Blockchain startup Radix has provided users with the first glimpse of what it says will be a revolutionary new Web3 wallet, as part of its ongoing mission to reinvent decentralized finance with an “asset-oriented” approach.
The new Radix Wallet, which is still a concept at this time, has been under development for more than 18 months and is designed to give users a “radically better user experience” when interacting with DeFi apps. It’s powered by no less than five wholly unique and innovative technologies that underpin the revolutionary Radix Network, which aims to transform DeFi into something that’s just as safe, reliable and easy to use as traditional banking applications while retaining the unique benefits of Web3.
As Radix points out, the DeFi experience is in desperate need of a makeover if it’s to gain the interest of everyday users. Cryptocurrency itself is complex enough as it is, with the need to setup a wallet and write down a “seed phrase” and keep it somewhere safe, followed by the chore of going to an exchange to buy digital assets and transfer them for safekeeping. DeFi, however, takes that complexity to another level, with hundreds of different dApps that require significant technical expertise to navigate. Add to that, even for experienced users, DeFi is extremely unsafe, with hackers helping themselves to millions of dollars’ worth of user’s funds seemingly every couple of weeks.
While there’s no doubting the benefits of DeFi and Web3, the simple fact is that the vast majority of people won’t go there while it remains unsafe and lacks user-friendliness. So this is precisely the problem Radix is trying to solve, and to do so it has created a whole new network architecture than rebuilds DeFi from the ground up.
Radix has been in the works for several years and is finally ready for primetime as we enter 2023, with the launch of its Babylon Mainnet just around the corner. At the same time, it will also launch Radix Wallet, which promises to make it much simpler for new users to engage with DeFi.
In a preview of the wallet at RadFi 2022, Radix provided a walkthrough of how these features work together to transform the user experience. The first major difference is that, rather than using a seed phrase, users will have access to what’s known as a “Smart Account” that allows them to secure their wallet with multifactor security. At the same time, users will be able to login to their wallets using “Personas”, which enable Web2 logins to access Web3 assets for the first time. “Radix Connect” meanwhile is a new feature that enables a seamless transition between desktop and mobile devices. Finally, users can look forward to managing “Native Assets” on the Radix Network for a more intuitive digital asset ownership experience, and “Transaction Manifests”, which add clarity to all transactions and eliminate many of the seemingly random transaction failures that occur in traditional DeFi.
Matthew Hine, chief product officer of RDX Works, the company behind Radix, said the new Radix Wallet will deliver a user experience that “gets out of the way” and allows users to engage with minimal effort. “It’s the kind of experience that will make Web3, DeFi and even the metaverse actually relevant to people, and you can’t build it on any network except Radix,” he said.
Radix has, in other words, created an entirely new kind of Web3 wallet to enable a radically different DeFi experience, one that it says works just as users imagine it should work, making the entire experience not just easier, but also much safer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.