Ethereum blockchain’s first interface announces release of wallet extension

As use cases for blockchain technology increase, so do the number of related projects and associated cryptocurrencies. While this may sound like momentum toward a future governed by user autonomy, it is not without concern in today’s Web3 landscape.

As more blockchain ecosystems emerge, the challenge of navigating them becomes increasingly complex – jumping between multiple wallets, bridges and exchanges. Apparently, the answer is simple: Turn complexity into simplicity by condensing a multi-faceted, multi-step process into a single entry point to buy, trade, and exchange assets independent of the ecosystem. An example is a mobile app or browser extension with the ability to provide cryptocurrency wallet functionality for any Ethereum compatible blockchain.

The caveat is that this is only a solution to a symptom of a larger problem to solve third-party trust. Consider that with only one or two solutions currently available to navigate the complex cryptocurrency landscape, some level of monopolization and thus dependency will naturally occur. To put it in layman’s terms, if only one platform offered an improved user experience and that platform went down, so does the mass of users who rely on it. Therefore, the concern for many is how to make more user-friendly solutions available to a growing market.

Enkrypt, created by MyEtherWallet (MEW), aims to solve this problem. Originally recognized as the first ever wallet interface for Ethereum, the team has since focused its goal to address this new concern in the market by partnering with Polkadot to build its own Web3-compatible wallet extension, released under the name Enkrypt.

In response to this mission, MEW Founder and CEO Kosala Hemachandra shares,

“Ethereum and Web3 are revolutionizing crypto away from simple value transfer chains like Bitcoin, but the growth of smart contract chains comes with challenges for users. With Enkrypt, we solve for a better user experience and seamless interoperability in the multi-chain future.”

The intention is that a solution like this will improve user-friendliness, and bring the widespread use of cryptocurrencies and Web3 closer to reality.

Tailor the multi-chain experience to the masses

Enkrypt is designed as a multi-chain tool, which makes it possible to store different cryptocurrencies in the same place, thus eliminating the need for users to use multiple wallets. Effectively, this wallet extension will allow users to store assets from Polkadot, Polkadot parachains, Ethereum and Ethereum compatible (EVM) networks, all within a single interface.

In many ways, the experience of using Enkrypt will be similar to leading offerings such as MetaMask, which exists as a browser extension and mobile app. Users will gain access to a key vault, secure login, token storage solutions and exchange, all of which add up to a more asset-inclusive management tool.

However, to further improve usability, Enkrypt will focus its efforts on ease of use for the average user rather than on those well versed in the complex features of digital wallets. To illustrate the goal of simplicity, consider how the team designed some of these processes.

For example, transferring funds to the Enkrypt wallet from another wallet, be it an exchange wallet or otherwise, can be done by clicking the deposit button. Making this choice will open a series of messages to ensure that a user is on the correct network and transferring to and from the correct addresses, making an otherwise overwhelming process as easy as possible.

Upon release, functionality to deposit, buy, and exchange crypto can be done on many popular blockchains, including Ethereum, Polygon, BNB Smart Chain, Goerli, Polkadot, Kusama, Moonbeam, Moonriver, Acala, and Karura.

A solution for a single wallet

With many developments underway, the project’s launch date is set for August 3, 2022 — but this is just the beginning. The team plans to support multiple networks in the Ethereum and Polkadot ecosystems as a starting point and may expand to additional blockchains as needs arise.

In line with industry experts’ expectations that the scalable smart contract network space will continue to grow and become more interoperable, Enkrypt will continue to position its release as a single wallet solution for easy Web3 access.