How TagPay Is Solving One Of The Biggest Problems In Web3!
Blockchain, Web3, cryptocurrency, Internet money, or whatever you choose to call it, has remained among the most talked-about topics in the last decade.
What is driving these conversations is not just the hype and buzz but the potential and the endless possibilities that this novel technology holds.
Ironically, despite these widespread conversations and solutions built on top of blockchain, crypto’s №1 challenge has remained user adoption.
This may sound funny, but statistics agree with me. Because, out of the over 8.2 billion people on earth, only about 7.5% to 10.4% of the global population has engaged with cryptocurrencies.
(So, congratulations to you for being an early bird!)
But what are these factors affecting Web3 user adoption?- Technical Complexity: Unlike Web2, Web3 is confusing. Imagine someone that is used to logging in with an email now has to generate a wallet and save the seed phrase to be able to access financial services.
- User Experience (UX) Challenges: Secondly, Web3 apps (dApps) are often harder to navigate than regular websites or apps. Imagine if Facebook or Instagram had a confusing setup; most people wouldn’t bother using them.
- Security and Privacy Concerns: Hacking and scams are major concerns. If someone steals your password in Web2, you can reset it. But in Web3, if you lose your private key, you lose everything.
- Limited Awareness and Education: Most people still don’t understand Web3 or why they should use it. It’s like the early days of the internet before everyone had email; they didn’t see the need for it.
Let’s start with a practical story of how TagPay works!
Emily has always been curious about crypto, but every time she tried to get started, she felt overwhelmed with a bunch of things to deal with! Wallets, seed phrases, gas fees, etc.
However, Emily’s friend Shameer has always wanted to get her into crypto. So, after countless times of explaining wallets and seed phrases to her, he simply sent her some tokens straight to her X username using TagPay.
Along with the tokens, he sent her a referral link. Emily clicked it, logged in with her X account, and boom! She instantly had a crypto wallet with tokens already waiting for her.
This sounds like a dream, but for the hundreds of us who have checked TagPay’s Testnet, the utility goes beyond sending and receiving tokens.What Then Is TagPay?TagPay is a novel non-custodial crypto wallet, or what you can call the “Gen Z crypto wallet,” that makes sending and receiving digital assets as easy as tagging a friend on social media. This means you can send, receive, and swap tokens just by using familiar social media usernames! You don’t need any technical knowledge.
With TagPay, users can create a wallet instantly by logging in with their Gmail, Discord, Telegram, or Twitter (X) accounts. The idea is that since people are already familiar with social platforms and use them daily, why not build a solution that lets them send, receive, and swap tokens with their social tags?
How to Sign Up and Login To Your TagPay WalletWe’ll be using the testnet link!
- Head over to https://test-ui.tagpay.org/home.
- Select the social media platform that you wish to use to sign up with—currently, Gmail, Telegram, X (Twitter), TikTok, YouTube, and Discord are available.
For this example, we will use X to complete the login process.
3. Once you click X, you will be prompted with “TagPay wants to access your X account.”
4. Authorize and click Next!
5. Congrats! You are now logged in to TagPay’s web application.
Sending and Receiving Tokens With TagPaySending a token with TagPay is quite effortless! Despite being the first wallet in the world to allow users to send crypto via social media usernames, TagPay also enables users to send and receive tokens via blockchain addresses and saved contacts from previous transactions.
- You can send funds to your friends or family using their social media username.
- Just like a traditional wallet, TagPay allows you to send funds using a traditional 42-character blockchain address. Just copy and paste the address in the field below and proceed to send funds!
- These are contacts you’ve transacted with. You can send funds to them by simply selecting the recipient and proceeding through the send prompts
TagPay keeps you in the loop by making it easy for users to discover the hottest cryptocurrencies in real time.
With TagPay, you can spot opportunities early, all within your wallet. No need to jump between different platforms.
Track, swap, and stay ahead with just a few taps! The swapping feature is seamless and only takes a few prompts and clicks.TagPay Security
When it comes to crypto, users are always conscious of their funds’ safety; TagPay doesn’t joke with that either. This explains why TagPay combines the versatility and security of blockchain technology to provide a unique and secure user experience.
- Multi-Layered Wallet Security — TagPay gives users the option to set up two-factor authentication (2FA), a recovery seed phrase, and a password.
- Advanced Encryption — TagPay uses an AES-encrypted wallet with passwords generated from two different hashes for maximum security.
- Zero-Knowledge Security — Ensures no one, not even TagPay, has access to users’ private data.
- Automatic Credential Removal — Protects wallets by automatically revoking credentials when necessary.
- Top-Tier Security Audit — Plans to undergo a full security review by a leading audit firm.
- Bug Bounty Program — Encourages the community to identify and report vulnerabilities to strengthen the system.
As I mentioned earlier, the UX of most Web3 products is complicated and different from what we’re familiar with in Web2. TagPay devs and designers eliminate this bottleneck by fusing the familiarity of Web2 with the security and privacy of Web3.
- Send, receive, and even explore NFTs or metaverses using your Twitter (X), Telegram, or Google username.
- TagPay features a smooth and intuitive design that makes sending crypto fast and hassle-free.
- Users can receive crypto before even setting up a wallet. Just click a referral link, log in, and start transacting in minutes.
- Easily swap between Ethereum, Binance, Polygon, Arbitrum, Optimism, and more — TagPay is your all-in-one crypto companion!
At first glance, TagPay looks like a powerful consumer Web3 wallet, but there’s something cool for business and Web3 companies as well! And it’s FREE!For businesses and Web3 companies, TagPay serves as a Wallet-as-a-Service (WaaS) that allows seamless integration of the TagPay API into your applications, platforms, or Web3 games.
Instead of spending time and resources building a wallet from scratch, businesses can integrate TagPay’s secure and user-friendly wallet instantly, without the complexity or high development costs. This is perfect for Web3 startups, an NFT marketplace, e-commerce businesses, or a blockchain gaming platform.
ConclusionTagPay, the social media wallet for everyone, is doing something entirely different. This solution holds the possibility to onboard millions of Web2 social users into Web3 seamlessly!
The team behind TagPay is intentional and focused. They’re already fostering an engaged, organic community that’s buzzing with excitement. The product is currently in testnet, but when it goes live, it promises to be a game-changer for both users and businesses alike.
For now, check them out: Testnet, Email, Telegram, and X (Formally Twitter)
How TagPay Is Solving One Of The Biggest Problems In Web3! was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.