The emergence of Web3 technology is redefining the way we interact, transact, and engage with the Internet. In a recent report by Chainalysis, India has claimed the top spot globally for crypto adoption, sparking widespread interest and prompting mainstream applications to explore entry into the Web3 space. However, navigating the complexities of Web3 development, compliance, and onboarding poses significant challenges for these apps.
In an exclusive interaction with Neeraj Khandelwal, Co-Founder of CoinDCX and Okto, he shares how Okto SDK is revolutionising the landscape by addressing these challenges head-on. The Okto Wallet SDK stands as a groundbreaking solution, streamlining the integration of Web3 wallets within applications and paving the way for seamless user experiences.
Can you elaborate on the Okto Wallet SDK and its significance in the Web3 landscape?
The Okto Wallet SDK is a cutting-edge embedded wallet Software Development Kit (SDK) designed to empower developers. This powerful tool seamlessly integrates Web3 wallets within other applications, simplifying onboarding into the Web3 ecosystem. Its significance lies in unlocking the full potential of Web3 interoperability, composability, and blockchain interaction smart contracts, delivering an exceptional customer experience.
The Okto Wallet SDK, being an industry-first, streamlines the integration of web3 into any app or internet company in minutes. This process, traditionally taking weeks with multiple developers, is now managed by a single developer. The advantages include simpler and faster integration, reduced development time and cost, wider audience reach, and the decentralised advantage, allowing businesses to tap into the benefits of Web3 without extensive development efforts.
The Okto Wallet SDK’s recent launch is pivotal in democratising Web3. The launch marks a significant milestone in unlocking numerous opportunities for businesses and users in finance, gaming, social media, the creator economy, and beyond.
What advantages do current apps gain from adopting Blockchain tech or web3, specifically, using the Okto Wallet SDK?
India stands as a global leader with the largest number of users adopting crypto and other blockchain/Web3 products. That said, the consumers are waiting for innovation from the blockchain space. The first benefit most companies will notice is that of the composable blockchain-based back-end technology, which will accelerate the time to market for new features. Customers of current apps will see benefits coming from new ways of owning their data, reusable assets, and access to new secondary markets for existing assets. All these are innovations waiting to erupt, and current internet apps will move to blockchain to reap these benefits.
The Okto Wallet SDK is designed to be accessible and versatile, catering to any app or internet company aiming to embrace Web3 and enter the space with minimum development costs.
Who is the target audience for the Okto Wallet SDK, and what industries can benefit from its integration?
Similar to any payment app, web3 wallets serve as gateways to access blockchain/web3 products. As the applications of Web3 extend across various industries, including finance, gaming, social media, e-commerce, ticketing, loyalty programs, decentralised marketplaces, and the creator economy, a substantial consumer base seeks access to these diverse offerings.
That said, this SDK is targeted towards app builders who want to innovate their existing use cases with blockchain to deliver delightful experiences. The Okto Wallet SDK emerges as a facilitator for internet apps, enabling seamless integration and scalability to meet the evolving demands of users across diverse industries.
Security is a paramount concern. How does the Okto Wallet SDK prioritise and ensure the safety of users’ assets?
Customers on apps will be able to open their Okto Web3 wallet on the same app while retaining self-custody via Okto’s account abstraction and MPC technologies. They don’t need to worry about their keys, the security of their assets, etc., because Okto uses industry-leading and widely audited technology for maximum security. Users will be able to use assets in their Okto wallet created across all the apps in the ecosystem, bringing out the interoperability that Web3 promises.
What inspired your vision for the Web3 industry, and why do you believe it is crucial to usher in the next version of the Internet?
People spend an immense amount of time on the Internet, an indispensable part of our life. While users contribute to the Internet, the compensation for creators in the digital economy hasn’t been commensurate. For example, the data I provide on the Internet is used to build AI tools, but I am not reaping the monetary benefits of it. I envision a future where Web3 networks share value with users, creating opportunities rather than extracting value from them. My mission is to contribute to building the next version of the Internet, focusing on equity and empowerment. Web3 has untapped utility, and with Okto, we aim to bridge the gap.
Could you provide insights into the scope of Web3 adoption and share some data points?
Our mission is to democratise access to Web3 and crypto. Currently, there are approximately 400 million investors in the crypto space, but only about 15 million users actively utilise blockchain beyond investment. This highlights the need to attract more users to the blockchain. Okto aims to bridge this gap, focusing on empowering people with seamless solutions and making the decentralised future accessible to all.
