AMA Recap: User Power in Web3 Era — Uquid x Nabox Wallet x Mises Browser
On June 25th, Uquid participated in an AMA session featuring representatives from Nabox and Mises, with the aim of exploring the potential of Web3 for online retailers. The interview emphasizes the theme of user power in Web3 and explores how different projects, such as Uquid, Nabox, and Mises Browser, contribute to enhancing user control, privacy, security, and accessibility in the Web3 ecosystem.
Speakers: Uquid, Mises Browser, Nabox Wallet
Link to the AMA record: https://twitter.com/Mises001/status/1671907783279538177?s=20
Here are the main takeaways from the discussion:
- Decentralization and User Control: Web3 technology harnesses the power of blockchain’s decentralized nature, giving users more control over their data and transactions. Through blockchain, individuals can track their transactions in a transparent and trustworthy manner, reducing reliance on centralized entities.
- Privacy and User Anonymity: Web3 technology offers enhanced privacy, as transactions conducted on the blockchain are often anonymous. This empowers users to make purchases without divulging personal information, catering to privacy-conscious individuals.
- Cost-Effective Transactions: Cryptocurrency transactions typically incur lower fees compared to traditional payment methods, providing users with cost savings for their online purchases.
- Global Market Access: Web3 empowers users to participate in online shopping on a global scale, irrespective of geographical boundaries. Users can engage in cross-border transactions without being subjected to exchange rates or international transaction fees, expanding market opportunities.
- Smart Contracts and Trust: Smart contracts play a pivotal role in fostering trust, transparency, and security in Web3 shopping platforms. These contracts ensure that both buyers and sellers fulfill their obligations, while also providing an immutable record of transaction details, mitigating the risk of fraudulent activities.
- Asset Control and Management: Web3 innovations enable users to efficiently manage their assets across multiple blockchains. Through advanced wallet features and decentralized identity solutions, users retain full control over their digital identities and personal data, facilitating seamless asset swaps without relying on intermediaries.
- Security and Identity Protection: Security measures within the Web3 ecosystem prioritize user protection and identity safeguarding. These measures include the detection of phishing sites, open-source code for transparency, and adherence to official sources for extension downloads.
Now, let’s dive into the details:
Part 1: Welcome Speech
Luke (Host from Mises): Okay. So, hello, guys, everyone. This is Luke. I’m the head of the community of Mises Browser. You already know me, I guess. So I’ve been in the crypto industry since 2017, and got a little bit of experience. Right now I’m in charge of the community and growth and also to the space AI of Mises Browser.
Luke: Mises Browser is a web-based mobile browser with Chrome extension support on mobile phones. Our goal is to provide you with an excellent web experience on mobile devices. We offer four main features.
Luke: Firstly, we support Chrome extensions, allowing you to download and use any extension from the Google Web Store on Mises Browser. This enables you to connect and use Web3 dApps on your mobile phones anywhere, anytime.
Secondly, we have a Web3 dApp store with over 700 mainstream website apps, providing quick and secure access to website services. Thirdly, we support decentralized domain resolution and IPFS. You can access decentralized websites on Mises Browser without the need for gateways or IPFS configuration.
Lastly, we prioritize security and have implemented features to protect your assets, such as phishing site detection. Instead of using traditional blacklists or whitelists, we employ an AI module to scan websites and detect phishing sites based on similarity to known secure websites.
Luke: And to my co-host. Maybe you can introduce yourself a little bit as well.
Part 2: User Power in Web 3
1. Redefining User Shopping Experience with Decentralization and Smart Contracts
Hien (Co-Host from Uquid): My name is Hien Vu. I’m a speaker from Uquid and the host of this session.
So about Uquid, recently we have partnered with Mises Browser and Nabox to lead the Uquid Shop app. And more about Uquid, I could say Uquid is the leading smart shopping platform on Web3 with over 140 million physical and digital and also NFT products with exclusive deals from verified merchants and DeFi to payment features that aim to bring the best shop-to-earn experience for users in cryptocurrency.
