14 lines
2.7 KiB
JSON
14 lines
2.7 KiB
JSON
{
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"HubID": "2167",
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"Date": "3/2/2023",
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"HubTags": [
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"External Platform Posts"
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],
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"Contacts": "",
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"Companies": "",
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"File": "",
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"Image": "",
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"Summary": "Cryptocurrency is the main factor in #web3 that adds massive and needless complexity and is slowing down innovation and adoption. I really wish we could get away from cryptocurrencies but at the moment, we cannot. If we want to use web3, we have to use crypto.",
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"Notes": "<p>Cryptocurrency is the main factor in #web3 that adds massive and needless complexity and is slowing down innovation and adoption. I really wish we could get away from cryptocurrencies but at the moment, we cannot. If we want to use web3, we have to use crypto.</p><p>While #consumergoods companies will continue to shoulder the complexity and manage it on the back end, there are innovations that are taking crypto out of the equation for consumers to make it easier to use web3.<br /></p><p>A few recent ones as follows:<br /></p><p>Redeem is a startup working on connecting a consumer’s mobile phone number to their web3 wallet in order to make it easy to send and receive NFTs. The company has not released anything and it is unclear from their website how this will work.<br /></p><p>Polygon, a major and market leading Ethereum Layer 2 blockchain has released standards for account abstraction, which enables users to utilize smart contracts as their accounts. It basically means that wallets can be programmed to do things, like:<br /></p><p>* support for different kinds of account access, such as biometrics;</p><p>* recovery of accounts if private keys or seed phrases are lost (this is really significant);</p><p>* withdrawal limits on accounts (another significant improvement);</p><p>* withdrawal limits that are time-bound (for example, a gamer who wants to allow for transactions to take place in the next hour without having to approve each transaction every time it is prompted);</p><p>* performing multiple transactions at once rather than having to approve each transaction.</p><p>* auto paying (like subscriptions)</p><p>Polygon has also released a consumer identification product that is powered by zero-knowledge cryptography, which means that the consumer can prove who they are and what they own without revealing the details that substantiate that proof. <br /></p><p>Think of every time you go to a bank or a doctors office and they request to see a drivers license; with ZK proofs, you can prove who you are without them seeing it (or in case of doctors, copying it). <br /></p><p>Consumer IDs that are decentralized and powered by ZK proofs are really needed to advance web3 so this is an important, although early first step by a the market-leading blockchain.</p>"
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}
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