Building in Web3 - TOKEN2049 London 2022

it is so amazing to see so many people and on this day even though the industry are really turmoil just just wanted to understand who am I speaking to how many of you are building right now in the web 3 Industry raise your hands oh not many then how many of you are interested in in web 3 but right now in web 2 how many okay how many of you are just users in trying to figure out cool stuff okay so what are your the rest of you here for no I'm just kidding uh how many of you are feeling anxious and shocked given what happened in the industry no everyone's hopeful determined and peaceful that's great that's awesome okay so then we can get to the core which is I'm pretty hopeful still even though there are a lot of turmoil in the industry like I joined the industry four years ago in the last bear Market I think I've seen a lot but every day there keeps to be new things and I think the most important thing is just keep building and delivering values to the users that no matter what we're going through will be fine um so how many of you are familiar with self-custody wallet awesome that's great so this will be easy um here's my definition for self-custody wallet I think the most important thing that we're delivering value to the society is to have the ownership empowering people to have a taste I'm not sure about what is your story of getting into crypto but when I first joined binance four years ago and I met Victor our founder of trustworth and he said hey do you have a crypto I say sure I have it on the centralized exchange you say but do you have one Rudy on the blockchain and be like no then he sent me a little East on the trust water and say here you go now you have it and I think this is a magic about ownership is once I start to have the little token I research into it I start to figure out how to do things on chain which is completely different from if you're doing a bank account management and I have a sense of security a sense of responsibility that I never had before I think the similar things happen to democracy I'm from the US that is when the U.S democracy first happened it happens to people with assets and why because people with assets will have a sense of ownership that make them feel different when they are making decisions so I'm a huge believer about giving full ownership to people because I think that's fundamentally what web3 provides an opportunity is the unprecedented ownership that you can have with both your assets your identity your data your footprint on the internet and then what its job is to how to make that happen easier for users to access manage see their footprint on the blockchain and that's our job so then the most important thing for us to empower is users how many of you know that we're the world's largest mobile audit oh some of you and I know some of you yes were actually the world's largest self-custody Mobile Wallet many people don't know we have for the past five years we have more than 60 million downloads globally and even in Bear market today we still have about 10 million monthly active devices and we provide a One-Stop shop that users can really hold up to 8.5 million tokens on 70 different blockchains including nfts too so you haven't heard much about us because this is done by our 20 team and the users to team ratio is unprecedentedly high and recently with just 2.5 times doubled our team size so then I get a chance to come out here and speak to you guys about what we do so since we're talking about building in web 3 if you're a builder you might be curious about how to actually grow to such a large size and get users and it might sound cheesy but that's still the same thing is principle matters especially in the turmoil that we see today or for the past two days I think going back to making the right decisions holding a right Integrity that you are delivering values for the users and not making any fishing move is how to carry you in the long term end users to trust you and for us as a wallet the three most fundamental thing that we try to hold as a principle to serve for the users are security that's the number one thing because once you make break the security you break everything the second thing is as Alliance is secure how to make it easy to use because our goal right now given such a user base is how to adopt more people onto the space and the third is open access I think this is an ethos about the industry but I do see worrying trends that the different ecosystems are getting closer and closer like how we do stuff traditionally in web 2 and if we do become a close ecosystem how do we actually scale to Beyond just 0.1 percent population in the world I do want to make a call out to all the builders or ecosystem developers right now to think about the principles that you're upholding to so how do we do it um security is one of the first con consideration that make us decide to build a wallet on mobile it's both for easy to use and also because Mobile water is slightly more secure than web extension because it's in the off it's in the content The Enclave environment and less conducted content compared to the extension but it also provides a better user experiences compared to Hardware wallet so that is a trade-off decision that we make then we think about it Mobile water is the best starting point for the majority of the people and we also try to do a lot with privacy and I've been pushing the team that we try to get rid of any data that can potentially identify you because as we're potentially getting exposed to more data on Qing we're going to do more identity footprint on chain you realize that privacy can be one of the biggest issues going forward and also with the regulations so this is what we are committed to on the first principle the second is if you have to grow to Big user base you have to make the product really easy to use and the most important easy to use thing is about being simple it's very easy to get very complex put everything together but then you just scare up tons of people so even nowadays a lot of crypto OG still recommend the first people getting onto the blockchain to use trust wallet is because we do provide a very familiar web 2 experiences for people but without sacrificing the full ownership that the users should be getting in web 3.

