WalletConnect founder, Pedro Gomez, details how he used his experiences and insights to bring a new user experience to the Web3 wallet ecosystem.
WalletConnect is the communications protocol for web3, bringing the ecosystem together by enabling wallets and apps to securely connect and interact.
WalletConnect is a Circle Ventures Portfolio Company.
What led you to start working on wallet standards?
In 2017 I began to explore Ethereum as both a developer and a user and I noticed some drawbacks in the wallet user experience. Ethereum is an open and diverse ecosystem, but building a great user experience – one that doesn't rely on proprietary solutions and honors the Ethereum ethos – required that wallets come together somehow. This is where standards come in, and that's why they are so important. You can build solutions for the majority and incentivize through an open protocol, where all projects can contribute to the same infrastructure.
What does the WalletConnect network unlock for future companies and founders breaking into web3?
The WalletConnect Network creates a platform that enables all projects to build on top of shared infrastructure, thereby helping unleash network effects that benefit the ecosystem as a whole. Instead of creating incentives to build proprietary solutions that keep innovation gated, we want to nurture a truly open network in which any company or individual can join, leverage our infrastructure, and start building.
Tell us about your vision for the future of wallet infrastructure.
As our industry matures, we’re seeing wallet infrastructure and tooling become commoditized, strengthened, and more reliable. I believe that every component of the wallet will eventually be fully decentralized, as wallet businesses compete on user interface, experience, and customer service.
What’s in your roadmap for WalletConnect over the next 12 months?
Over the next 12 months, we’ll be rolling out the WalletConnect Push and Chat APIs to all wallets. This will kick off a new era for wallets, as they will be able to engage users more actively and offer them a more social, engaging experience, and not just a financial one. Imagine if you could send messages alongside crypto, and receive a ping when a message comes in. This is just one example, and it barely scratches the surface of all the use cases that are sure to emerge.
What insights would you share with founders developing infrastructure in today's market?
Building infrastructure requires an unbelievable amount of time, patience, and social coordination. When building WalletConnect, I had to understand what all these different wallets needed, but also make decisions that I felt would benefit the entire ecosystem - something that wasn't entirely popular with the community at times. However, you have to be ready to make these decisions and remain persistent in chasing the first, second, to tenth integrations, and so forth. Focus on getting there, because at a certain point, the network effects will take off and you will see an organically growing community developing with your infrastructure. This is the only KPI you should aim for; don't get distracted by other metrics.
What did you wish you knew before you started WalletConnect?
Nothing. Personally, I’m glad I was naive enough to even begin such an ambitious project like WalletConnect! However, a piece of advice I would give my younger self is to always trust my instinct and act quicker.
