Hey Amy, I heard there was a big Web3 meeting in Berlin this year. Did they talk about making crypto easier to use?

Yes, they did! There was some really interesting news from the Web3 Summit 2024. A big topic was how current crypto wallets are too hard for most people to use.

That's for sure. I still don't get how to use them properly. Did they say anything specific about the problem?

Actually, yes. Someone named Bumblefudge from an organization called CASA said that seed phrases won't work for 95% of the world's population. Can you believe that? 95%!

Wow, that's a huge number! But if seed phrases are so bad, what are they planning to do about it?

Well, that's the interesting part. They're talking about creating new industry standards. The idea is to make wallets that are more like regular apps, with usernames and recoverable passwords.

That sounds much better. But wouldn't that make wallets less secure?

That's a good question. They're working on finding a balance. The key is collaboration. Bumblefudge said that right now, wallet providers are all competing and not sharing how they do things. This makes it hard to create secure, interoperable solutions.

I see. So they need to work together more. Is anyone actually doing this yet?

Yes! Coinbase, a big crypto company, has already launched a new 'smart wallet'. Instead of seed phrases, it uses account names and passcodes. They're hoping this becomes the new standard.

That's cool! Do you think other companies will follow?

Many experts think so. But here's the really ambitious part - they're not just talking about making wallets easier. They have a goal of bringing in the first billion users to Web3!

A billion users? That's huge! How are they planning to do that?

Well, they're focusing on what they call a 'user-centric' approach. Bumblefudge said something interesting about this. He said they need to 'go down to the user instead of up from what the chain wants'. It's all about making things work for regular people, not just tech experts.

That makes sense. When do they think all these changes will happen?

Well, the summit was just this year, in 2024. Some changes, like Coinbase's new wallet, are already happening. But for the bigger changes, like new industry standards, it might take a bit longer. They're really pushing for it though, because they see it as crucial for mass adoption.

Wow, it sounds like the crypto world is really changing. Maybe I'll give it another try when these new, easier wallets become more common!

Absolutely! It's exciting to see the industry recognizing these problems and actively working to solve them. Who knows, maybe in a few years, using crypto will be as easy as using any other app on your phone!