so as you mentioned as I mentioned you can hold up to 8.5 million token it's really a One-Stop shop just to put numbers in comparison Finance holds about 500 tokens coinbase is probably about 150 to 200 so you really provide an unprecedented selection of options for people who want to do anything that get exposed to ongen and that's what we're aiming for and the second is that we're also making onboarding easier from the Fiat web 2 world to the on-chan world so this is thanks to our six different payment providers they allow more than 40 Fiat currencies to directly buy hundreds of the tokens right now from the majority of the world and we do that through a secure and compliant way because you do want to make sure the capital that come into unchain is clean and the third one is anything you want to do with token is swapping would you provide that swap options so users can swap hundreds of the tokens on chain through the different decks also through our partners with one inch and Thorn chain various users can do cross chain as well cross chain from BTC or ethereum to other major change and lastly is native staking some of you if you're using exchanges you probably use some staking functions but what is the difference with Native staking so this allows your capital to directly contribute to the Securities on chain so if you state ethereum if you stake Solana they contribute to the network ecosystem and there's no middlemen so you get all the yield you have and when you're comparing the yield rate that latest taking provides to what exchange provides you'll realize that you can get a lot more but this is not decide by us this is decide by each Network blockchain ecosystem what do they decide for their staking so this is mostly what we think the web 3 new users will want to explore when it comes down to token but then I think those trees progress it's not just that crypto is no longer just become managing story trading tokens anymore there are a lot more utilities coming up there are a lot more depths coming out so their water we also need to evolve around with it I think wanted to the blockchain is becoming the browser to the Internet so the most common utility outside of the token is nfts so we support up to six popular chains polygon Solana BNB ethereum Avalanche nfts to be held there and The Meta chose us to be one of the earliest partners and Nana team was telling me Instagram team telling me how did you guys make the nft show up so fast almost instantaneously on your app because only happening to you and no other wallets that we work with because we did the hard work we built all the infrastructures ourselves to making sure that even just a little time time gap for the users can be optimized and you cannot take the shortcut if you don't do the hard work so and we also build the in-app data browsers that the users can connect to any dabs on 23 blockchains anytime and directly enjoy a mobile experiences carry with them anywhere so now if you're any of the DAP Builders we would love to see if there are any gaps with conductivity that happens we wanted to solve your problems so this is what gives us a lot of the infrastructures so we integrated with 70 chains and we also want to keep up with the industry's movement so the move ecosystem is right now pretty popular and we're the only top three wallets in the world give the users capabilities to manage any Aptos tokens as well as connecting to the actual dapps so even though right now we'll see how the industry Dynamics go through we do want to be there to serve the developers and the users to make the bridge happen but we don't do that just for ourselves our infrastructures is open sourced so this is a mobile wallet Library any Mobile Wallet developers can use to build their own app on top of it because we deeply believe that the infrastructure layer should be open source so that we can scale the development much faster and someone asked me are you worried about competitions sure but also no because I sometimes think competitions can crowdsource more wisdom to help us the mobile developers to figure out what is the better user experiences to come so crypto.com water all users our open source infrastructures to build their own wallet and for any chain ecosystem out there the fast track for you to get tapped into either us or any of those Mobile wallet is you can do the work of integration to the library yourself so that we don't become the bottleneck and we can help you to better get to the users faster so what's next to calm I think is people might want to hurt more sexy new stuff but I actually think the fundamental principles too don't change to any wallets security onboarding those are going to be forever trade-offs that we need to figure out so security includes giving full ownership to users there are recently a lot of discussions around smart contract wallet upon abstraction I think those are very very promising technology that we're also doing a lot of research testing experiments too the key questions that we are still pondering on is how do we solve recoverability issue how do we solve cross-chain issue so that we don't make any particular chain a closed ecosystem and how do we also avoid or reduce smart contract risks because once you make the water a smart contract it Bears its own risk too I think those are the different trade-offs that we try to think about but smart contract definitely have a lot of potentials to make the onboarding experience this better as an industry what are we willing to trade off for the users we're going to make that decisions other wallets will make that decisions too so we'll see how the users decides and then identity data as mentioned I think this will be a very important infrastructure that will be built on wallets too but then as mentioned coming on will be the Privacy how do we make ensure that the identity doesn't get compromised wallets we don't need to hold identity data point and become a Honeypot for hackers so that most of the users data their jeopardize but most importantly anything comes down to next is what do we deliver True Values for users and this is what drives me the other day I was talking to a finance charity team and she really encouraged me she said that they're working on giving crypto donations to Afghanistan refugees during the war and they couldn't use any other means other than self-custody wallet because Financial infrastructure traditionally doesn't really work there and centralized exchanges if they are reliable they would do very heavy kyc and there's no identity infrastructures in war zones like that but in turbulent times all the crypto foundings and donations that the refugee received is on trust wallet that's the means now at this we are filled in the Gap in the society is we do help the underbanked and we make it easy to use we make it relatively intuitive for them to use so that they can enjoy and participate and get a peace of mind of the security so even in the turbulent times right now when the industries are potentially shaken by how do we think about regulation questions about the centralized exchanges going forward at least I think self-custody is a last line Resort for many people in turbulent times you have your pieces of your mind you have your own control yes it's not that easy to use yes we will try to solve the problem but it's potentially cool for people to have an option so that's all um and here's my call to action we will also have a meet up for next week if you're around would love you to hang out and share feedback and how we can build things together thank you