.
By solving the gas fee problem, which was one of the major entry barriers to using Web3 services, Wepin wallet has taken a step closer to the popularization of Web3. The collaboration between IoTrust and Kanalabs is expected to continue and play an important role in creating a user-centric Web3 ecosystem.
4.3.3 Expanding Web3 Ecosystem through Collaboration with Mainnets
Wepin wallet is also pursuing collaboration with various mainnets. These efforts aim to increase the versatility and compatibility of the Wepin wallet, and further contribute to the overall growth and development of the Web3 ecosystem.
While specific collaboration plans are under discussion, they are considering ways to support startups and services creating dApps on specific mainnets to easily use the Wepin wallet. Mainnets looking to grow their ecosystems are expected to be able to easily provide wallet infrastructure through integration with the Wepin wallet.
5. Conclusion
The Wepin wallet is a leading embedded wallet solution driving the Web3 era. Through user-friendliness, strong security, and gas fee payment features, Wepin is contributing to the popularization and real-life application of Web3 technology.
Wepin's WaaS model has the potential to spark innovation that blockchain will bring in various industries. Services utilizing embedded wallets like Wepin are already emerging in various fields, and more Web3 services based on Wepin are expected to be developed in more areas in the future.
The Wepin wallet is not just a single service, but plays a role as infrastructure that grows the Web3 ecosystem. Through Wepin, more businesses and developers can easily utilize blockchain and Web3, and this expansion will accelerate the growth and innovation of the Web3 ecosystem.
[WEPIN Wallet SNS Channels]
