Swift Wallet Powered by Account Abstraction - TOKEN2049 Dubai 2024

thank you everybody really nice to be here um my name is Nate I'm the product head of trust wallet and this our CEO Y and uh we only have a 13 minutes and 45 seconds today so I think first you want to share some uh amazing news to everyone is here yeah yeah so well thank you everyone for being a trooper here I know that there's so many amazing things out there and you choose to listen uh what we have to share so I appreciate that I think first of all is that we've always been known as the largest crypto Mobile wallet and we just break another Milestone so we passed 100 million total downloads all together um um so we're doing our part and trying to continue to gradually increase and adopt people uh into the web 3 Industry and that continues to be our mission and we're willing to push forward yeah I mean I'm the new Joiner of trust wallet being here only six months but you've been here for a long time so um my first question uh I I I think uh everyone want to know is uh how what vision and um uh Mission drives such a big uh um Big user base for trust wallet I think it what's very important for us is all always know who we serve every product usually want to serve everyone but it's very important from a strategic perspective to say who not to serve for us when we were born in 2017 that was a time if anybody here 2017 are you in crypto no jez okay at that time you know it was the Ico craze right like what was your wallet experiences like I'm sure that you've very complaining about water experiences sucks now it hurts more back in the days and that was why what we were founded we were founded because our founder basically want to hold all the shitcoin in the phone so the beginning was always about how to make complex things simple and to make make it accessible for more users so for us there were so many users in the web 3 space that K serve and many of them are scientists DJs I'm sure that many of you guys sitting down there are but you guys have tons of tools you guys are very well served the ones that are not very well served tends to be the Newbie users so given our history focus on how to make things simple easier for everyday people to hold things in the hand we those are our focuses in a mission continue to go forward so coming back to this you know with that Focus we're always looking at technological things how to continue to lead the revolution tion of new user experiences so maybe you can talk about what we have done and what we have observed when it comes down to new tech yeah definitely so having 100 million user I mean downloads around the world we have millions of millions of users using us every single day so if we look at a crypto space uh the users are are very longtail on one side of the world you have people like metalic right so aers uh knows everything about crypto and on the other side you still have lots of people like a a chef in Brazil or a taxi driver in Turkey they also looking for crypto to help them uh to protect their assets uh their their needs are very simple like okay I got paid by Fiat today and my fiat currency is losing uh 30 60 80% rep value year by year so how do I protect these assets I earn by sweat and blood and uh so I can have the money to put Foods on the table uh tomorrow so when we have so many different users we tend to uh serve them you know way that we call progress on boarding so they start with as a normi everybody start as normally right so they start as normi where we serve them with a product uh uh Swift wallet called AA uh AA wallet that they can create a wallet with a one single uh press of a button with the pass key technology and then gradually we onboard them to a more uh sophisticated way where you need a uh C phrase to open your EA wallet you need a better um protect your assets yourself you truly own your assets and then gradually we expose them to things like onchain staking uh browser y y y all that and along the way we also try to protect them as much as we can uh proactively uh warn them uh how dangerous this world could be uh and you know we don't want our users to lose their funds overnight right so on that on that part uh not only the uh you not only need the technology uh because sometimes people lose funds because the technology but sometimes people lose funds purely on human mistake right so for that part uh as a company I think uh we we do a lot as well so you will maybe can review like uh day operation how can we how do we what do we do to help users to uh to use our product in a safer environment yeah um so there were different layers to security there are code based security basically is your back door how do we make sure the key key signing authorization aspects the codes are safe this part we deploy open source so our fundamental key signing Technologies portions of the code is completely open source for the past seven years years and then it has been very well audited uh the white hat Community has been battle tested and give us Buck buy support so this is very important that we bring transparency uh to both the users the industry uh alog together the second layer is to point sometimes it's a lot of a human area like how do people know if this is a scammer address is this a scammer adaps versus a real one so this we work with a lot of the security Partners in the industry by aggregating the database together and give user signal so if you're sending a uh a token some assets to a already known scammer addresses we will jump out bloody red warnings and tell you you have high risk of losing your fund are you really really sure that you wanted to send to this address um in fact just simple things like this for six months we prevented a 500 million assets sent to scammers um we success we're the assets that were able to protect from the users are about 97% of course there still users maybe it was a false alarm they know the addresses they insist on sending over that's totally fine but we know that with information can help users make better decisions and the third is operational because a lot of the fishing situations uh happening to the companies for a lot of the hacks recently are not through sophisticated code just by getting the system access from a customer support this happens way more frequently than just getting a co-ack those are the things that requires organization to invest a lot to train the employees improve the systems access