When you open your Echooo wallet, a blue elephant logo is the first thing you see, and your first reaction might be “this elephant is not looking good at all”; and your mind may also come up with a question “why would a Web3 wallet require me to register an account?
Accounts, Easier and Safe
Our account accompanies us on our Internet journey, like a portfolio, recording our internet footprint, views, preferences, and more privacy. Today almost everyone has a Google account, which also provides us with convenience. The importance of the account is fully reflected in all aspects as it has become an indispensable presence on Web2, as it is possible to log in with one click on different websites without having to fill in usernames and passwords repeatedly, and shop, play games or browse information on the Web.
Nowadays, as we enter the encrypted world, what makes our perception of accounts different?
Why is such an important concept not popular in Web3?
Web3 emphasizes the application of decentralization and blockchain. In this mode, the information of the user is stored in a decentralized way, without a unified account system. Users need to manage and control their digital assets through private keys. Web3 is built on blockchain technology, adopting a distributed ledger mechanism, where each node can record transaction information, which would make account information less important because blockchain technology can ensure the accuracy and security of transactions.
From current developments, it is viewed as almost equivalent to “fraud” for centralized accounts among Web3 residents. Mutual distrust is the cornerstone of Web3, and the characteristics of traditional accounts make them vulnerable to control by giant financial institutions and exposed to “malicious” risks.
Echooo Wallet Recovery mechanism makes it easier for Newcomers
Blockchain and Cryptocurrency sound extremely secure, but don’t forget the threshold to entry can be extremely unfriendly to newcomers in Web3. For example, giving a newcomer a 0x public key address can leave them completely bewildered. As they must confirm it multiple times before every transfer. However, when transferring through a bank, you don’t need to bear such a high verification cost because the bank system will verify whether the recipient and account number match.
Even the most renowned EOA wallet (Metamask) has a high entry barrier for newcomers. Without the most basic understanding of blockchain technology, it is also confusing for newcomers to understand some basic concepts such as the importance of “private keys” and “helper words”.
In today’s world where geopolitical centralized narratives dominate national policies, having a decentralized private key is far more convenient and secure than creating an account in a specific country. Private keys can be said to be the only thing that crypto-punks trust.
Although the architecture design of blockchain is secure. We still must be clear that the private keys are the unique credentials, and if your private key is leaked. Your account will face huge risks. However, the control of assets is in the hands of “who can control the private key” rather than the users themselves. Once the private key falls into someone else’s hands, the account is basically completely disconnected from you, without even the chance to report loss or freeze account. For newcomers who have just entered the Web3 world, it is too easy to make irreversible mistakes.
The technology in Web3 is not as straightforward as our usual use of credit cards and PayPal. In the world of Web3, you need to control your private keys to ensure the security and correctness of your account by yourself. Combined with issues such as slow transfer speeds and high gas fees. The learning cost and trial-and-error cost for newcomers are significantly higher than in traditional Web2.
Therefore, preserving the original account system, which better gives newcomers a sense of familiarity and security plus the security of a smart contract wallet, is an important change made by Echooo.
EOA and CA Wallets are more user-friendly
Choosing to be friendly and setting aside objections is firstly an ability:
Excellent security: Echooo is a hybrid architecture wallet (EOA+CA).
EOA wallet: Echooo generates a wallet private key, but unlike traditional wallets that use mnemonic phrases for users to save. it encrypts the private key through an algorithm and stores the encrypted file in the cloud. In the future, the wallet will also have the ability of MPC (multi-party secure calculation).
CA wallet: Multi-signature and social recovery mechanisms.
Even if the account is compromised. For the EOA wallet, the private key used for trading is still in the user’s hands (backed up in the cloud), which ensures that the user’s assets will not be lost. For the CA wallet, multiple confirmations are required for trading, which also ensures that the user’s assets will not be lost. Both can register new accounts, and then use cloud keys or social recovery mechanisms to retrieve the wallet in the new account.
While ensuring security, the learning threshold for newcomers is almost zero, which can solves the problem of high threshold to entry in Web3.
No mnemonic words: As mentioned above, due to the characteristic of encrypted private key storage in the cloud. No mnemonic words are required.
Seamless connection to Web2 user experience: Whether it is the feature of being able to register with just an email, or just needing a phone number to enjoy the service and eliminating the bother of mnemonic words and private keys. You can also log in with third-party platform accounts (in the new update, Google accounts are already supported). There are basically no confusing aspects for newcomers, everything is as familiar as the experience on the Web2 platform, but you have unknowingly entered the Web3 system. On this basis, gradually familiarizing oneself with other concepts in Web3 can effectively expand the consensus community of Web3.”
Social recovery wallets are not a betrayal, but rather an expression, of “Crypto values” -Vitalik Buterin
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