In web3, you control your keys. But lose them once and you will lose everything. We need something better.

Indeed. With the current state of the whole ecosystem, I don't see how this can become a widely adopted technology. But, seeing some new concepts like Universal Profiles, does seem like it is moving in the right direction.

With smart contract-based accounts, it's possible to give specific permissions to certain accounts, allowing people to restore access. And with the Key Manager that can perform transactions for you, applications can choose to take care of the gas fees of their customers (if it's a paid platform or SaaS they could include that in their price). Gas prices should of course be super cheap for this all to work.

You could try to create a Universal Profile here: https://universalprofile.cloud/
It looks like a regular sign-up, but in the background, there are multiple smart contracts being deployed to the Lukso blockchain and you won't notice anything about gas fees or other "blockchain hassle" like needing a browser extension. The only thing you'll notice is that it's quite slow compared to a regular sign-up that just stores stuff in a DB.

Anyways, seeing some improvements being made to that user experience seems like a good direction. Together with a proof of stake blockchain that doesn't use insane amounts of energy, it might have a chance.

Say something nice to jakeprins…

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Agree. I am not bought into the web3 concept until mistakes are taken into account better. Humans are fallible, and just the other day when I tried to "undo" a transaction, it was going to cost something like $40 in gas fees. Until those kinds of things can be fixed, web3 doesn't have much to stand on.

cassidoo

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5 years ago
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  Indeed. With the current state of the whole ecosystem, I don't see how this can become a widely adopted technology. But, seeing some new concepts like Universal Profiles, does seem like it is moving in the right direction.
  
  With smart contract-based accounts, it's possible to give specific permissions to certain accounts, allowing people to restore access. And with the Key Manager that can perform transactions for you, applications can choose to take care of the gas fees of their customers (if it's a paid platform or SaaS they could include that in their price). Gas prices should of course be super cheap for this all to work.
  
  You could try to create a Universal Profile here: https://universalprofile.cloud/
  It looks like a regular sign-up, but in the background, there are multiple smart contracts being deployed to the Lukso blockchain and you won't notice anything about gas fees or other "blockchain hassle" like needing a browser extension. The only thing you'll notice is that it's quite slow compared to a regular sign-up that just stores stuff in a DB.
  
  Anyways, seeing some improvements being made to that user experience seems like a good direction. Together with a proof of stake blockchain that doesn't use insane amounts of energy, it might have a chance.
  
  Jake Prins
  
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  5 years ago
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