Hien: So users when shopping at Uquid are offered flexible and convenient payment methods including cryptocurrency, fiat or wallet. And our ambition is to dominate the crypto marketplace by offering the Buy Now Pay Later option to customers which is the first Buy Now Pay Later with crypto payment method in the Web3 world. And about this feature, it’s all about protecting crypto’s future value by delaying the payment in 3 installments for 90 days with interest free.
And with many years of building an infrastructure on e -commerce in Metaverse, we have found the easiest and safest way for our customers to access their money and shopping online. So you guys can access Uquid through Nabox or our Browser and explore our verified market. And also we have daily deals and affordable prices of items.
Yee (Nabox): So I think currently crypto shopping is quite new because actually, to be honest, I never like to buy anything like the real product, just buy tokens, you know, I just always like to trade it on exchange or design interaction on different blockchains. So I want to ask questions about how Uquid could change these shopping habits of users? Like, how to attract them to choose to shop on Web3 instead of Web2?
Hien: I could say that the adoption of crypto shopping potentially changed the shopping habits in a few ways. So the first one is decentralization. You know, by using Web3, users can take advantage of their decentralization of blockchain technology. And also we are allowed for a more secure and transparent shopping experience. Users can have more control over their data and transactions without the need of intermediary such as buying a payment processor, like they could, track their transaction easily by setting the scan system on blockchain.
The second thing is privacy. The, so the Web3 technology also provides users with a higher level of privacy, and transactions made on the blockchain are anonymous. So it means that users can make purchases without revealing their identity. Like basically the user can connect the wallet and we could not know who you are. So this can be particularly appealing to those who are connected con who are concerned with their online privacy.
The third one is a lower fee. One of the benefits of using cryptocurrency is that transaction fees are typically marked lower than traditional payment methods. So this can be a significant factor for our users who are looking for, um, a way to shop, uh, and save money on their online purchases.
The final one, I think, is the new market. You know, crypto shopping can open up a new market for users. By using cryptocurrency, everyone can shop from anywhere in the world without having to worry about exchange rate or like their international transaction fee. So this can be particularly appealing for users who are looking for a unique product that may not be available in their home country. We are also providing some exclusive items within our shop. So I think overall the adoption of crypto shopping could change the way users shop online by providing them with more control, privacy, and cost saving.
That’s why we have faith in cryptocurrency shopping. But however, it will take time. I believe that, and we have to educate users to fully embrace this new technology and to make users aware of the power of them when shopping with crypto.
Luke: The biggest advantage of Web2 projects is the good experience compared to Web three projects, right? Yeah. So what features can you offer to enhance the user experience shopping on Web3?
Hien: I want to share that as part of the Uquid roadmap, we plan to launch the ShopFi feature, in the second half of this year or maybe the early of next year. The ShopFi feature is the transaction and everything on the Web3 platform would be processed under the Smart Contract and the adoption of Smart Contract serves to make transactions traceable, transparent and irreversible. Also we will continue to upgrade our defined shopping features including shopping mining, shopping staking, and automated shopping making. Using Smart Check could ensure that everyone in anywhere can buy products and earn points without being affected by the barrier of local government.
Luke: By the way, you keep mentioning smart contracts. So can you explain the role of the smart contract in web shopping platforms? How can they enhance trust, transparency, and security on transactions?
Hien: Generally it makes everything become smart and transparent. The most remarkable point here is the token reward that users receive when they purchase a product. So in short, our platform offers cryptocurrency payment as the form of buy now, pay later in 3, which I have introduced. At the moment, we are serving in more than 180 countries. And also we reward customers on every purchase.
Smart contracts can enhance trust, transparency and security in online injection in the following way. First one is trust. Smart contracts establish trust between buyer and seller by ensuring that both parties fulfill their obligation.
The second thing is transparency. The strong point of smart contracts is that they are transparent by design with all transactions recorded on a public blockchain. So you can track it on the scan system of each blockchain. This provides buyer and seller with, with a clear and immutable record of all transaction details, including price, delivery date, and also the product information.
