Dialogue Bitizen Wallet: The new generation Web3 wallet has arrived

As Web3 continues to develop, many investors choose to use digital wallets to store their digital assets in order to enhance the security of their assets. The prosperity of the public chain ecosystem has gradually diversified the types of wallets. In addition to basic asset management, wallets often also implement functions such as login, DApp interaction, and NFT collection, becoming the entry point for a large number of users into Web3. Due to the importance of this entry point, the market has put forward numerous stringent demands regarding wallet security, user experience, and accessibility.

This time, ChainCatcher's Catcher Insight invited Winson, the founder of Bitizen Wallet, to share his insights on the current development status of wallet types, the characteristics and advantages of Bitizen, and what the next generation of Web3 wallets looks like. We hope this will help and inspire you to delve deeper into the digital wallet space.

ChainCatcher: Please briefly introduce yourself and then discuss the specific practical exploration of Bitizen Wallet. What stage is the project currently in?

Winson: Hello everyone, I am Winson, the founder of Bitizen Wallet. I come from a technical background and previously worked in R&D at a large Web2 company before starting my own venture. I have been in the crypto space for a long time, having started holding Bitcoin back in 2013, so I consider myself an industry veteran. I have been deeply involved in crypto and accumulated a lot of experience in blockchain technology. Bitizen is a new generation of Web3 wallet built on MPC technology, which our team has dedicated nearly two years to develop.

Bitizen was launched in early 2022 and has since gone through multiple iterations. The product is now stable and is one of the few new generation Web3 wallet products that are live and mature in the market, serving as a perfect upgrade replacement for any wallet product currently in use.

The origins of Bitizen Wallet can be traced back to the end of 2020, when the team conducted extensive explorations and technical preparations in cryptography. After the product demo was released, we went through two rounds of complete architectural overhauls before arriving at the current version. During this time, we invested a lot of effort to achieve the utmost security, censorship resistance, privacy, and usability for Bitizen, resulting in numerous unique innovations and accumulated experiences.

Bitizen Wallet launched its mature and stable version 1.0 in June 2022, supporting connectivity with any Web3 application through its built-in Web3 browser and WalletConnect.

In the third quarter of this year, Bitizen also launched an SDK for developers, beginning deep integration with Web3 application developers to jointly empower the large-scale adoption of Web3. We have already partnered with some quality GameFi developers.

ChainCatcher: What is the original intention of Bitizen in creating a wallet? What problems in the industry does it aim to solve?

Winson: Simply put, it is to solve the problems of wallets being difficult to use and insecure, paving the way for the large-scale adoption of Web3.

Currently, the mainstream wallet solutions used by users in the industry are products of the previous era, designed as "toys" for a small number of technical geeks, and they completely fail to meet the needs of hundreds of millions of users entering the space. New generation Web3 wallets like Bitizen are the perfect upgrade alternatives to these old wallets, being not only more secure but also simpler and easier to use. It can be said that Bitizen possesses all the features of these old wallets while also having features that they lack.

Bitizen addresses the key barriers to large-scale adoption in the entire Web3 industry, allowing users to avoid using difficult-to-learn, hard-to-use, and insecure wallet products, and instead enjoy an experience that is extremely secure and easy to use at no cost.

ChainCatcher: What types of wallets exist in the crypto industry? What are some common misconceptions that lead to incorrect wallet usage?

Winson: One type is software wallets, also known as hot wallets, with common examples being the browser extension and mobile versions of MetaMask. Another type is hardware wallets, along with the recently popular smart contract wallets. Wallets without private keys based on MPC technology are actually similar to the first type, but they eliminate private keys and seed phrases through MPC technology, making them more secure and user-friendly.

Speaking of common misconceptions, I think the most obvious one is that current Web3 users generally perceive browser extension wallets like MetaMask as safe, with some even believing that MetaMask is secure simply because everyone is using it. However, from a professional and security standpoint, we believe this is completely wrong, or rather, a misunderstanding.

The core reason I say this is that extension wallets are actually very insecure. We recommend that users use mobile wallets in conjunction with WalletConnect QR codes to connect and interact with Web3 applications, as their security far exceeds that of extension wallets, and the experience is not inferior to using browser extensions. Even the mobile version of MetaMask is much safer than the extension version. Additionally, MetaMask has had many security incidents, but because there is no concrete evidence, they can shift the blame to users for poor self-custody. This is a common "cover" used by the previous generation of seed phrase and private key wallets, which absolves them of responsibility by blaming users for poor self-custody.

ChainCatcher: We know that the wallet space is highly competitive as the entry point to Web3. What is Bitizen's differentiated path? What are its characteristics?

