Martian wallet is relatively new on the market. However, it has already managed to earn a high ranking from Defi users. This crypto wallet enables customers to manage their digital assets. It also gives people access to decentralized applications on the SUI and APTOS blockchains.
The company launched Martian wallet as a Chrome extension at this stage. However, it will be available as an IOS app soon. The team also plans to create an Android version. This wallet creates and manages private keys on behalf of its customers. The latter can use these keys within the Martian wallet to sign transactions and store funds.
Martian wallet will soon launch its own native utility token. The company plans to start an ICO sale to enable interested investors to buy its coins for a lower price. The token holders will get various benefits from the company.
What is Fun, and how does it work?
Fun is another exciting platform that offers blockchain services. This company aims to leverage new blockchain technology to build cross-chain wallet infrastructure. It partnered with Odsy Network to achieve that goal. The Fun team provides foundational components for new wallet APIs and protocols. Thanks to its features, developers will be able to create great experiences for their clients.
Besides, this platform stands out among others as its infrastructure eliminates the risks associated with central custodians. As a result, accessing cross-chain assets and core web2 functionality in web3 will no longer be hazardous as it is now in some cases. Now wallet providers will be able to deliver users increased trust and functionality.
Fun.xyz wants to build a product ecosystem leveraging cross-chain decentralized wallets. The company’s features will work on the Odsy blockchain at first. All of its products will either decentralize core web2 account services or multichain interoperability.
While web3 rapidly became popular, it still has its drawbacks. This product is still in the phase of development. Thus, basic account services and multichain interoperability are only possible in web3 if the platforms use centralization.
However, blockchain technology is all about decentralization, and being centralized goes against everything that is Defi. The latter strives to offer completely trustless and permissionless space. Many economists believe that blockchain is our future. In fact, centralization vectors only attract users when there are no suitable decentralized alternatives. When decentralized competitors appear on the market, they usually quickly overtake their centralized counterparts.
Initially, developers built cryptocurrency exchanges exclusively in centralized ways, but they soon moved on to building decentralized alternatives. Consequently, nowadays, DEXs account for 50% of on-chain volume.
What are the main differences between centralized and decentralized apps?
Centralized systems are more straightforward, offering scaling efficiencies. Thus, some developers find it easier to build new features in such a manner. However, the DeFi world is evolving so fast that you can find decentralized alternatives to almost every centralized solution.
The Fun team identified two areas where centralized solutions are still pervasive in the blockchain space. Those are basic account services and multichain interoperability. The company decided to change that by offering better solutions to customers.
It’s becoming more and more obvious that the future will belong to multichain networks. Even though Bitcoin is great at monetary policy, it won’t be able to handle the expressive needs of NFTs and Defi. Furthermore, while Ethereum is great at providing a Turing-complete settlement layer that is both secure and decentralized, it is still bound by the EVM’s limits. Solana boasts incredible transaction throughput. Unfortunately, this blockchain achieves that by compromising on decentralization.
All these prominent blockchains, with their worldwide recognition, have their own pros and cons. They excel at one task but underperform on another. Thus, if customers want to enjoy all the advantages of blockchain technology, they will need to use multichain platforms.
Independent blockchains can already contact each other nowadays. However, they use centralized systems to send messages. Those systems aren’t always as well secured as necessary. According to new surveys, cross-chain bridge hacks have already resulted in over $2B of compromised customer funds. That number proves that centralization is not the solution. People need to try better systems to avoid becoming victims of scams or hacks.
What solutions does the Fun platform offer?
Centralized apps have already tried to add security measures, but they aren’t as effective as decentralized ones. That’s why the Fun team decided to offer DeFi solutions. However, the company believes trustless and permissionless blockchain technology can only go mainstream if it’s accompanied by all of the base web2 functionality that customers expect from software service providers.
The team introduced the idea of a new type of decentralized wallet or dWallets. The latter will have a set of native improvements compared to traditional account types. They will be natively multichain, offering various useful features. In addition, they will enable trustless transfers between accounts.
Fun believes that dWallets will soon become a fundamental piece of blockchain infrastructure. A team of experienced cryptographers at Odsy is developing these new accounts. The company also plans to give blockchain developers access to their products to experiment and test the product.
This product will have various use cases. It will allow Multichain Interoperability and offer Basic Account Services in a decentralized way.
The Odsy team aims to combine the powers of multi-party computation (MPC) and blockchain technology to sign transactions for other target blockchains, including Bitcoin, Ethereum, and Solana. It will create the private key corresponding to the target blockchain accounts, storing it via MPC. The latter will break up a private key into multiple parts, called Secret-sharers. Customers owning these parts will be able to message each other. Meanwhile, Fun is working on its native utility token, but the company plans to introduce it soon.