The Ethereum ecosystem will pay more attention to the construction of consumer applications in the future. imToken launched the "Home of Tokens" concept. Through the imToken Web application and the Web3 Coffee event at Devcon7, it creates a consumer-oriented experience around Tokens, allowing users to easily integrate into Web3 daily life and promote the integration of encryption technology and real life.
Based on the concept of Home of Tokens, we will explore how to create a token journey that is truly suitable for consumers. We hope that through the new product imToken Web, users can easily get in touch with the encryption experience in a familiar and safe environment. Based on four major design concepts, imToken Web helps users easily get started with transfers, asset management and token applications, and enter the Web3 world without in-depth technology.
The current state of crypto narratives
The crypto industry has long been criticized for its lack of innovative narratives, especially the Ethereum ecosystem, which gave birth to ICO, DeFi, NFT and other core narratives that dominated the past two cycles, which does not seem to be eye-catching enough in this cycle.
We believe that when talking about innovation in the crypto ecosystem, the key is not the price of Bitcoin hitting new highs (although it is important), nor is the repeated popularity of MEME. So, what is the narrative that truly has lasting vitality?
Since the beginning of 2024, the Ethereum community has gradually realized that the infrastructure may be relatively complete, but the actual application for consumers is not enough. After experiencing the performance problems caused by insufficient infrastructure in the past cycle, the Ethereum ecosystem focused on expansion technology in this cycle, so we saw a variety of Rollup solutions blooming. Infrastructure is important, but applications are the key to moving encryption from a niche to daily life. As Vitalik said at the EDCON 2024 conference, "In the past decade, Ethereum has focused more on theoretical development, and the next decade will focus on building applications with practical impact." Coupled with the expected improvement in the regulatory environment, the ecosystem needs to focus on building consumer applications and penetrating from Web3 to Web2. Whether it is liquidity combination or the emergence of use cases, it is exciting.
Even at Devcon7, if you pay close attention, you will find that everyone's anxiety and creativity about consumer applications converge here.
Token concept design for consumer applications
From a wallet perspective, what would the ideal consumer application look like?
The essence of blockchain is an unalterable public ledger, and Token is the carrier of information on it. This is the source of its vitality. Because the records on the chain cannot be tampered with, blockchain is called the Internet of Value. When Token meets the traditional Internet, the free flow of value will become inevitable just like the free flow of information.
Ethereum introduced smart contracts to the crypto industry. When coins become tokens, their meaning is far more than just a value carrier. Tokens have become a new data format after text, pictures, audio and video, constantly generating new attributes and having almost unlimited composability. Tokens are not only the medium connecting keys and Web3 and Web2, but also the carrier for users to interact with blockchains. In tokens, the core value of the crypto industry is implied.
As the meaning of Token continues to expand, we need to more accurately distinguish between Token and its added value. imToken summarizes it as Token Function, which is a new function that blockchain gives to the Internet. Therefore, it is natural to design products, services and systems based on the unique Token in the crypto industry to meet user needs. Therefore, we believe that the ideal consumer application should revolve around Token. Compared with simple slogans, the Token-centric concept should be truly reflected in the way of thinking, product design and narrative mode.
For example: In the past, users usually had to download a wallet to get in touch with Web3, which was a big threshold for novices. Users need to quickly understand the concept of "Not your keys, Not your coins" in the crypto world, otherwise they may face asset risks or even give up using it. Based on the token-centric concept, we realized that users can go from 0 to 0.1 instead of directly to 1. Users can continue the Web2 experience, obtain ownership of tokens through encrypted Web Apps combined with AA technology, and understand the purpose and value of tokens through a visual interface. When users are willing to explore further, they can go from 0.1 to 1 to smoothly complete the transition from Web2 to Web3.
Creating a perfect token journey
Similar to the innovation of Kindle in reading, we believe that the current wallet model is still too difficult to enter. 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 tokens in a simple and secure way.
We believe that the basic technology for creating a perfect token journey is in place. The challenge now is how to make the user experience more user-friendly, which means that the wallet is no longer just an asset management tool, but an entry point into the token world.
New products should meet the following four design concepts and provide value:
1. Easily transfer funds to any user
Traditional financial transfers are often limited by account compatibility or high fees. The same is true in the crypto space: users cannot receive tokens without a wallet, and they also need to pay gas fees to receive tokens. Through AA technology, we can generate a link to receive tokens. The sender can transfer the tokens by sharing the link, and the receiver can receive the tokens by clicking the link. There is no need for cumbersome settings (the pass key is conveniently and safely kept without the need to be familiar with mnemonics and cumbersome backups), so that anyone can send tokens to anyone without permission.
2. Enjoy the token function anytime, anywhere
imToken is committed to making the world of tokens accessible to everyone. With the popularity of VR/AR and other devices, we are exploring the future of blockchain and token interaction, allowing users to access https://web.token.im with just an internet connection and a browser, and easily access information, products and services without being restricted by devices and platforms.
3. View all my assets on one page
Users face the dilemma of token fragmentation, too many accounts, and difficulty in tracking. The ideal design should achieve "one-page view of all assets" to help users centrally manage tokens scattered across various chains.
4. Make Tokens within reach
The number of existing tokens is huge and still growing rapidly. Many tokens may not have lasting value, but the application potential of tokens is far from being released. In the future, tokens will be as popular as currency or Internet applications and become part of daily life. Therefore, we hope to make tokens accessible, integrate tokens into life, and manage them in an orderly manner.
Home of Tokens
imToken calls this concept Home of Tokens, and based on this concept, it has created an exploratory new product, imToken Web. Take a sneak peek: https://web.token.im
imToken Web is a non-custodial, token-centric web application designed to simplify token exploration, quickly and securely create or log in to an account, without setting up or backing up private keys or mnemonics. The current version provides basic token functions: exploration, claiming, transfer, collection, exchange, as well as paymaster and account recovery functions. We also look forward to working with every project team committed to creating token value and launching more features in the future.
Note: imToken Web is currently a beta version, allowing users to preview a new token-centric experience. The product is still in the process of rapid iteration and may contain errors or vulnerabilities. Please use it with caution. imToken looks forward to your feedback and exploring the future of the token journey together.
During Devcon7 (11.11-11.15), imToken held a special Web3 Coffee Adventure event in Bangkok, jointly created with 11 partners including imKey, Umy, Ll.Fl, Tokenlon, HashKey, Fiat24, Taiko, Orbiter, Feee.io, Bifrost, and Nervos. Invite users to experience the new product imToken Web, receive free tokens and enjoy encrypted coffee, and provide multiple benefits every day!
