"Web3 Paradigm Shift: KryptoGO's 'Wallet as a Service' Enhances User Experience, Instant NFT Distribution, Empowering Enterprises to Achieve Web3 Branding"

Web3 is acclaimed as the next-generation internet, with its embedded financial system making it akin to the rabbit hole in the fairy tale "Alice's Adventures in Wonderland," mysterious and full of fantastical encounters. To enter the rabbit hole, one must first possess the key: a "crypto wallet." Just like the recipe for bubble tea, crypto wallets from different developers have varying functions. How does KryptoGO, a Taiwanese startup that raised nearly a billion dollars, define wallets?

"If you can create a wallet that 1 billion people are willing to use, that would be an opportunity of infinite potential," said Ethereum founder Vitalik Buterin.

KryptoGO is a Taiwanese startup that offers a one-stop solution for financial regulatory compliance, helping financial institutions, enterprises, and virtual asset service providers efficiently complete KYC and AML compliance. KryptoGO has raised nearly a billion dollars in its seed round, with investments from National Development Fund, Hive Ventures, Red Building Capital, AngelPlus, New Economy Ventures, and Dingle Capital.

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Currently, KryptoGO serves 13 countries and 25 overseas clients, including Mega Bank, Ace Exchange, Oursong, and Fansi.

After the collapse of FTX, the focus has once again shifted to "non-custodial crypto wallets," with Ethereum founder Vitalik Buterin even likening crypto wallets to three potentially boundless opportunities in an interview. As a compliance provider for enterprises, KryptoGO saw this trend as early as Q3 2021 and invested in developing crypto wallets, with the core concept being WaaS (Wallet as a Service).

Today, a year later, KryptoGO's heavyweight wallet can provide users with a better user experience, including visualized on-chain data, integrated blockchain asset information, and easy access for NFT collectors to understand the current market prices of their collections.

Harry, the CTO of KryptoGO, stated that the main concept of KryptoGO's heavyweight wallet as WaaS is to use "NFT" as the entrance to the Web3 rabbit hole. Extending this concept will lead to an NFT solution: 1. Lowering the barrier to using crypto wallets, 2. Integrating NFT functions to make it a powerful branding tool for Web3.

Harry said:

"KryptoGO's heavyweight wallet is a multi-chain wallet that supports 8 blockchains, allowing regular users to store private keys in the cloud; enterprises can instantly airdrop NFTs and distribute empowering rewards, with their members entering the metaverse in just three seconds, while integrating NFT services into existing services through APIs."

The First Challenge of the Rabbit Hole: Private Key Backup

To enter the Web3 rabbit hole, what you need is not a spell, but to register an encrypted wallet.

The current wallet registration experience is not very good. After registering the wallet, users will receive a set of private keys, which users need to keep themselves. Once lost, the assets at that address cannot be accessed again. Although algorithms can convert private keys into mnemonic phrases, a series of illogical English words are still quite difficult to remember, and writing them down also requires attention to storage issues.

KryptoGO's Weight Wallet provides a more user-friendly experience by backing up users' private keys in the cloud through encrypted mnemonic phrases. This ensures that users only need to remember one "sufficiently strong" password to avoid the hassle of backing up private keys. The specific approach is to first ask the user to provide a password that only they know and cannot be guessed, use this password to encrypt the mnemonic phrase, and then upload the encrypted mnemonic phrase to the cloud.

This way, even if the user forgets the private key/mnemonic phrase, they can still retrieve the private key. Furthermore, since the uploaded mnemonic phrase is encrypted, even if KryptoGO's Weight Wallet server is hacked, it will not affect the security of the user's assets.

It is worth noting that users still need to keep this password themselves. If it is unfortunately lost, KryptoGO's Weight Wallet cannot restore it.

KryptoGO's Multi-Chain Wallet

Currently, the most widely used wallet in Taiwan is MetaMask, which only supports Ethereum and its forked chains. As Web3 enters the era of cross-chain, a single-chain wallet may not be sufficient. If each blockchain requires registering a wallet and managing a set of private keys, it would significantly increase the barrier for traditional financial professionals to enter.

KryptoGO's Weight Wallet is a multi-chain wallet that currently integrates 8 blockchains, including Ethereum, Bitcoin, Solana, Tron, BNB, Polygon, Arbitrum, and Kucoin Community Chain.

