The Importance of non-custodial solutions & the Nexo Wallet roadmap – SlateCast #47

The head of product for the Nexo wallet, Elitsa Taskova, recently sat down with Akiba, the host of the SlateCast podcast to discuss the company’s new non-custodial wallet. The timing of the release is particularly interesting, given the recent issues with exchanges and the increasing focus on non-custodial solutions.

Nexo itself has been in the firing line recently due to one of its Bulgarian offices being raided by authorities. In response, Nexo co-founder Antoni Trenchev rigorously denied the allegations made against the company.

According to Taskova, the wallet’s development took several months and involved a lot of uncertainty and decision-making. The team decided to focus on creating a smart wallet that utilizes smart contracts, and they also decided to make the wallet non-custodial, as they believe that users should have full access to their own keys.

One of the key differentiators of the Nexo wallet, according to Taskova, is the combination of being a smart wallet and a non-custodial wallet. The smart contract capabilities of the wallet allow for greater flexibility and the ability to create new and innovative solutions on top of blockchain technology. The non-custodial aspect of the wallet is also essential, as it allows users to have complete control over their own keys and coins.

In terms of user experience, Taskovaemphasized the importance of removing roadblocks and making the process of using a wallet as simple as possible. The Nexo wallet features a “learn” section that provides users with educational materials and information about various aspects of the wallet and blockchain technology. This allows users to learn and understand more about the technology as they use it rather than being overwhelmed with information at the beginning.

Taskova also discussed the roadmap for the wallet and mentioned that the team is adding more features, such as Wallet Connect, which will allow users to interact and sign into sites using the wallet. They also plan to develop further the wallet’s earning capabilities, such as generating a deficit and enabling a marketplace for NFTs.

From a business point of view, Taskova believes that the timing of the release of the Nexo wallet is good as it showcases the company’s understanding of the importance of non-custodial solutions. With the recent issues surrounding exchanges and their ability to provide secure storage of users’ funds, the launch of a non-custodial wallet allows users to have complete control over their own keys and coins. The smart contract capabilities of the wallet also allow for greater flexibility and the ability to create new and innovative solutions on top of blockchain technology.

Overall, the Nexo wallet seems a solid option for anyone looking for a non-custodial wallet solution. With its user-friendly interface and emphasis on education, the wallet makes it easy for users to understand and use the technology. In addition, the team’s focus on adding more features, such as Wallet Connect, and further developing the wallet’s earning capabilities is also promising. It shows their dedication to improving the user experience.

In conclusion, the Nexo wallet may be an excellent option for anyone looking for a non-custodial wallet solution. Its smart contract capabilities and user-friendly interface claim to make it easy for users to understand and use the technology. The team’s focus on adding more features and developing the wallet’s earning capabilities is also promising, and the timing of the release is particularly interesting, given the recent issues with exchanges and the increasing focus on non-custodial solutions.

CryptoSlate makes no endorsement of products mentioned within this article or the supporting podcast. Please do your own due diligence when interacting with any web3 product.