Web 3 is itself the future of the online as DeFi and Decentralization gain popularity. The idea for this new blockchain-based ecosystem includes cryptocurrencies, non-fungible tokens, decentralized autonomous organizations, decentralized finance, and more.
Accessible via Web3 wallets, it provides a read/write/execute a version of the web that gives users a financial stake in the web communities to which they belong and more power over those groups. Web3 promises to transform the online experience as much as PCs and smartphones have. However, there are risks involved.
Some corporations have entered the market, only to meet opposition due to Web3 projects’ environmental effect and financial speculation (or fraud possibility). Despite blockchain’s potential as a remedy for concerns over privacy, centralization, and financial exclusion, it has produced many of these issues in new forms. Before adopting web3, businesses must evaluate both its risks and advantages.
This article will provide a complete overview of the various Web3 Wallet development service providers and their respective capabilities. The list will be updated when new web3 wallet service providers emerge or as new features are introduced.
A brief overview of the history of the Internet
Berners-Lee authored the three foundational technologies that formed the basis of Web 1.0, including the first editor/browser for web pages (WorldWideWeb.app): HTML, URL, and HTTP.
Web 2.0 means a paradigm shift in the Internet’s usage. Web 2.0’s interactivity, social connectedness, and user-generated content have been totally supplanted. Web 1.0’s static web pages during the past 15 to 20 years. Web 2.0 makes it possible for millions of people around the world to watch user-generated content in practically no time. In recent years, a boom in this type of content has been spurred by this extraordinary reach.
Web 3.0 signifies the next iteration or stage in the evolution of the web/internet. It could be similarly disruptive and paradigm-shifting as Web 2.0. Web 3.0 is based on the fundamental ideas of decentralization, openness, and enhanced utility.
In alternative terms:
Web 1 consisted of read-only internet access (web pages, surfing the internet with links).
As Web 2 matured, it made reading and writing available to internet users (Apps could be used to read and write simultaneously, enabling global interaction virtually between users, but always using a platform acting as a trusted intermediary, e.g., social media & e-commerce).
As the front end of the internet remained unchanged, Web 3 revolutionized the back end, making it possible for anybody to authenticate transactions and be compensated accordingly. Smart contracts enable P2P and instantaneous agreement execution. A distributed ledger is employed as the underlying network to provide safety and security, with “wallets” facilitating connections.
List of the leading Web3 Wallets
Metamask wallet is one of the most famous non-custodial web3 wallets available. MetaMask is a software cryptocurrency wallet designed to communicate with the Ethereum and EVM blockchains. It was founded in 2016 by ConsenSys, a major player in blockchain, cryptocurrency, and web3. It permits users to access their Ethereum wallet via a browser extension or a mobile application. It provides access to all DeFi services, including staking, DEX, and liquidity pools, through engaging with decentralized applications (dApps).
Metamask also introduced Metamask Institutional as part of its push plan to move all enterprises onto web3. With MM institutional, financial institutions now have access to top-tier custody solutions that enable them to utilize DeFi and profit from a new array of financial services.
The Brave wallet is a component of the Brave browser. Brave intends to compete with established Big Tech firms by delivering “online privacy by default” as an added value for its consumers. Brave Rewards allows you to view first-party, privacy-protecting advertisements as you surf, which is their unique selling proposition (these ads are from the Brave Private Ads network). If you choose to see them, the Brave Rewards program will reward you with BAT.
As part of their efforts to expand their product line, they are releasing Brave Wallet, which is now in beta. The multi-chain web3 wallet is directly integrated into the Brave web browser, allowing users to buy, sell, and trade crypto assets. It supports Ethereum, Avalanche, Polygon, BNB Chain, and Solana and plans to support Bitcoin and other protocols in the future.
Downloadable on mobile (iOS and Android) and PC, Brave is a non-custodial wallet (aka self-custody).
The Coinbase Wallet was created by Coinbase, one of the leading cryptocurrency exchanges. Coinbase Wallet is a web3 wallet that allows users to safely store over 44,000 digital assets, connect with decentralized applications, and administer Ethereum-based NFTs.
Coinbase Wallet currently supports the Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple networks, in addition to other Ethereum Layer-2 solutions, like Arbitrum and Optimism. Directly within the app’s decentralized exchange, users can trade Ethereum- and Polygon-based assets. Using the in-app crypto buying option, non-Ethereum and Polygon assets can be acquired.
Moreover, Coinbase provides custody technology for institutional clients who seek to participate in the expanding DeFi sector.
Trust Wallet was designed for ease of use, enabling users to store, transmit, receive, and stake over 1 million cryptocurrencies and non-fungible tokens (NFTs) from a mobile device. New bitcoin users will love the ease, but if their account is compromised, they may have issues.
Trust Wallet is a mobile-friendly, non-custodial web3 wallet that supports over one million distinct coins across blockchains. Trust Wallet app users can purchase cryptocurrencies, send and receive coins, and purchase and sell NFTs. It may be difficult to use Trust Wallet with NFT markets and decentralized exchanges because it primarily functions on cell phones. As a decentralized wallet, customer care is confined to technical difficulties; consumers are unable to receive assistance retrieving secret words or PINs to regain access to their currency.
WalletConnect is an open-source agreement for linking cryptocurrency wallets to decentralized applications. It is the middleware used to connect wallets and decentralized applications. WalletConnect is a protocol used by several web3 wallets that enable users to effortlessly connect to the numerous DApps of the decentralized finance ecosystem (DeFi). Find the DApp you wish to engage with, connect via a QR code or deep link, and you’re ready to go. Always disconnect at the conclusion of each session for maximum security.
Utilizing WalletConnect as a service provider is advantageous because it can be connected to your product with only a few lines of code. Therefore, enabling you to provide access to your platform to a larger group of users without the need to integrate many wallets individually.
Gnosis Safe is an Ethereum-based “multisig” wallet for smart contracts that requires a minimum number of individuals to approve a transaction before it can take place. If, for instance, your firm has three primary stakeholders, you can configure the wallet to demand consent from all three before sending a transaction. This ensures that no one individual may compromise the cash.
After being included in the Gnosis Safe App, users and organizations will be able to engage with DApps with ease while benefiting from a wide array of financial goods made available by DeFi and retaining a high level of safety and security.
Qredo Wallet is an internet application that makes the management of digital asset portfolios quick and secure. It provides secure crypto storage of institutional quality and facilitates instant peer-to-peer transfers and cross-chain swaps.
Designed for scalability, the Qredo Wallet enables you to regulate access to digital assets across trusted parties, teams, and organizations using simple yet potent roles and access rights. With Qredo Wallet, private keys are not initially produced. In lieu of this, Qredo employs the MPC (Multi-Party Computation) architecture. The MPC network authenticates and verifies transactions without the need for individual private keys.
The Qredo Web3 Wallet enables cross-chain exchanges of supported cryptocurrencies. All are within the Qredo platform, with no withdrawal costs.