Ethereum co-founder Vitalik Buterin has outlined his vision for the future of Web3 wallets in a recent blog post. He emphasized the need for improved security and privacy features, as well as simplified transfers between layer-2 networks. Buterin stated that users only benefit from the decentralization, censorship resistance, security, and privacy offered by Ethereum and its applications to the extent that the wallet itself also possesses these properties.
He proposed integrating privacy features directly into all Web3 wallets, rather than relying on specialized privacy wallets. One solution suggested by Buterin is for wallets to store a portion of a user’s assets as a “private balance” in a privacy pool, which would be used to fund transfers. This innovation is seen as a way to enhance privacy features on-chain.
Buterin emphasizes enhanced Web3 security
Additionally, Buterin recommended incorporating multisignature authorization into all Web3 wallets for added security. This would require several signers to authorize transactions, providing an extra layer of protection.
To simplify transfers among layer-2 networks, Buterin urged wallet developers to add features that allow users to send tokens directly to a wallet on a different L2. He proposed a new address format that includes the L2 network identification, such as “[email protected].”
Buterin has been pushing for accelerated layer-2 decentralization since September. He plans to acknowledge scaling solutions at “stage 1” of his decentralization scale and will only publicly mention networks that have an active fraud-proof or validity-proof scheme in place by 2025.
These recommendations mark a significant step in the evolution of Web3 wallets, placing security and ease of use at the forefront of development priorities. As Ethereum continues to lead advancements in the blockchain space, Buterin’s vision sets a new standard for the entire industry.