and then increasing awareness in general so because we've been around for seven years honestly like if someone tell you they never ever had a security problem I say either they didn't survive long enough or they're just not big enough to be a a a tack focal point so we have experiences and we realize that getting the operation in the right spot is very important so we were actually the first web three wallet in the industry even before any of the known Hardware wallet that you will consider security to be much higher we are the first one to get ISO 27 uh 001 and 27701 certificate internationally those are the uh uh International standard for security and privacy and we get audited on the basis this is important because we need to also mature our organization our employee our system in the way not just our code but also how we maintain the code how we maintain services in the matter that's secure so from my perspective all those layers are important for security um and just sharing some experiences for any Builders down there if you're truly taking security carefully you need to consider if you're a developer usually you just it's about the code but it's more than the C code that you need to think from a holistic perspectives um there's also other aspect I think user security and user experiences can be combined together because Key Management is so hard so many people simply by forgetting the secret phrase and then losing access to the fund um those are not hack but you can still group it as a security and if we don't solve the key management in an easier manner it wouldn't really improved our adoption so what we do is about uh what we do with the Swift wallet which is a new key management solution coupled with a constru is a uh is what we choose do you want to talk a little bit more about like pass keys and why that's the right choice for the majority of the new bees that we think are coming to the space yeah um so when we talk about the security and usability balance uh it's it's a balance story uh because if you ask security to different user profile uh what is security to you they will give you different answers right so I have a one story that I want to share is uh just 3 days ago I I asked a a a a will like how do you protect your assets what kind of uh Hardware wallet do you use and his answer is simple I don't use anything I just remember my C phrase that's it I just remember my uh private key I don't write it anywhere I don't store it anywhere I don't use any hardware wallet software wallet I just remember it so that that reflects one types of user right and there's another types of user like the TXI driver in in Turkey you're not expecting them to remember a c freeze right or you don't expect them to write it down or keep it properly in several copies or away from water or fire damage for them uh we need to find a balance for their usability and uh and their security so for them is iCloud passy is their best solution because what they're thinking about is I'm going to might put my uh salary within this wallet and tomorrow I'm going to take it out and I just need a one click I don't have the uh the time to think about it I don't have the energy to to to Really store it and we talk about uh on boarding next bilon people on chain I would say 95 plus% are these type of people because they're day-to-day workers right their life is not about crypto their life is about um you know putting the mail to the table and putting the tuition fees to for the kids so uh we try to use these Technologies as much as possible to easier their onboarding experience uh all the way from onboarding to how you use the wallet so they don't need to worry about about the gas fee they don't need to learn about the chains they don't need to learn about how do I sponsor my next transactions right so these kind of things uh so that they can really enjoy the technology of web 3 what it can use to be Chang their life yeah so sometimes we heard criticism is like oh pasy you rely on Apple you r on Google web two experiences but honestly how many of you guys are using iPhone and Google tell me a decentralized phone that you're using that you're not giving them any data I think trust in decentralization is by degree and we need to think about who are the users that are going to use it it's not going to be the Privacy decentralized Maxi that will use them like your secret phrase is still your best friend but your grandma will like to use face ID to unlock and recover things as long as the whole Pass key is encrypted and store in a way that Apple doesn't have access to that's good enough for 95% of the users and we're seeing the trend after we release Pass Key and smart wallet we find that coinbase wallet follow exactly the same solution so we're thinking that's what the industries user experiences are going towards the future um we have one minute left let's talk about future what would be something that you thinking about uh for the future of wallet and then the user experience for the industry well um we're talking about next billion people on chain we are 10% down I think the rest 90% really driven by uh I would say massive uh use cases so we're thinking about more and more use cases bring uh onchain and Bridge onchain offchain so that user not only hold the crypto and they will actually use it and use it to the use case that will they will fill every day and it will impact their daily life um so things like U payment uh is a very good example right so this is something that you will feel every day oh okay now I finally understand how why people want to store crypto why people want to hold crypto why people want to access crypto yeah and what what about you what you think I agree with you I think the future is where crypto are intertwined in people's daily life on the other side I'm looking for a future where cryptos are offering way more than what people have in their current life you know our mission is give people the freedom to own which is the self- custody ownership part the other side is freedom to access opportunities so we're counting on all of you guys the builders in the industry however industry utilities real use cases values that helps the users to get better opportunities where more than have you to support you and breed you to access our user base because that's benefiting for everyone thank you guys hope you have a good rest of the conference thank you thank you so much aen thank you