As Web3 and cryptocurrency applications mature and grow in user adoption, the privacy concerns around sharing your wallet address persist. Socket, founded by Stanford graduate Eva Zhang in 2022, is a Web3 privacy infrastructure for social interactions via crypto applications.
Sharing your wallet address in crypto to present a specific part of your profile is the equivalent of going to a gym, being requested your gym id, and having to give away your entire credit history, net worth, every future purchase and wire for that specific card, and never being able to take back the gym’s access to that account.
As a result, the majority of crypto users prefer to use web2 platforms such as Twitter and Discord instead of sharing their wallet addresses out of privacy concerns. Since discovery is made on non-native platforms, it becomes difficult to find users and projects.: How do information discovery issues impede user interactions and collaboration through crypto wallets?: According to our user research, 80% and 79.
Privacy has been a cornerstone of the main value proposition of cryptocurrencies and their derivative products and services.: Paradoxically, how have privacy standards of crypto wallet users limited the overall development of the cryptocurrency ecosystem?: Crypto transactions are private and easily verified by themselves - however, once there’s any social information needed from these transactions, users immediately lose their privacy.
Despite these advancements, privacy in crypto has mostly been limited to those built for the tech-savvy due to wallet and dApp designs. Advanced crypto users have over 10 wallet addresses and frequently make and discard wallets publicly associated with themselves . Managing privacy for balances, transactions, and social presence across multiple accounts in crypto becomes a taxing and annoying process.
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