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Currently, the crypto market supports hardware wallets for storing your net worth & software wallets for (i.e.,Hiro or Metamask) accessing web3 apps. Ryder, in an attempt to revolutionize the Web3 wallet ecosystem, has created the first "social" wallet.
Ryder's vision is to create a social wallet that connects the real world to the crypto world while focusing on device usability and security.
Currently, the hardware wallet user experience is clunky when interacting with web3 applications. Hardware wallets are most often seen as a long-term storage solution for tokens and NFTs. On the other hand, hot wallets like Rainbow, have amazing UI and are quite intuitive for the average web3 user. The tradeoff is they are significantly less secure than their hardware counterparts.
Ryder takes the best of both wallets, fuses them together, and creates a new wallet that combines hardware wallet security with hot wallet UI and user experience.
Ryder wallet plans to facilitate Web3 adoption by making their device a crypto extension for their users similar to how Steve Jobs made the iPhone an extension for smart phone adoption. For this reason, users can use the Ryder wallet as a watch, clip, or stand. This feature is essential as it provides users flexibility, which most hardware wallets don't have.
What makes the Ryder wallet unique from the others in the market?
Imagine if interacting in Web3 was as simple as using your Apple Watch. You simply tap your phone/device and a crypto transaction automatically executes. A service this simple and foolproof would facilitate usage of Web3 services and dApps for even the most technologically illiterate. This is what Ryder plans to introduce to the crypto market.
In order to achieve this vision, Ryder is doubling down on two untapped opportunities, decentralized identities (DIDs) and social interaction. These are in addition to Ryder’s other core value, top-of-the-line wallet security.
Ryder features, as we will explore, make the wallet human-centric. Thus far, crypto wallet user experience and user interface has been abysmal. The only people interacting with the current iteration of crypto wallets are technologists, brave frontiersmen, and degenerate gamblers. Each of these people have risk tolerances that are off the charts. In order to appeal to the mass market, wallet UI and UX must improve by multiple orders of magnitude.
What are Ryder’s core attributes and features?
Ryder’s core features are the combination of:
A wearable modular hardware wallet (i.e., a watch or necklace)
Integration of DIDs to reinforce our identity in Web3
Near Field Communication (“NFC”) technology to perform secure wireless transactions
Let’s take a deeper look into each of the above features.
The Ryder device is modular with built-in flexibility so that it can be used as a watch when traveling or switched into a standing position when working at a desk. The goal is to make the Ryder device simple and intuitive to the user no matter the situation.
DIDs have proven crucial to the Web3 ecosystem. The most recent cycle witnessed the birth and adoption of decentralized domain names (i.e., ENS) as a Web3 username coupled with Profile Picture (“PFP”) adoption as a way to express oneself in the crypto space.
In crypto, building a social community is of the utmost importance. Community building draws people into Decentralized Finance (“DeFi”) & NFT projects that drive the crypto economy. Community also drives narrative which drives further user adoption and growth. A strong socially cohesive community creates its own center of gravity resulting in network effects and value accretion.
As a result, Ryder integrated DIDs to fuse on-chain activities from DeFi to the real world via DAO voting. In practice, users can use Bitcoin domain names in all future Web3 interactions.
This feature will reinforce the fusion of a Web3 community's digital identity with their real-life identity. As is often heard, most Web3 users feel like they have to live a double life between Twitter and Discord and their real life family, friends, and colleagues.
Finally, Near Field Communication (“NFC”) technology, a technology that enables short term wireless communications, enables many new ways to interact with Web3 that were not previously possible.
NFC technology was chosen over Bluetooth due to its shorter range and superior security tradeoffs. To perform transactions, the parties at issue need to physically put their devices near one another, which will enable actions such as:
Initiate transactions by tapping into Ryder on your phone
Fun interactions such as “flicking” NFTs from a Ryder to another one
Proof-of-Hodl: Ryder can prove ownership of domain name, token, or NFT to access an establishment, vote on a DAO, and more
App screen will show a smart contract but in a user-readable way to avoid approving malicious or dangerous transactions
Split the private key among multiple Ryder wallet users and allow recovery by tapping the trusted/selected Ryder in case of simultaneous private key loss
Regarding the product design, Ryder’s aesthetic is modern, simple, and beautiful, which reminds Proof of Research of the Apple Watch design.
The Ryder team is currently developing a strategy to prevent water moisture and dust from entering the device. They are also using aluminum for the outer ring in an environmentally conscious manner which doubles as a defense against hacker attacks. Having a solid metal back makes the Ryder device robust to and protects against various bootload and physical attacks.
The team does not simply want to create another Web3 wallet. In order to reach mass adoption, the Web3 onboarding process needs to be smooth and simple. Therefore, the team has ensured an elegant design that is both appealing and looks similar to a high-end Web2 digital watch.
The superior design combined with an easy-to-use digital wallet for Web3 is the way to go for stimulating a new wave of Web3 users.
How can users have early access to Ryder devices?
There will be an NFT-presale for the first 5,000 Ryder devices. The NFTs will change every time Ryder reaches a new milestone in product development, and other surprises are in store for the early supporters that own their NFTs.
There are different Tiers from 1 to 7, where the higher tiers unlock additional features & rewards like:
Access to Founder's chat and an exclusive peek of the inner workings of Ryder
Formula 1 Trip with the core-team
Feature on Ryder website
One-of-a-kind Ryder Memorabilia
The WL process is ongoing; we suggest joining their Discord to learn more about it. The minting will be cross-chain and happen on both Ethereum and Stacks.
Namespaces and in general on-chain identities have been an important social aspect in web3 and Ryder is working on enhancing this concept. It unlocks new use cases, from building a brand name, to enriching the DAO governance experience.
If you want to know more about Ryder, we strongly suggest visiting their website as you will find all the relevant info & articles regarding their progress: