One of the biggest concerns we have at the Guardian Academy (TGA) is getting people into the web 3 world safely. Setting up a wallet is easy enough, but there is a tremendous amount of anxiety about seed phrases and security as well as a huge barrier to funding wallets. Traditionally, especially in the US, the only way to onramp fiat has been through a Central Exchange – which poses numerous risks.
Central exchanges will continue to go through growing pains as they become regulated. The reality is, they will also become irrelevant to the mass market looking to come into crypto.
Recently, we’ve become friends with Horizon. They are a great gaming engine project that has, most importantly, put a tremendous amount of resources into improving the onboarding experience for people coming into DeFi.
Last week we introduced the Guardians of TGA to Sequence, the wallet tech, and asked them to set up accounts, play around on different networks and fund their wallet(s) so they could provide feedback about the experience that we could pass onto the Sequence/Horizon team.
The task was simple:
- Navigate to https://sequence.xyz.
- Scroll down to find and click on “Sequence Wallet”.
- Click “Launch Wallet”.
- Add funds and navigate your web 3 world using the sequence wallet.
- Report back any questions, issues, concerns or sticking points.
Why?
So we can continue to find ways to help people navigate the web 3 world safely. Based on the initial testing and feedback, this wallet’s tech is a game changer.
Outside of people in a few states (New York), everyone was able to onboard fiat into crypto with a few clicks, without a central exchange.
When you’re logged in, it should only show the options that are available in your area based on your IP address (I have not verified that, that’s just what I was told).
A processor like Sardine will allow you to add funds via bank account. The others should allow credit or debit card.
Not only is it a smoother onboarding experience, but unlike many wallets, it displays your assets for you. I transferred over a RecoveryPunk to test it:
Why this is important:
Sequence is non custodial and appears to be much safer than a CEX. It is also easier to set up and plays nice with all EVM networks (BNB, ETH, Polygon, etc).
This kind of technology will remove a massive limit to adoption. Collectively, we are trying as many different paths as possible using Sequence to find the limitations and sticking points.
Some known limits:
- Transaction size limits set by the provider(s).
- These limits can be removed or increased via relationship with the providers and will get a boost/improvement from clarity on regulations.
- Some options may not be available depending on location. Most of the providers have to get approved state by state, Washington State and New York are notorious for being difficult or slow. Again, time will likely resolves this.
Other things to note:
We have spoken to multiple projects that are building to support companies like Starbucks, Disney, Coca Cola etc on the blockchain and they are all expecting a cross chain, interoperable world. Sequence tech is an example of the direction the web 3 is likely going.
Documentation can be found here:
https://docs.sequence.xyz/intro/overview.
The most interesting thing to me is that you can create an account with a social login or with gmail and the security is actually improved compared to most traditional blockchain wallets.
Read more here: https://docs.sequence.xyz/key-management.
The way I understand it:
The sequence wallet acts as a Multi sig wallet which needs two or three signatures to access any funds.
The three signatures needed are the Session key, the Guard key and the Torus key.
Explained here: https://docs.sequence.xyz/wallet/key-management/social-login-wallets.
Full disclosure: We are looking at Horizon to help/host with the Metaverse and gaming aspects for TGA, The Wolf Den, and the rest of the GuardFDN ecosystem. We are still tinkering/testing. If you want to tinker as well, be sure to follow all safety and security protocol recommendations.
Have fun,
Wolf Pup#0