Universal Wallet, the future of crypto wallets?

A Universal Wallet is a wallet that supports both data and cryptos and NFTs. For those who are in the game, it is a Self Sovereign Identity type wallet to which we have added the possibility of managing cryptos, tokens and NFTs. Of course, the data is signed with the same key as the transactions are made on the DLT.

In real life, our wallet is a universal wallet. From this point of view, a crypto wallet is a wallet that is just good for keeping your banknotes and coins. An SSI wallet is also just a cardholder. And that’s where it all takes shape, in real life we ​​often use both at the same time: We show our loyalty card when we go to the supermarket checkout, or for some, we show our student card to take advantage of a discount on a cinema ticket.

A few remarks….

Web3 platforms are not that decentralized

It is paradoxical to see that the most famous web3 platforms that sell the advantages of decentralization are in fact totally centralized when it comes to their own business. Many web3 platforms request information about their users to associate their addresses and save all this in a central database like in the good (old) web2! As if when it comes to actually do business the web2 was ultimately much more efficient.

The SSI is to customer databases what the Defi is to banks

Simply an observation, the reflection on the decentralization resulting from the deployment of the blockchain technologies led to reflections on the management of personal data which led to the SSI concept. The web3 is a global phenomenon of decentralization which does not only concern cryptos but also personal data. However, the essential difference is that personal data has nothing to do with a blockchain because it is personal, not transferable and therefore like the identity card that we carry on us, data from web3 applications should logically be on us. In a wallet, this is made for that!

The wallet is an architectural element of web3

Come to think of it, the data is therefore no longer on the servers but in the wallets. So the wallet becomes central in the web3 architecture, it replaces the server. The wallets replace the servers for data concerning natural persons. But can we copy our data to a central server?

When tomorrow I go to present myself on a web3 site and even on a web2 site in Europe….the default site will have no reason to ask me to open an account. Can we imagine at the entrance of a supermarket that we make a photocopy of my identity card? Of course not. The web3 site will have to negotiate my data with me and give me advantages to transfer it to them and the original version of my data will always be in my pocket!

The universal wallet for everyday use

To think about it for almost trout. Is it normal to sell an NFT worth several thousand dollars to a 12-year-old child? Of course not, all serious NFT marketplaces should at least integrate that their activity is very close to gambling and that therefore a minimum of knowledge is essential. Do a KYC systematically? But no, let’s do a KYC once, store it in our universal wallet and reuse it!

Is web3 only crypto?

Obviously not, the short term gains with the madness of NFTs are today the driving force of the development of web3 and that is very good but everyone agrees that this bubble makes no sense. Web3 will be a new version of the internet with a new balance, fairer exchanges between stakeholders, less intermediation based on monopolies and ultimately an environment closer to reality.

In short, the universal wallet is simply the future of cryptos wallets because in our pockets we only have universal wallets.