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Trust Wallet, one of the leading self-custodial and multi-chain wallets, has partnered with Web3Auth to simplify Web3 onboarding using social logins. The move aims to improve the user experience and accelerate the mass adoption of Web3.
Onboarding on wallets can be complex and stressful, requiring users to manage and remember their seed phrase, a critical piece of information that is the key to their digital assets. With the current challenges that users face with wallets, this can drive the level of adoption, making it easier for Web2 users to interact.
Safeguarding Users from Human Error and Single Point of Failure
According to the announcement, Trust Wallet's new MPC (Multi-Party Computation) solution, powered by Web3Auth, eliminates the need for a written seed phrase, thus reducing the risk of human error and a single point of failure. Instead, users can use their existing Google, Apple, Telegram, or Discord accounts to quickly and securely access Trust Wallet services. Trust Wallet users can also use SMS OTP and email recovery to further increase security and ease of use. This brings two-factor authentication to the forefront, allowing users to have a web2-like experience in web3. Currently, the MPC feature is available in the beta version and will be expanded to all users soon. These features make it easy for an average "normie" to try crypto without feeling lost or confused.
"This is a significant step for us because it benefits everyone involved. Users can now enjoy an easy-to-use experience while still choosing a self-custodial wallet to manage their cryptocurrencies. By integrating with Web3Auth, we keep providing greater user experience and long-term value to boost broader Web3 adoption," said Eric Chang, Head of Product at Trust Wallet.
With the new MPC two-factor solution, Trust Wallet users can now explore the Web3 world seamlessly and securely across more than 70 blockchains while maintaining full custody of their assets. This option provides an alternative to the previously limited choices of either a custodial wallet with easier access but lower transparency or a fully custodial wallet with more risk and complexity.
Redefining Web3 Security
According to Zhen Yu Yong, the co-founder, and CEO of Web3Auth, lost seed phrases are a messy business and represent one of the significant risks for billions of dollars in crypto losses. He further added that he believes the industry is just starting to adopt Two-Factor Wallets for enhanced security, and the collaboration with Trust Wallet is a significant milestone in their efforts to make enterprise-grade MPC available to all.
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.