Crypto's Growing Influence
In today's rapidly evolving world, the need for decentralized, global financial systems has never been more apparent. Whether it's for accessing essential financial services or immersing oneself in the world of gaming, both crypto-native enthusiasts and mainstream users are increasingly drawn to the potential of blockchain technology.
Recent statistics reveal intriguing insights into this growing phenomenon:
- In the United States, a significant 16% of adults have invested in, traded, or used crypto assets. This figure, while impressive, is even more striking when we consider that the global adoption rate stands at 4.2%.
- Younger Americans, those aged 18 to 29, show remarkable interest in crypto, with 31% of them keen on exploring and investing in digital assets.
Despite this burgeoning interest, there's a notable challenge: most users don't truly "own" their digital assets. An astonishing 221 million users prefer centralized exchanges over wallets that grant them self-custody of their assets. The dominance of centralized exchanges (CEXs) is evident in their daily trading volume, accounting for a staggering majority of transactions. In contrast, decentralized exchanges (DEXs) struggle, with only 5% of the daily trading volume attributed to their use. The reason? Many users find DEXs complex and intimidating.
Identifying Key Challenges and Future Trends
Several obstacles hinder the widespread adoption of blockchain technology:
1. Onboarding Problem: Private key management and the management of multiple wallets pose significant challenges, discouraging many from exploring crypto.
- Signal: The introduction of Account Abstraction in Ethereum's 2023 upgrade aims to simplify wallets, keys, and user experiences.
2. Ownership Problem: The steep learning curve associated with self-custody key management drives users toward centralized exchanges.
- Signal: Even market leaders like Coinbase are acknowledging the need for scaling solutions, such as the launch of Coinbase Base Layer 2 (Base L2).
3. Complexity Problem: The proliferation of hundreds of blockchains further complicates the user experience in the Web3 era.
- Signal: Multi-chain wallets, exemplified by Bitkeep's valuation of $300 million in March, offer simplified access to multiple blockchains.
4. Knowledge Problem: While the crypto user base grows steadily, limited understanding of Web3 technology restricts its potential.
- Signal: The explosive growth and acceptance of AI and LLMs (Large Language Models) hold the promise of simplifying the discovery and utilization of Web3 applications.
An Intent-Centric Solution
To address these challenges and drive exponential adoption, an intent-centric access layer is the answer. Wallets play a pivotal role, serving as the secure gateway for users to connect and engage in essential trades. For instance, Metamask, a popular Ethereum wallet, has witnessed over $26.9 billion in cumulative swap volume.
However, the complexity of discovering and utilizing decentralized applications (dApps) persists. With over 15,000 dApps on the Ethereum ecosystem alone, both users and projects struggle to find and maintain consistent usage.
Furthermore, while mainstream users are increasingly investing in digital assets, Ethereum gas fees have become prohibitively expensive.
Introducing Self Chain: A Glimpse of the Future
Self Chain emerges as a pioneering force, offering a Modular Intent-Centric Access Layer1 blockchain and a keyless wallet infrastructure service. Powered by MPC-TSS/AA technology, Self Chain seeks to revolutionize multi-chain Web3 access and simplify the user experience.
Key Highlights of Self Chain:
- Intent Search: Large Language Models (LLM) decodes user intent and the searchers discover optimal paths, simplifying the user journey.
- Key Abstraction: Removing the complexity of private key management, Self Chain ensures a hassle-free experience.
- Easier Self-Custody: With keyless wallets, Self Chain empowers users to securely self-custody their digital assets.
- Intent Resolvers: dApps are incentivized to efficiently resolve user intent, enhancing user satisfaction.
- Discovery Engine: Simplifying how users interact with cross-chain dApps, Self Chain bridges the gap between users and projects.
- Keyless Wallet Infrastructure: Self Chain enables projects to offer users fully-featured self-custody wallets, enhancing security and usability.
As Self Chain charts a course toward a decentralized global future, it aims to unlock the potential of blockchain technology for everyone, simplifying multi-chain Web3 access and fostering a new era of financial inclusivity and innovation. Self Chain's intent-centric approach, keyless wallet infrastructure, incentivization of dApps, discovery engine, and commitment to accessibility all combine to create a user-friendly and inclusive Web3 landscape. It lays the foundation for a decentralized tomorrow where blockchain technology is not just for the tech-savvy few but for everyone, revolutionizing how we interact with digital assets and decentralized applications. Self Chain's innovations are propelling us toward a future where blockchain technology truly serves the needs of a global audience.
Self Chain's Role in Revolutionizing Blockchain UX
Self Chain is the first Modular Intent-Centric Access Layer1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access. The innovative system simplifies the user experience with its intent-focused approach, using LLM to interpret user intent and discover the most efficient paths.
Self Chain ensures that onboarding and recovery are effortless with keyless wallets that grant users complete self-custody over their assets. In addition, it provides automated rewards to dApps when they efficiently resolve user intent, further enhancing the user experience. Moreover, Self Chain incorporates Account Abstraction with MPC-TSS to provide secure signing and reduce transaction fees. It's a platform that redefines blockchain interaction, making it more secure and user-friendly for everyone.
In a world where blockchain technology is becoming increasingly essential, the user experience remains a critical factor in its adoption. Intents and Keyless Wallets are set to transform the landscape, making blockchain interactions more accessible, efficient, and secure. As we move forward, the blockchain industry has the opportunity to provide users with a seamless and enjoyable experience, unlocking the full potential of this groundbreaking technology.