Sunday, July 21, 2024

Pengyu Wang, the Founder of Particle Network, argues that zero-knowledge wallet-as-a-service (ZK-WaaS) is not only aligned with Web3 values but is also highly efficient. Wang contends that such systems are poised to set new industry standards. He further notes that zero-knowledge technology fortifies one of Web3’s cornerstone principles: ensuring asset sovereignty for the end users.

Addressing The Challenges Inherent in Traditional Web3 Wallets

In responses conveyed to CryptokenTop.com News, Wang suggests that WaaS can serve as a catalyst to usher the general populace into the world of Web3. He attributes this to the fact that WaaS wallets are unencumbered by the intricate issues commonly found in traditional Web3 wallets.

Upon being questioned about what impediments deter potential users from engaging with Web3 wallets, Wang isolated three significant factors. These include the perceived challenges tied to the management and protection of private keys and seed phrases, a less than optimal user experience, and the necessity for multiple signatures in on-chain transactions.

Further Insights from Pengyu Wang

Continuing his dialogue with CryptokenTop.com News via Linkedin, Wang shared his perspectives on intent-centric design in Web3 wallets and what it means for both users and developers of decentralized applications. Additionally, he offered guidelines on how Web2 companies can more effectively transition into the Web3 ecosystem.

CryptokenTop.com News (BCN): What Complicates User Interactions in Wallets?

Pengyu Wang (PW):

  • Challenges with Private Keys: The management and secure keeping of elongated private keys and seed phrases pose serious security dilemmas, especially for those new to the field.

  • Subpar User Interface: A majority of wallet interfaces are deficient in essential features and user-friendly designs, causing frustrations for users who wish to easily engage in NFT transactions or native token swaps.

  • Multiplicity of Signatures: Users frequently encounter the requirement for multiple signatures when carrying out on-chain operations. Simplifying this procedure can improve user experience significantly.

BCN: Advantages of Wallet-as-a-Service (WaaS)

PW:

  • Speedy Onboarding: Particle Network’s WaaS enables rapid Web3 access, reducing the setup time to merely 20 seconds.

  • Customization for Developers: The system can be tailored to meet specific business needs, thereby allowing seamless integration with native platforms.

  • User Efficiency: WaaS increases efficiency in on-chain transactions by removing the necessity to exit a decentralized application for transaction confirmations.

BCN: Ensuring Asset Sovereignty through Zero-Knowledge Technology

PW:

By incorporating zero-knowledge proof (ZKP) technology, we are enhancing user login and transaction privacy. For instance, the feature of Confidential Login safeguards user login information by obfuscating the connection between their Web2 identities and Web3 wallet addresses. Confidential Transactions protect user privacy at the address level rather than merely at the asset level.

BCN: Will ZK-WaaS Become the Standard in Web3 Application Layer?

PW:

Certainly, for several reasons including efficiency, privacy protection, and intelligent user interactions. Our solution integrates seamlessly with Web3 principles and is designed to support mass adoption and high performance, thereby positioning itself as an enduring industry standard.

BCN: Factors Contributing to Rapid User Adoption

PW:

Our growth can be attributed to:

  1. The rise of quality pan-user Web3 applications.

  2. A developer-centric focus that caters to both developers and end-users.

  3. Strategic industry partnerships.

BCN: Importance of Intent-Centric Design

PW:

Intent-centric design eases the burden on users by automating complex tasks while still maintaining user control. This shifts interactions from transaction-based to demand-based, allowing users to specify their exact needs without the intricacies.

BCN: Web2 Companies and Web3 Integration

PW:

For Web2 companies, WaaS can be a valuable tool in the transition to Web3. An example includes Moongate’s NFT ticketing platform, which has successfully implemented WaaS to serve both event organizers and users from the Web2 and Web3 ecosystems.

We invite your opinions on this comprehensive interview in the comments section below.

Frequently Asked Questions (FAQs) about Zero-Knowledge Wallet-as-a-Service (ZK-WaaS)

What is Zero-Knowledge Wallet-as-a-Service (ZK-WaaS) according to Pengyu Wang?

According to Pengyu Wang, the founder of Particle Network, ZK-WaaS is a developer solution that embodies Web3 principles and is highly performant. He believes it will become the industry standard, in part because it upholds the core Web3 principle of asset sovereignty for end users.

What are the complexities associated with traditional Web3 wallets?

Traditional Web3 wallets often come with complexities that deter new users. These complexities include the management and safeguarding of private keys and seed phrases, a poor user interface, and the requirement of multiple signatures for on-chain transactions.

What advantages does Wallet-as-a-Service (WaaS) offer over traditional wallets?

WaaS simplifies user interactions by eliminating the complexities commonly found in traditional Web3 wallets. Particle Network’s WaaS solution employs MPC-TSS technology to provide users with a non-custodial, embedded wallet, making it superior to centralized exchange-based wallets.

How does ZK-WaaS ensure confidential transactions and login interactions?

Particle Network’s upgraded WaaS solution incorporates zero-knowledge proof (ZKP) technology, which allows for confidential transactions and logins. The technology safeguards user privacy at the address level rather than the asset level and uses one-time, temporary addresses to prevent linkage.

What is intent-centric design and why is it important for Web3 wallets?

Intent-centric design aims to preserve user autonomy while easing the burden of managing underlying processes. It shifts user interactions from a transaction-based to a demand-based model, simplifying complex authorizations and subjective judgments.

How can Web2 companies prepare for Web3 integration?

Web2 companies can prepare for Web3 integration by leveraging developer-friendly solutions like WaaS to seamlessly integrate Web3 wallets into their existing platforms. This eases the transition for Web2 users and enhances the overall user experience.

How has Particle Network achieved a user base of over 15 million in about a year?

Particle Network attributes its rapid growth to the emergence of high-quality pan-user Web3 applications, a focused and developer-centric approach, and strategic partnerships with networks and infrastructure partners like BNB Chain, Linea, NEAR, Sei, zkSync, CertiK, and Biconomy.

What role does WaaS play in bridging the gap between Web2 and Web3?

WaaS solutions like those offered by Particle Network make it easier for Web2 companies to transition into the Web3 space by offering features like email login and fiat currency purchases for non-fungible token (NFT) tickets, thereby enhancing the user experience and driving mass adoption.

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