Final one is about security. Smart contracts are highly secure as they are secure on a decentralized network. So this will eliminate the reach of fraud at all parties, most of whom authenticate themselves before assessing the contract so no one can alter the terms of the contract and once it has been executed.
2. Navigating New Frontiers of Control and Security
Hien: So the first question I would like to ask Yi from Nabox: What unique Web3 functionalities does Nabox provide to give users greater control over their assets?
Yee: So firstly, Nabox provides seamless multi -chain support, which allows users to manage their assets across over 60 blockchains with a unified interface, which I mentioned before. Yes, we have already supported over 60 blockchains. So this enables easy interaction with various DApps and the DeFi protocols, expanding users’ possibilities and opportunities, I think.
Secondly, Nabox incorporates advanced wallet features such as cross -chain swaps and DEX integrations. Users can effortlessly swap their assets across different chains without relying on centralized intermediaries, enhancing liquidity and reducing transaction costs.
And what’s more, Nabox integrates DID solutions, which I also mentioned from my introduction, which is called Nabox ID. It allows users to have full control over their personal data while interacting with various blockchain -based services. This empowers users to manage their digital identity securely and selectively share information as needed, enhancing privacy and data management. I think maybe my answer is short, but I think maybe I made myself clear.
Hien: I have another question for you. That is, we’ve seen many people talking about the security on Web3, and we are curious about the security feature on Nabox. So how does Nabox ensure the protection of user funds and sensitive information in the Web3 area?
Yee: So we value the protection of user funds and sensitive information in the Web3 area. This is how we ensure the security of user funds. Actually, I don’t like to say funds. I like to use the word assets or tokens, but it’s fine. So this is how we ensure the security of user funds and the sensitive information. So I would like to list three ideas.
The first is decentralized storage. Like Nabox, we don’t store any personal information on any service. We emphasize that users have the right to control and safeguard their own data. This means that users have full ownership and control over their personal information. And the second is the encrypted storage of private keys.
So we use encryption technology to store user’s private keys locally on their own devices. The private key is crucial for accessing funds and by encrypting it and storing it, like storing it locally. So the risk of private key like stolen incidents, something like that, like stolen or lost,
I think, is prevented. And the third one is users’ responsibility and awareness. Because no matter how secure your wallet is, if you just imagine this, like give everyone your private keys and tell me how you can make your money, like make your token safe, right? So we emphasize the importance of users’ awareness in managing their private keys. Users are responsible for securely storing their private keys. AndI think they should avoid storing them online. Maybe write it down in some papers and store it in a safe place. Also, yeah, and one more thing, please don’t give the authority to any unfamiliar or untrusted links or DApps by your wallets, no matter which wallet it’s not safe. So we are doing our best to protect our users. But please do have some awareness of your security.
Hien: Okay, so I think I have another question, that is, how can Web3 technology enhance the final inclusion and accessibility for individuals around the world?
Yee: So firstly, Web3 technology is faceted like peer to peer transactions and it’s animating the needs for intermediaries such as banks or payment processors. This enabled individuals in underserved regions to participate in the global economy and access financial services without relying on traditional banking. I think some or some like the procedures of the traditional banks, something like that. So besides Web3 allows for programs like money and smart contracts enable the creation of innovative financial products and the service. I think this opens up new avenues for individuals to engage in lending, borrowing and investment activities, regardless of their. I mean, I mean, no matter where they come from or what their financial situation is. What’s more, I think Web3 enables micro payments and fractional ownership in reducing barriers to entry for individuals with limited financial resources.
I mean, like everybody can join no matter if you are from Asia or Africa, Europe. And even if you really like how to say that, I don’t want to say the word poor. But yeah, as you can see, if I am really, really poor, maybe I can invest some money or try my luck in the crypto world. So I think this allows for the digital content incentive. I think it accelerates creativity and empowers content creators, artists and developers to directly do the work. Actually, there’s one more thing I want to talk about.
