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- Ethereum’s Vitalik Buterin has shared key features that define a functional crypto wallet.
- He calls security, AI, and user experience key features to develop.
In a recent blog post, Ethereum co-founder Vitalik Buterin outlined key upgrades essential for the functionality of a Web 3.0 wallet. These features include user experience, privacy, security, technology, and Artificial Intelligence (AI).
Vitalik Buterin Advocates For Enhanced Ethereum Wallet
Buterin emphasized the importance of a wallet, stating that it connects a user to the Ethereum ecosystem. The Ethereum co-founder outlined unique properties that he believes are necessary to make wallets digital and decentralized.
First, Buterin noted that an ideal wallet should have a detailed roadmap for improving user experience. According to him, the core ideas for an ideal wallet include built-in cross-L2 sends, chain-specific addresses, and payment requests. He added that QR codes could also integrate chain-specific payment requests, which mobile wallets could scan.
However, Buterin acknowledged that properly making the user experience function would also necessitate standardizing the getAvailableBalance request. In addition, wallets must carefully consider which chains they store users’ assets on by default to maximize security and ease of transfer.
The second feature highlighted by the Ethereum co-founder is focused on account security. He believes a good wallet should protect the user from hacks, threats, and their own mistakes. Buterin stated that his preferred security solutions are social recovery and multisig wallets with graded access control.
Also, he highlighted the implementation of complicated guardian architectures, such as multiple timelock durations at different thresholds. He thinks this can help maximize the chance of successful, legitimate account recovery while reducing the danger of theft.
Furthermore, Vitalik Buterin suggested that wallets incorporate technologies like mixers or zk-SNARK for enhanced privacy. One advantage of this strategy is that it provides a natural path to privacy-preserving asset transfer and identity. Buterin thinks wallets can also add a paranoid mode for privacy-conscious users. This feature requires users to click through and accept HTTP requests, not just Web3 operations.
Moreover, the Ethereum co-founder argues that wallets should do more than store cryptocurrency. He sees wallets as instruments for managing identification credentials, Non-Fungible Tokens (NFTs), and other forms of digital data.
Buterin Shares Long-Term Plans for Ethereum Wallets
Vitalik Buterin further shared three trends that could reshape Ethereum wallet functionality. These include the implementation of AI, brain-computer interfaces, and clients’ involvement in active defense.
Buterin stated that AI could transform wallets from a traditional perspective to a paradigm of “say what you want to do, and the bot figures it out.” Likewise, he thinks the integration of “mild” approaches like eye tracking and even invasive techniques into wallets could improve their functionalities.
He also emphasized deploying active teams to protect users against security and privacy threats. Buterin claims this move will become more powerful in the coming decade.
The ETH innovator’s ideas demonstrate his forward-thinking vision for Ethereum and the Web3 space. His list underscores the importance of wallets in the Ethereum ecosystem and the widespread use of decentralized technology.
