The future of the Ethereum ecosystem will focus more on building consumer applications. imToken has launched the "Home of Tokens" concept, creating consumer-oriented experiences around tokens through the imToken Web application and the Web3 Coffee event at Devcon7, allowing users to easily integrate into their daily Web3 lives and promoting the fusion of crypto technology with real life.
Based on the Home of Tokens concept, we will explore how to create a truly consumer-friendly token journey. We hope that through the new product imToken Web, users can easily access crypto experiences in a familiar and secure environment. imToken Web is built on four major design principles to help users easily manage transfers, asset management, and token applications without needing deep technical knowledge to enter the Web3 world.
Current Narrative in the Crypto Industry
The criticism of the crypto industry for lacking innovative narratives has been longstanding, especially in the Ethereum ecosystem, which has given birth to core narratives like ICOs, DeFi, and NFTs that dominated the past two cycles, but seems less eye-catching in this cycle.
We believe that when discussing innovation in the crypto ecosystem, Bitcoin reaching new highs is not the key (though it is important), nor is it the repeated emergence of MEMEs. So, what is the truly enduring narrative?
Starting from early 2024, the Ethereum community gradually realized that while the infrastructure may be relatively complete, actual consumer-facing applications are still lacking. After experiencing performance issues due to insufficient infrastructure in the past cycle, this round focuses on scaling technologies, leading to a flourishing of various Rollup solutions. While infrastructure is certainly important, applications are the key to moving crypto from niche to everyday life. As Vitalik said at the EDCON 2024 conference, "In the past decade, Ethereum focused more on theoretical development, while the next decade will focus on building applications with real impact." With an improving regulatory environment, the ecosystem needs to concentrate on creating consumer applications, penetrating from Web3 to Web2, whether through liquidity integration or the emergence of use cases, all of which are highly anticipated.
Even at Devcon7, if you pay close attention, you will find that the anxiety and creativity surrounding consumer applications converge here.
Token Concept Design for Consumer Applications
From the perspective of wallets, what should an ideal consumer application look like?
The essence of blockchain is an immutable public ledger, and tokens are the carriers of information on it. This is the root of its vitality. Because on-chain records are immutable, blockchain is referred to as the value internet. When tokens meet the traditional internet, the free flow of value will inevitably become as natural as the free flow of information.
Ethereum introduced smart contracts to the crypto industry, and when coins became tokens, their meaning extended far beyond being mere carriers of value. Tokens became a new data format following text, images, and audio/video, continuously generating new attributes and possessing almost unlimited composability. Tokens serve as the medium connecting Web3 and Web2, as well as the carriers for user interactions with the blockchain. Within tokens lies the core value of the crypto industry.
As the meaning of tokens continues to extend, we need to more precisely differentiate tokens from their added value. imToken summarizes this as Token Function, which is a new function that blockchain brings to the internet. Therefore, based on the unique tokens of the crypto industry, it makes sense to design products, services, and systems centered around this to meet user needs. Thus, we believe that ideal consumer applications should revolve around tokens, and rather than simple slogans, the token-centric concept should be genuinely reflected in thinking, product design, and narrative patterns.
For example: In the past, users typically had to start by downloading a wallet to access Web3, which is a significant barrier for newcomers. Users need to quickly understand the crypto world's "Not your keys, Not your coins" concept, or they may face asset risks or even abandon usage. Based on the token-centric concept, we realize that users can start from 0 to 0.1, rather than jumping directly to 1. Users can continue their Web2 experience by obtaining token ownership through a crypto web app that combines AA technology, and understand the uses and values of tokens through a visual interface. When users are willing to explore further, they can smoothly transition from 0.1 to 1, completing the shift from Web2 to Web3.
Creating the Perfect Token Journey
Similar to how Kindle revolutionized reading, we believe the current wallet model still has a high barrier to entry. For users coming from Web2, the "Not your keys, Not your coins" concept of Web3 may be daunting. We need a new product that allows users to understand tokens at any time and obtain and use them in a simple and secure manner.
We believe that the foundational technology for creating the perfect token journey is ready, and the current challenge is how to make the user experience more friendly, meaning that wallets should no longer just be asset management tools, but rather gateways into the token world.
The new product should adhere to the following four design principles and provide value:
- Easily transfer to any user
Traditional financial transfers are often limited by account compatibility or high fees. The crypto space is similar: users cannot receive tokens without a wallet, and receiving tokens requires paying gas fees. Through AA technology, we can generate links for receiving tokens; the sender shares the link to transfer, and the receiver clicks the link to claim it, without complicated setups (securely storing through a passkey without needing to be familiar with mnemonic phrases and cumbersome backups), allowing anyone to send tokens to anyone without permission.
- Enjoy token functions anytime, anywhere
imToken is committed to making it easy for everyone to access the world of tokens. With the proliferation of devices like VR/AR, we are exploring future ways to interact with blockchain and tokens, allowing users to access https://web.token.im with just an internet connection and a browser, easily obtaining information, products, and services without being limited by devices and platforms.
- View all my assets on one page
Users face the dilemma of scattered tokens, too many accounts, and difficulty tracking. The ideal design should achieve "view all assets on one page," helping users manage tokens scattered across various chains in a centralized manner.
- Make tokens accessible
The existing number of tokens is vast and still rapidly growing, and many tokens may not have lasting value, but the application potential of tokens is far from being fully realized. In the future, tokens will become as ubiquitous as currency or internet applications, becoming part of daily life. Therefore, we hope to make tokens accessible, integrating them into life and managing them in an orderly manner.
Home of Tokens
imToken refers to this concept as Home of Tokens, based on which the exploratory new product imToken Web is created. Get a sneak peek: https://web.token.im
imToken Web is a non-custodial, token-centric web application designed to simplify token exploration, allowing for quick and secure account creation or login without the need to set up or back up private keys or mnemonic phrases. The current version offers basic token functions: exploration, claiming, transferring, receiving, exchanging, as well as paymaster and account recovery features. We also look forward to co-creating with every project team dedicated to creating token value, launching more features in the future.
Note: imToken Web is currently in beta, allowing users to preview a token-centric new experience. The product is still rapidly iterating and may contain errors or bugs, so please use it with caution. imToken looks forward to your feedback as we explore the future token journey together.
During Devcon7 (11.11-11.15), imToken held a special Web3 Coffee adventure event on-site in Bangkok, co-created with eleven partners including Taiko, HashKey, and LI.FI. Users were invited to experience the new product imToken Web, claim free tokens, and enjoy crypto coffee, with multiple benefits provided daily!
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