The benefit of this is that when users create a new wallet, KryptoGO's Weight Wallet generates a new wallet private key based on the same set of mnemonic phrases. This means that with the same mnemonic phrase, users can manage wallet private keys on different chains.

Harry added that if users already have a registered wallet address, they can also manage it together in KryptoGO's Weight Wallet by importing the private key. This way, there is no need to switch between various wallet apps/extensions.

NFT as a Solution

Data from NFTGO shows that the first half of 2022 was the peak period for the NFT market, with daily transaction volumes ranging from hundreds of millions to tens of billions of U.S. dollars. Compared to cryptocurrencies with complex economic mechanisms and high technical barriers, NFTs seem to be more accessible to the general public, bringing high exposure to blockchain applications in Web3.

Harry, the CTO, mentioned that although NFTs increase market visibility, the "encrypted wallet" as an entry barrier sets a high usage threshold for the general public. For example, widely used wallets like MetaMask have low support.

Harry explained that currently, the general public's process for receiving NFTs is: obtain NFT qualification → register a hot wallet → provide an address → manually display the NFT after it is transferred to the wallet. This process is extremely challenging for newcomers in the crypto space, as they have to register a hot wallet to receive NFTs, understand the operational mechanisms, and for NFT issuers, the cost of educating customers is also quite high.

In contrast, KryptoGO's Weight Wallet simplifies the process for the general public and businesses to enter Web3:

Obtain NFT qualification → Scan QR code and enter phone number → Confirm receipt of NFT. Up to this point, there is no need to download the wallet, and to receive NFT rewards, simply show the website with proof of NFT to the merchant.

Afterward, users can download KryptoGO's Weight Wallet directly, create a wallet by entering a phone number, and the wallet will automatically display the NFT. Additionally, KryptoGO's Weight Wallet also has a built-in empowerment exchange system, allowing holders to manage everything in one app without switching between other websites or tools. This design lowers the barrier to enter the Web3 rabbit hole for both brands and consumers.

Harry stated:

"KryptoGO's Weight Wallet optimizes the NFT exchange process and brand marketing solutions. The best example is this year's collaboration between the lunar new year and Taiwan's largest NFT community, Demiverse, to release 6,666 'First Metaverse Lucky Bags NFTs.' We connected nearly 50 stores across Taiwan, and within three days, thousands of users participated."

Asset Data Visible in the Wallet

For DeFi decentralized finance users, they typically utilize funds across different protocols on multiple blockchains. However, wallets like MetaMask do not provide a clear overview of information, making fund management challenging. The current solution is to link the wallet to an NFT marketplace platform to access relevant information.

Harry, the CTO of KryptoGO, mentioned that KryptoGO's Weight Wallet meets the needs of most traditional financial users, offering a better user experience, including visualized on-chain data, integrated asset information across multiple blockchains, and easy access for NFT collectors to understand the current market prices of their collections.

Paradigm Shift to Web3

KryptoGO is a company focused on "blockchain compliance applications," producing risk assessment reports through financial regulatory due diligence engines to help clients eliminate counterparty transactions with financial crime and anti-money laundering risks. With the rise of Web3, they also realized that ordinary users need to track and protect assets, leading to the birth of KryptoGO's Weight Wallet.

Harry mentioned that KryptoGO's Weight Wallet allows users to securely manage and configure all multi-chain assets using only a phone number, including DeFi products, multi-chain currencies, and NFTs, enabling the general public to manage investment performance and asset allocation in the same mobile application.

It is noteworthy that since KryptoGO's Weight Wallet saves all user transaction records, when both parties in a transaction use KryptoGO's Weight Wallet, they can provide credit checks for each other. This may be a potential regulatory challenge for future encrypted wallets.

Harry believes that the paradigm shift to Web3 is inevitable. Although entering a bear market, it allows people to settle down and think about the next application steps. Through the simplicity and user-friendly experience of KryptoGO's Weight Wallet, more businesses and ordinary users can join this ecosystem.

Harry concluded:

"Web3 is a vast and full of novel experiences. KryptoGO is committed to developing a more user-friendly and secure experience, reducing the entry barriers for ordinary users, helping businesses seamlessly integrate Web3 applications, and easily manage and empower brands. Since the paradigm shift from Web2 to Web3 is irreversible, we hope to help everyone explore the Web3 rabbit hole more simply and securely."