Going Mobile: Is Web3 Ready for Smartphones?
Since the iPhone’s launch in 2007, smartphones have revolutionized how humans interact with each other both online and in-person through constantly improving updates and revolutionary apps. Without a doubt, their presence in the 21st century cannot be ignored, yet one industry is still missing - web3.
For a while now, it appears that crypto is struggling to bridge the gap between desktop and smartphone due to weak security measures and compatibility issues concerning private keys and how they’re stored.
However, many web3 teams have been quietly working on new projects behind the scenes that introduce web3 to smartphones in a way that could spur the industry toward greater integration with one of the most dominant tech products.
Latest announcements:
1. Uniswap
As reported earlier on BCCN3, Uniswap launched a new fully custodial wallet for users on iOS. The wallet allows users to interact with the popular Uniswap Dex on multiple networks including Ethereum, Polygon, and Optimism.
While there are some concerns with the wallet's ability to store encrypted private keys on iCloud, it’s not required with users still being able to record their mnemonic seed phrases on a piece of paper.
2. Ankr
Ankr’s latest foray into mobile development comes from the development of a new asset bridge that allows users to swap funds from different blockchains through Ankr and Chainscanner.
The application could bring a lot of potential for users on the go that might use wallets such as Trust wallet, which only have access to one network (BNB), or other users who wish to move liquidity off of an exchange’s mobile app such as Coinbase.
3. Brave
Brave’s web browser has been a leading innovation for web3 with its connection to the BAT token and how ads are displayed on web3 browsers. The browser can pay users for their time spent on the browser which can be compounded with smartphone adoption.
Brave has also made efforts to include multiple networks in their browser with Solana being the latest blockchain to be integrated into their mobile web browsing app.
The difficulty with mobile
As great as these developments are, the biggest concern for developers and users alike is still security. As we’ve seen countless times, the potential to be hacked or scammed is a constant threat that needs to be mitigated, and bringing crypto to more mobile users does not ease that concern.
In fact, the risks are greatly enhanced with smartphone integration because it can lead to more instances where private keys are compromised. Past reports have already shown that smartphones can memorize a private key which is a massive issue for anyone that types their private keys into these new mobile web3 apps.
Further, additional security on the smartphones themselves would need to be enhanced because the smartphone is essentially being turned into a warm hardware wallet. Anyone that breaks into a smartphone could have undue access to the owner’s wallet.
Benefits of mobile
While the security risks for mobile integration of web3 are severe, there are still numerous reasons why an innovative solution needs to be created. Smartphones are one of the most widely used products in the world that allow users to connect to the internet wherever a signal or wifi is available.
Further, smartphones can be significantly cheaper than desktops and laptops, allowing underserved communities to have better access to the internet. This then opens the doors for those same communities to access decentralized financial services created by reliable networks such as Bitcoin and Ethereum in areas where banks and local fiat are untrustworthy.
Moreover, the ability to interact with the layer 2 networks on mobile devices allows merchants, shop owners, and consumers in these communities to buy and sell goods and services in a way that can be used to grow their businesses instead of being subject to harsh financial circumstances that plague many under-developed and developing nations.
However, the major caveat of security still looms over this scenario and the risks of scams and fraud are still a problem that needs to be addressed by the larger web3 industry; but if solutions are developed, the inclusion of mobile functionality in web3 could lead to greater financial freedom around the world.
