Developing Tools to Prevent Scams in DeFi and NFTs
According to Jack Vinijtrongjit, CEO of AAG, the adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs) will increase if tools are created to help users avoid scams. Vinijtrongjit believes that these tools will become even more crucial as Web3 adoption becomes widespread. While education plays a role in making Web3 safer, Vinijtrongjit emphasizes that industry participants have a responsibility to solve this problem. He also agrees that the lack of regulation makes mainstream adoption of Web3 more challenging, especially for regulated enterprises seeking exposure to digital assets or NFTs.
Eliminating Private Keys and Seed Phrases
Vinijtrongjit explains that AAG’s wallet, Metaone, has eliminated the need for private keys and seed phrases. This move aims to make it easier for new users by removing the requirement for technical proficiency in security measures. Users still have control and ownership of their digital assets while eliminating the risk of fatal errors. Vinijtrongjit argues that this approach does not go against decentralization because users still have ownership and control over their assets.
Useful Tools for Web3 Adoption
Vinijtrongjit believes that Web3 needs “killer apps” or compelling applications that would attract users. He suggests tokenizing real estate, carbon credits, or CRM for retail as potential killer apps for certain markets or users. He also highlights the potential of NFTs in the secondary market for physical goods, which solves authenticity and ownership issues. AAG is building products to bridge the gap between Web2 and Web3, aiming to simplify Web3 access and provide guidance for businesses transitioning to Web3.
Gamifying the User Experience
Vinijtrongjit supports gamification in Web3, as it aligns with the incentivization aspect of the technology. Gamification can increase engagement and make the transition to Web3 easier for new users. The reward structure in Web3 networks provides incentives for early participation, making gamification a valuable strategy for boosting user engagement.
Hot Take: The Importance of Tools and Education for Web3 Safety
Developing tools to prevent scams and educating users are crucial steps in ensuring the safety of the Web3 ecosystem. While education plays a role in empowering users, industry participants have a responsibility to create preventative measures that mitigate risks without burdening users. The elimination of private keys and seed phrases in wallets like Metaone simplifies the user experience, making it more accessible to newcomers. Building killer apps and bridging the gap between Web2 and Web3 are essential for widespread adoption. Additionally, gamification can enhance user engagement and incentivize early participation in Web3 networks.
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