Web3 Wallets
A Web3 wallet is a software program that allows users to store, send, and receive cryptocurrencies and blockchain assets like NFTs. All Web3 wallets consist of two components: a public key and a private key. Public key can be considered as a user’s address that allows them to receive crypto assets from other crypto wallets. Private key, on the contrary, is not publicly viewable, and is used to transfer crypto assets out of the wallet. If no third party holds private keys on behalf of the user, it is then called a non-custodial wallet. They enable self-custody, one of the core principles of a decentralised economy.
In the aftermath of the FTX collapse, non-custodial wallets have emerged as the most viable option for digital asset custody due to their ability to grant users direct control over their funds. By facilitating self-custody, wallets mitigate the risks associated with centralized exchanges, which are vulnerable to liquidity crises and potential mismanagement.
Wallets serve as a crucial bridge to mass adoption of cryptocurrencies, functioning as the primary point of access and interaction for users within the decentralized ecosystem. As the industry continues to evolve, the integration of wallets with various services including decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and gaming applications, further drives adoption by offering a seamless and unified experience for users.
The blockchain can be a scary place for new entrants and bad user experience prevents mass adoption. Wallets should provide a smooth user experience that allows individuals to interact with blockchain technology effortlessly, without the sensation of directly engaging with the underlying technology. Similarly, GameFi’s objective is to grant players true ownership while ensuring that the use of NFT technology remains unnoticeable. Singapore based crypto analytics firm Triple A estimated global crypto ownership at 4.2%.[1] Wallets can reach the next wave of users by offering products that do not require in-depth technical expertise.
Metamask and Trust Wallet dominate the crypto wallet landscape with 21 million and 10 million monthly active users respectively. However, given various shortcomings of their products (e.g. data concerns, suboptimal UX, bridge / swap / NFT functions still at an early stage and suffer from high costs), there is a huge potential for alternatives to emerge and eat into their market share.
A Web3 wallet is more than a custodial solution as it can be used as a digital identity management tool. Users can access blockchain applications using their private keys as credentials and more importantly, they can manage their data to choose what to share with external parties. However, leaders like Metamask and Trust wallet do not offer data management tools.
Since November 2022, Metamask even started to collect users’ IP address to tie them to transactions, which is a giant step backwards for the consumer privacy that decentralised networks are trying to provide. Wallets like Metamask are not going in the right direction, and new entrants like the Cirus Wallet can soon flourish in Web3’s data ownership economy by redirecting value generated from personal data to the users who generated it.
Introducing Cirus, the Web3 wallet built for the ownership economy
Cirus is a Web3 wallet that converts your browsing data into crypto rewards. It aims to give value back to the users, the cornerstone of Web3’s ambitions. Cirus challenges the current big data industry by providing a way for people to be paid for their data. Its objective is to boost the growth of the ownership economy by providing the necessary tools for users to own, control and monetise data, which is their most valuable digital commodity. Users have access to a surf n’ earn toggle, which can be turned on and off to decide whether they wish their data to be collected and stored or not. If a user opts for sharing their data, they are compensated accordingly. The amount of the reward is denominated in USD and given in Cirus tokens when they redeem their rewards.
The project initially planned to collect data directly from routers, using the “richest-first-party” data to determine the value for people in a household. However, as the project evolved, they shifted toward a browser add-on that tracks browsing practices on external websites, sells consented-data to interested parties and gives back a share of the revenues to users. As the wallet develops data intelligence, the user’s score increases, earnings are levelled up and novel applications will become available. Users’ scores and Cirus token holdings will determine which applications in the Web3 labs store they can access.
Cirus’ model is based on the idea that personal data will fuel the next generation of financial applications, as it provides a more nuanced comprehension of an individual compared to conventional credit scores. In a nutshell, the higher the user’s score, the more applications they can access. In addition, the Cirus wallet will also offer staking and blockchain facilitated donations to ensure correct use of funds and node operator opportunities. The wallet is also planning on adding NFT support and new data control settings to fine-tune the data sharing experience. The wallet is currently offering only custodial solutions built on multi-party computation (MPC), but the team is looking at Ethereum’s ERC-4337 standard to enable access to DApps in the near future.
Finally, the project has a strong team of seasoned cryptocurrency experts who bring together a wealth of experience in blockchain, data privacy, AI, fintech, and marketing, with a proven track record of driving growth in startups. Their collective expertise lies in their ability to innovate, forge strategic partnerships, and create value for users and investors alike. The team includes:
Michael is the founder of Cirus and a technology expert who has been instrumental in bridging the gap between the decentralized world and the current digital landscape. His focus lies in enhancing people’s lives through the data ownership economy. His journey in the blockchain space began with the aim to build solutions in identity, health, and information security. Michael has been a part of several successful project launches and has won multiple start-up awards. Since 2017, his efforts have been directed towards developing Web3 solutions to unlock financial opportunities for people globally.
Mike is the Head of Marketing and Director at Cirus, who is known for his data-driven strategies that enhance user acquisition, adoption, and retention. His career is marked by innovative marketing strategies that have driven growth in early and mid-stage startups. Before joining Cirus, Mike played a crucial role at Flipp, a leading mobile application revolutionizing shopping for over 50 million users across North America. His passion for leveraging emerging technology to provide value to people led him to join Cirus.
Travis is a serial tech entrepreneur and senior advisor at Cirus known for his deep knowledge of data, AI, and fintech. He has a track record of transforming startups into multi-million dollar businesses. His achievements include selling over $10M worth of predictive, AI-driven, alt data-based products to top hedge funds and private equity firms globally. Travis also founded Surgo Group, a global digital intelligence software company, which under his leadership, secured $9M in institutional capital and received prestigious awards.
Ben is the Head of Business Development and Director at Cirus. With over 8 years of expertise in blockchain and cryptocurrency, Ben is dedicated to driving the advancement of the Cirus ecosystem in the Web 3 industry. Ben is recognized for his ability to build relationships, foster partnerships, and create strategic alliances across North America, Asia, and Europe. He served as the CEO of Metalyfe, a renowned browser innovation that leverages blockchain technology to safeguard data privacy, and co-founded Cyclebit Canada, a fintech company revolutionizing cryptocurrency payments.
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