Winson: It's not just the wallet space; competition is fierce in every sector of the Web3 industry. As of now, there are not many new generation Web3 wallet products aimed at mainstream users that use no private keys and no seed phrases as their core advantages, so everyone is still competing with the old generation of seed phrase wallets. Bitizen, as one of the few mature and usable products in the new generation of Web3 wallets, has a significant first-mover advantage. The characteristics of Bitizen Wallet can be summarized in five keywords: extreme security, extreme ease of use, complete censorship resistance, privacy protection, and multi-chain compatibility.

ChainCatcher: Currently, with the increasing variety of public chains in the crypto market, the demand for multi-chain functionality in wallets has surged as users hold assets across multiple public chains. What advancements has Bitizen made in the multi-chain field? Additionally, what functionalities does Bitizen offer for users using multiple types of wallets in terms of asset transfer and wallet interoperability?

Winson: The underlying cryptography of MPC wallets is primarily based on asymmetric encryption private keys, which can be understood as an upgrade and optimization rather than a replacement of the existing cryptography of public chains. Whether in the past, present, or future, public chains or L2s are built on asymmetric encryption to create account systems. This means that MPC wallets, like other existing multi-chain wallets, are inherently chain-agnostic, or we can say they are naturally multi-chain.

In terms of asset transfer and interoperability, since Bitizen is a wallet without seed phrases, it does not support asset transfer through seed phrase imports. However, Bitizen does allow users to import private keys from external sources, but the imported wallet will still be a "wallet with private keys" and will not become a "wallet without private keys" after import. Additionally, in extreme scenarios, Bitizen can also support users in "restoring" their private keys for use in other wallets.

However, we do not recommend users utilize this feature, as the no-private-key design is intended to solve the problem of private key security being compromised. Changing a wallet from a "no-private-key" state to a "with-private-key" state is a serious security downgrade, and we strongly advise against it unless in special circumstances.

To summarize, Bitizen supports importing private keys from external wallets and restoring and exporting private keys for use in other wallets, allowing compatibility and interoperability with existing wallets. However, we do not recommend users do this, as they are entirely two generations of products, and interoperability does not bring any benefits to users but rather poses significant security risks.

ChainCatcher: Regarding the single point of risk associated with crypto accounts, the commonly used solutions in the industry are multi-signature and MPC key management schemes. What are the characteristics and implementation methods of these two solutions, and why did Bitizen choose MPC?

Winson: Multi-signature is implemented based on smart contract technology on the blockchain, deeply coupled with the smart contract mechanism of the blockchain. Its characteristic is that the wallet address is a contract address rather than a regular address. MPC, on the other hand, modifies the private key creation and signing processes in the general asymmetric encryption technology of the blockchain to achieve a signing result completed through multi-party cooperation that is identical to the result of a single-party private key signing before modification. Therefore, the MPC wallet address remains a regular address. Since different public chains or L2s have different smart contract mechanisms but almost identical asymmetric encryption algorithms, the MPC solution naturally supports multi-chain, whereas multi-signature does not.

Moreover, smart contract wallets built on multi-signature are a new disruptive paradigm compared to the mainstream wallets that are widely accepted and compatible with users and ecosystems. They completely adopt different technologies and solutions, which means that their compatibility with the existing ecosystem is a significant challenge.

MPC does not have this issue because it merely upgrades and modifies existing technology, bringing benefits without any disruption, and is naturally perfectly compatible with the existing ecosystem. For these reasons, Bitizen chose the MPC solution.

From the perspective of software development history, any disruptive solution that cannot be compatible with the existing ecosystem incurs huge costs when being accepted by market users, and the outcome is not necessarily perfect, especially if a non-disruptive and more compatible solution emerges simultaneously; the former rarely wins. Of course, I believe that smart contract solutions have their unique value, particularly in scenarios requiring more complex, advanced, and flexible wallet functionalities.

ChainCatcher: Recently, there have been frequent incidents of projects being hacked, and asset security is a major concern during a bear market. How does Bitizen ensure the security of users' assets?

Winson: Security is Bitizen's core advantage. From the very beginning of product design, Bitizen has fully considered the various mistakes that ordinary users might make while using wallets, the potential security attacks they might face from others, and even scenarios where the Bitizen team could act maliciously or abscond. We ensure that our comprehensive design scheme mitigates any possible asset loss in these situations.

ChainCatcher: Community governance has always played an important role in the crypto world. What designs and ideas does Bitizen have for incentivizing early community users? Are there plans to issue a token in the future? If so, what considerations are there regarding the token economic model and value capture?

Winson: In terms of incentivizing early community users, Bitizen has a comprehensive and mature plan that will make all Web3 veterans feel, "Yes, this is exactly what we want." Regarding tokens, Bitizen definitely has plans to issue a token, and it will be completely different from the token mechanisms of any previous wallet products. This will be a completely innovative play and experience. We will announce this plan in the near future, so interested friends can stay tuned.

ChainCatcher: What are Bitizen's future plans? In your opinion, what is the biggest obstacle to the current development of wallets? What measures will Bitizen take to address these issues and create a higher moat for the project?

