Web3 wallets – software that allows you to interact with Web 3.0 applications. This is the third generation of the Internet, where the interaction between the user and the Internet is fundamentally different from what we are used to. Applications running in this environment are mostly decentralized and run on some kind of blockchain such as Ethereum.
Features and benefits
Centralized platforms running on huge servers still cannot provide complete data security. Meanwhile, it is security that is the key factor for individuals and businesses.
One new technology that can help increase the reliability of funds storage is blockchain. When data is decentralized, confidential information is not stored in company databases and large data centers. The first project to make full use of this technology was Bitcoin. Now new projects appear almost every day.
The main purpose of a DeFi Wallet is to allow users to store their own funds without relying on a third party to hold the assets. Essentially, it leaves you in charge of your funds with complete freedom to do whatever you want. The only person in charge of your funds is you, which is a pretty revolutionary concept when you consider that banks end up controlling your money.
Unlike centralized wallets, DeFi users don’t have to prove their identity or provide any background information. The anonymity of wallets appeals to many and means that your identity will never be revealed.
The next stage in the development of DeFi wallets
Despite the many benefits of Web 3.0 and DeFi, they remain closed to most people because of the complexity of mastering them. Unfortunately, using such a wallet requires no small amount of computer literacy and knowledge of certain things about blockchains. As a result, even if a person is interested in DeFi, he probably won’t be able to take advantage of the products that the new generation of Internet offers. That could change dramatically in the near future, though.
Wellfield is creating unique technologies to accelerate the evolution of DeFi through its “MoneyClip” brand, which develops apps aimed at making DeFi work in our everyday financial lives. This is probably the missing link that will allow DeFi to take over the world. Of course, other companies have tried to develop similar solutions before, but they didn’t get enough publicity or were simply so inconvenient for users that they didn’t gain enough popularity. This is not going to happen with Wellfield’s app.
MoneyClip, has been developing its app since 2019. The app allows users to attach their bank account to a blockchain and enjoy all the features DeFi offers. In the third quarter of 2021, a beta version of the app became available to users, with an official full launch planned for late 2021.