I think Web3 fosters greater transparency and trust through its decentralized nature, because everybody I think I think everybody here likes decentralized. So individuals can verify transactions and financial activities on the blockchain, reducing the risk of fraud.
3. Safeguarding User Security and Accelerating Web3 Adoption
Hien: Could you elaborate on how Mises Browser user security and identity protection within the web3 ecosystem?
Luke: As I mentioned before, we got four features, and the security is basically one of the most important features among the all four features of Mises Browser. So right now we have the detection of a fishing set. Okay. So when you are trying to connect your wallet extension to a website, we will try to scan this website to find out whether it is a fishing set and yeah. And also to secure the, the, the, to make sure our users are secured. We are 100% open sourced. So you can go to our GitHub, take a look at our source code, and if you have any bugs about Mises Browser, actually you can ask for a Bounty from this. And also all the extensions you need from Mises Browser have to be downloaded from the official Google Web store.
Hien: As you mentioned, the value of the whole network is correlated to the square of the number of devices inside this network. So for example, if we got one device on the whole internet, the value is going to be one, right?
Luke: If we got two devices on the internet, the value is going to be four. And we, if we got three devices on the internet, the value is going to be nine. So in the future, when we get massive adoption for the smartwatch, smart glasses, smart goggle, that’s gonna be a huge increase in the number of devices, right? So there is also gonna be a huge increase in the value of the whole internet. So, uh, there’s gonna be a lot of opportunities.
Web3 is left behind with Mises. You can use Web3 devs, Wb3 extensions on mobile phones. Right now, we just ended stage two. I mean, web3 is totally behind, we need to catch up. But I don’t really see many web3 projects going to develop something about it as well.
Part 3: The Partnership Impact
Previously, token holders could only purchase tokens with limited use cases and rewards. However, with the partnership, Nabox token holders can now buy actual items securely through Uquid’s platform.
In addition, the partnership between Uquid and Mises Browser is seen as a revolutionary collaboration. This expands the utility and value of the tokens. It is viewed as a win-win solution for all parties, benefiting Uquid’s users and providing opportunities for Mises Browser’s users to directly access Uquid’s services.
The partnership also allows Uquid’s wallet and swap box to be listed on Mises Browser, enhancing accessibility for users. The convenience of having multiple wallets in one place is appreciated, and there is a hope for an iOS version of Mises Browser to simplify the user experience even further. Overall, the partnership is highly anticipated and seen as a positive development for all companies.
In this AMA, we explored the power of users in the Web3 era, highlighting the core principles of decentralization, user control, privacy, cost-effective transactions, global market access, smart contracts, asset control and management, as well as security and identity protection. The representatives from Mises Browser, Nabox Wallet, and Uquid provided valuable insights into their respective technologies and how they contribute to empowering users in the Web3 landscape. As we continue to embrace the Web3 era, we can look forward to an internet that prioritizes user autonomy, security, and accessibility.
Launched in 2016, Uquid pioneers in applying DeFi and Web 3.0 to E-commerce that aims to bring the best Shop to Earn experience to customers with verified merchants, exclusive deals, cashbacks and Payin3 with Crypto.
Throughout the years, Uquid still keeps its fantastic performance with continuous growth and the best effort to upgrade their store following the official Roadmap. With the largest selections of over 120 million physical, digital and NFTs products listed and comprehensive shipping services to over 160 countries around the world, Uquid is confident in serving any demand of customers in the Metaverse.
Users shopping at Uquid are offered flexible and convenient payment methods including cryptocurrency, fiat or wallets. Uquid’s ambition is to dominate the crypto marketplace by offering Buy Now Pay Later option to customers. Uquid Payin3 is all about protecting crypto futures value, by delaying the payment in three installments for 90 days, interest-free. With many years of building an infrastructure for Ecommerce in Metaverse, Uquid has found the easiest and safest way for customers to access their money and shop online.
Website (Digital product): https://shop.uquid.com
Website (Physical product): https://uquid.com
Website (General): https://uquidcoin.com
Website (NFT): https://nft.uquid.com