Charles Hoskinson, the developer of Cardano (ADA), claims that a new crypto wallet might help the smart contract platform reach a billion users.
Hoskinson said in a recent interview on the Big Pey podcast that the new Lace wallet would facilitate the onboarding of hordes of new users into the Ethereum (ETH) competitor’s ecosystem.
Lace, created by Cardano developer Input Output Hong Kong (IOHK), is a multi-chain wallet that attempts to link everything in Web2 and Web3 via a single interface.
Lace would also enable the creation of decentralized identities (DID) or verified credentials attached to a cryptocurrency wallet.
“About a year ago, we thought, ‘Let’s start a research project to explore what a gateway and interface to all of [Cardano’s] use cases would look like, to go above and beyond what a typical cryptocurrency wallet does,’ so [we developed] an identity-first wallet with full-node protection, but light enough to be on a phone. It was a really ambitious endeavour.
Now, Lace as a product is beginning to enter the marketplace. Since it is one of our first commercial B2C (business-to-consumer) products, it cannot serve as a client reference. It’s not like Daedalus, which is a neutral playground; rather, it’s IOG’s take on how crypto should be done, and we hope that it will help set the standards for our whole ecosystem.”
Lace, according to Hoskinson, is not only a cross-chain wallet compatible with other digital assets like as Bitcoin (BTC) and Ethereum, but it also includes a browser-based interface that will soon be ported to smartphones.
According to Hoskinson, Lace was designed as a strategy for attracting one billion users to the Cardano blockchain.