Author: Kaori, BlockBeats

Editor: Jaleel, BlockBeats

Lowering the barrier for Web2 users to enter the world of encryption is becoming a consensus and a key to unlocking the next bull market.

But for newcomers who want to enter the world of encryption, the first step - creating a wallet - seems to be full of challenges. To enter the world of encryption, you need to start from scratch and learn how to create your own wallet account, which may discourage some people who want to easily own their own encrypted assets. If you are already an experienced person in the field of encryption and want to choose options with encryption features such as non-custodial wallets, you will also face some unknown challenges.

For project developers, how to maximize the conversion rate of their applications is something that requires careful planning and operation. However, creating an application with a user-friendly onboarding process and meeting the needs of existing users is not an easy task.

As the entrance to the world of encryption, wallets directly affect when the encryption industry can achieve large-scale adoption. Although major wallets have made great efforts in this regard, the user experience of wallet usage is still unsatisfactory in the eyes of ordinary users. Although custodial wallets are easy to use, security is a major concern, and wallet theft incidents are frequent. Although self-custodial wallets are relatively secure, the way of keeping long mnemonic phrases and private keys is much more complex compared to the traditional username/password system of the internet.

Related reading: "Detailed analysis of the advantages, disadvantages, and challenges of MPC and smart contract wallets".

0xPass: How to Create a Password Manager for the Encryption World

0xPass is a wallet adapter that supports identity verification, user management, and account abstraction. On September 11th, 0xPass completed a $1.8 million Pre-Seed round of financing, with participation from AllianceDAO, Soma Capital, Alchemy Ventures, Blockchain Builders Fund, Formulate Ventures, Kommune, Hashed EM, Signum Capital/UOB, Nonce Classic, and angel investors Balaji Srinivasan (former CTO of Coinbase) and Cory Levy of Z Fellows.

0xPass was born during the "Demo Day" event of Alliance DAO in 2022, founded by Keon Kim and Krish Chelikavada. The Alliance event received 953 applications, but only 17 teams were selected. During Demo Day, Krish and Keon pitched their project while news of FTX's collapse and the bear market broke out, but Crypto Builders did not fall.

Developer-friendly, improves conversion rates and saves costs

Developers can use 0xPass to provide login options for users who already have wallets and those who do not, such as using the 0xPass wallet connector to connect to traditional EOAs, such as Metamask, Coinbase Wallet, and Rainbow Wallet. However, the account abstraction standard is still in its infancy, and the implementation of account abstraction is a time-consuming task for developers as standards continue to evolve. But through the 0xPass wallet adapter, both Web2 and Web3 applications can embed wallets into their applications without reinventing infrastructure and piecing together the complex wallet integration puzzle.

The Passport protocol, launched by 0xPass, is a programmable and MPC-based distributed key management network that allows developers to customize authentication and key recovery rules in a non-custodial manner, and fully automate and program transactions. In the future, the Passport protocol will also allow developers to authenticate, manage, and authorize users in a trustless manner, in combination with key management.

Passport Protocol Architecture

除了密钥管理，通过利用 0xPass 提供的预构建 Web3 钱包和 Web2 登录连接器，开发人员还可以让用户选择自己喜欢的身份验证方法，这种灵活性增强了用户体验，也为开发人员节省了很多成本。和 Web 2 世界通俗类比一下的话，就像是 Auth0 之类的播放器或者 1Password 之类的密码管理器基础设施。

Founder of 0xPass stated in an interview that 0xPass was built for developers seeking flexibility in identity verification rules. For example, it allows developers to program automatic trades, which may be cryptocurrency projects, that require Web2 login methods or infrastructure provider wallets to verify user identity. To generate revenue, 0xPass plans to charge customers who access its key management system based on usage.

User-friendly, to be the "1Password" of Web3

0xPass is betting on the future of non-custodial wallets, but self-custody comes with the risk of losing keys. As a result, the developer community has been searching for ways to ensure that users can enjoy Web2-level password management without the involvement of a centralized party.

For this purpose, 0xPass uses Multi-Party Computation (MPC) to "shard" the key into multiple parts and distribute it to multiple parties. Traditional MPC solutions distribute key shares between users and service provider backends, while 0xPass allows key shares to be distributed across network nodes. By dividing the private key into multiple shares and dispersing them across nodes, Passport achieves an additional layer of security, ensuring that no single node can compromise the entire system.

除了安全因素的考量，0xPass has integrated its key management service into Magic, Web3Auth, and AWS KMS. Users can log in and create smart accounts through email or social accounts, which means new users without a wallet can also register and start using the app with their social ID. 0xPass manages and verifies users through various login methods, creating a unified ID that includes wallets and social accounts.

But it cannot be denied that there are still a large number of users in the current encryption world who are willing to bear custody risks in exchange for lower costs and ease of use. We still have a long way to go before non-custodial wallet infrastructure becomes the easiest way to protect and manage assets.

Reference materials:

https://docs.0xpass.io/

https://techcrunch.com/2023/09/11/0xpass-secure-login-authentication/

https://yumi-hong.medium.com/investing-in-0xpass-20c52fe6052b

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