With the growing importance of Web3, the adoption of Two-Factor wallets is seen as an important step in improving security measures in the crypto industry.
Trust Wallet, one of the largest self-guarding, multi-chain wallets, has partnered with Web3Auth to simplify Web3 onboarding using social logins. This collaboration allows users to access Web3 services using existing social login credentials and other security factors.
Trust Wallet’s newly deployed Multiparty Computing (MPC) solution, powered by Web3Auth, eliminates the existing requirement for the initial typed phrase, protecting users from human error and single point of failure, thereby enhancing account integrity and security. Prior to their recent partnership with Web3Auth, users had limited options when accessing major wallets, choosing between a custodial solution with easier access but less transparency or a full custodial solution with more risk and complexity.
According to the official announcement, the partnership aims to improve user experience and accelerate mass adoption of Web3. Users can access Trust Wallet Services using their existing Google, Apple, Telegram, and Discord accounts, greatly lowering the barrier to entry for new Web3 users. To improve security and ease of use, users also have the option to use SMS OTP and email recovery.
Web3Auth CEO sees two-factor wallets as essential to crypto security
In a statement, Zhen Yu Yong, co-founder and CEO of Web3Auth, highlighted the high risk of cryptographic loss associated with missing seed phrases. Young stressed the importance of long-term adoption of two-factor wallets as a crucial step towards greater security in the industry. According to Yong, the recent partnership with Trust Wallet is an important step forward in Web3Auth’s mission to democratize MPC at the enterprise level and provide everyone with a more secure crypto experience.
With the growing importance of Web3, the adoption of Two-Factor wallets is seen as an important step in improving security measures in the crypto industry. Trust Wallet’s MPC solution and Web3Auth two-factor authentication provide a secure and seamless onboarding process for new Web3 users. This integration allows users to easily access the world of Web3 while maintaining full control and ownership of their digital assets.
Cryptocurrency wallets need to change?
The Web3 onboarding experience should be seamless, and portfolios are essential. As the first point of interaction, news users spend most of their time on web 3 wallets to perform various actions, including store, transaction, swap, trade, connect, share, and others. However, it has been a long time since self-custody wallets took innovation seriously.
Complex UI/UX, lack of security measures, and weird user experience have turned coding into an unpleasant adventure for inexperienced users. However, things are changing with the latest “strip account” The upgrade provides greater user flexibility and fulfills the long-term vision of the Ethereum community. What proved difficult and intimidating to new users will now make wallets much easier.
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