The discussion among Web3 experts at Cointelegraph’s latest X Space, particularly Khori Whittaker of ENS Labs and Josh Cowell of XGo ID, delved into notable aspects of evolving blockchain projects and enhancing user experiences in the crypto space.
Whittaker emphasized the Ethereum Name Service (ENS), which translates complex alphanumeric crypto addresses into human-readable forms, thereby simplifying interactions and transactions in the crypto space. This initiative significantly enhances user experience (UX) by making decentralized app (DApp) logins and transactions more user-friendly and less error-prone.
Cowell introduced XGo, focusing on crypto-payment infrastructure that acts as an intermediary or “glue” among various service providers in both centralized finance (CeFi) and decentralized finance (DeFi). Leveraging ENS’s top-level domain technology, XGo ID enables users to interact across multiple blockchain networks through a single, recognizable ID, alleviating the need to manage multiple wallet addresses across different networks.
A crucial point discussed by Cowell related to the “Web 2.5” concept, suggesting that before fully immersing users into Web3, it might be necessary to develop intermediary steps that combine elements of both Web2 and Web3 to facilitate a smoother transition for users. This could alleviate some of the technical hurdles and enhance user understanding of Web3 technologies and practices.
Cowell presented a phased analogy of technological progression:
Phase 1: Traditional telephones and phone books facilitated human connection.
Phase 2: The internet age, where communication pivoted towards internet addresses and emails.
Phase 3: The unfolding era of blockchain, where, unlike previous phases, value (not just communication and data) is transmitted.
In this third phase, IDs serve dual functions, acting similarly to bank accounts and identification documents, presenting diverse possibilities for ID evolution in Web3.
Decentralized IDs (DIDs) were acknowledged as pivotal, especially amidst prevalent speculations in the crypto space. Cowell expressed the necessity to instill functionality into IDs, making them utilitarian rather than mere tradable items in the crypto space. Whittaker supported this by detailing the ENS Name Wrapper feature, enabling users to craft subdomains on their ENS names for varied purposes, like creating distinctive subdomains for payables and receivables for businesses, thereby augmenting functionality.
Cowell identified layers within the crypto system: transaction, access, and identity, underscoring that while advancements have been noted in the first two, the identity layer necessitates focused solutions to catalyze mass adoption. Whittaker echoed these sentiments, stressing innovators in the space need to prioritize understanding and designing user journeys to surmount prevalent hurdles, as mass users may not navigate these independently.
Collaboration was heralded as integral for evolution in the crypto domain. Both XGo and ENS Labs demonstrated reciprocal support, sharing technical expertise and building upon each other’s developments. Moreover, the involvement of both crypto-natives and non-natives in Web3, including major players like PayPal and Visa, was identified as potentially pivotal in propelling crypto towards mass adoption.
In summary, the overarching theme underscores the imperativeness of user-centric design, collaboration, and developing solutions that navigate between existing Web2 infrastructures and the emergent Web3, thereby gradually acclimatizing users to decentralized technologies and practices. This dialog offers valuable insights and potential trajectories for innovators, developers, and stakeholders within the crypto and blockchain ecosystems, illuminating possible pathways towards user-friendly, accessible, and mass-adopted decentralized technologies and practices.
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