Winson: Bitizen will focus on collaborating with various GameFi or NFT applications that aim to bring more Web2 users into Web3, as well as emerging public chains or L2s, to jointly empower the large-scale adoption of Web3.

The biggest development obstacle for Bitizen is actually market education and the market environment. Specifically, market education refers to the fact that existing native crypto users in the market have been "brainwashed" by the seed phrase and private key solutions, and many of them are unfamiliar with, distrustful of, or even blindly reject the new MPC solution. However, I believe this is just a matter of time, as good solutions will eventually become mainstream.

As early as the beginning of 2021, I discussed the idea of Bitizen's MPC wallet with many VCs and old friends in the industry, even demonstrating the product to them, but most of them did not understand or simply did not believe it. Fortunately, MPC has finally entered the public eye, and many people are starting to believe it, but this is just the beginning, and there is still a long way to go for widespread market trust. The market environment obstacle mainly refers to the current bear market, where market sentiment is generally low, which also negatively impacts the adoption of new things.

However, whether it is the barrier of market education or the barrier of the market environment, these are temporary. Bitizen can fully leverage its first-mover advantage in its niche to win the competition.

ChainCatcher: As the wallet application ecosystem continues to develop and improve, what kind of market development pattern do you foresee in the future? Where will the future breakout points be?

Winson: The entire industry is still in the stage of improving and popularizing infrastructure. With the widespread adoption of the new generation of Web3 wallets, the market will certainly welcome a new wave of explosive growth, bringing in a large number of new Web2 users. Based on current trends, the next breakout point is likely to be GameFi/NFT. This type of application has proven market demand and business models, and with the influx of talent and capital, high-quality applications will emerge in droves, and the market scale will far exceed that of the previous bull market.

Below are the interactive questions from community users with Winson during the event.

Q1: Will Bitizen support social recovery?

A: Social recovery refers to recovering account control with the help of family and friends. In this regard, Bitizen is already a wallet that supports social recovery, and it not only supports social recovery but also "self-recovery." Social recovery requires people, and in some products, social recovery can take a long time, while self-recovery does not require others and can be done immediately. Therefore, Bitizen's solution is clearly better and more flexible.

Q2: How does Bitizen Wallet transfer signatures and recover assets without private keys and seed phrases?

A: You can back up and recover assets using your commonly used email/phone number along with facial recognition, making this process safer and simpler than using seed phrases and private keys. The experience of signing transactions with Bitizen is the same as that of traditional wallets (like MetaMask), but it is even more secure.

Q3: Does MPC mean there is multi-signature between users and your official team?

A: Yes, but the signing with our official team is not mandatory; it is optional. You can also sign between your own devices, completely offline and decentralized. Our official team acts as a servant available 24/7; whenever you want to use us, we are here to ensure satisfactory service, and if you don’t want to use us, we won’t affect you.

Q4: When creating a Bitizen wallet, personal email addresses, phone numbers, and facial recognition technologies are used. Does this contradict the anonymity characteristic of blockchain? Is it centralized?

A: Bitizen is completely 100% decentralized and privacy-secure. This may seem counterintuitive because elements like email/phone numbers and facial recognition easily evoke thoughts of personal privacy and centralization.

However, in Bitizen, these elements are carefully encrypted or desensitized, and they are all optional and replaceable. This means that even if there are any issues with these elements, they will not pose any threat to the security of users' assets or privacy. In extreme cases, even if Bitizen is hacked or goes bankrupt, users' assets remain secure and can still be used, and their privacy is also safe.

Q5: Is the Bitizen wallet difficult to hack?

A: Yes, our security design focuses on three dimensions:

1. Users may make common mistakes, such as losing devices or forgetting passwords;
2. The Bitizen project may act maliciously or even go bankrupt;
3. The Bitizen system may be compromised by third-party hackers.

In any of these scenarios, Bitizen can still ensure that users' assets are secure and can even continue to be used.

About Bitizen Wallet

Bitizen Wallet is a new generation Web3 wallet built on MPC technology, which is without private keys and seed phrases. What sets Bitizen Wallet apart is that it guarantees extreme security, complete decentralization, and privacy protection while being as user-friendly and easy to use as Web2 products.

Bitizen Wallet is an innovative wallet product with a Web3 core and a Web2 exterior, making it essential for Web2 users entering Web3, a perfect replacement for any other wallet product in the hands of Web3 users, and the best partner for Web3 developers to explore new territories.

With Bitizen Wallet, users can access any DApp on the blockchain anytime and anywhere through the built-in Web3 Touch(™) browser or via WalletConnect, providing a seamless experience for the next wave of billions of Web2 users entering the decentralized world.

For developers in Web3's DeFi/GameFi/NFT sectors, Bitizen offers multi-platform SDKs. Developers can integrate Bitizen SDKs into their applications in just five minutes, allowing for closer and easier connections with Bitizen users.

Bitizen's mission is to facilitate the large-scale application of Web3.

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