Will more web browsers become digital wallets?
The tech company, Microsoft has added web3 features to its web browser application so that updated Edge web browsers could run decentralized functions on blockchain technology.
Just like the Metamask app, the Edge web browser will be enabled to manage the Ethereum blockchain in its browser extension feature. (Metamask is a popular web3 wallet add-on that supports internet browsing and cryptocurrency transactions).
Bleeping Computer, a company that specializes in computer software and technologies, confirmed that the new Microsoft browser-enabled crypto wallet supports different Non-Fungible Tokens (NFT) in a non-custodial wallet, giving users the opportunity to manage virtual assets without the services of a third party.
The Edge crypto wallet supports only Ethereum and Ethereum-based tokens for now, giving the user the virtual environment to switch accounts and run existing web3 apps such as Everledger, Storj, Sola, and others. It is also designed with cryptocurrency exchange support for Dai Stablecoin (DAI), Uniswap (UNI), USD Coin (USDC), and Tether Coin (USDT). Although Bitcoin wallet is part of the list of assets, it is not functional at the testing stage.
Albacore, a software researcher, reported the recent development of the crypto wallet as part of Edge web browser and was confirmed by Microsoft in its announcement that the inclusion of the web3 feature is not for public use since it is still undergoing technical tests, warning that Microsoft would not be liable for any loss of asset.
The company quotes, “As a tester, you will use your own funds. In the event of loss of funds, Microsoft will not reimburse any loss. This is a confidential project and no details should be shared externally”. Even though the application combines the duality of a web browser and a non-custodial method of managing cryptocurrencies, it becomes pertinent to consider how safe it is to store and transact valuable assets in the crypto wallet since Microsoft has warned users against any loss at the early stage of the application.
Or rather, users may have the full security and guarantee to store virtual assets in the future, after every loophole must have been identified and tackled. Whichever way, Microsoft does not guarantee a safe use for the public but only assures users of privacy.
With the rise of cybersecurity concerns over crypto assets as there is no safety guarantee on blockchain technology, and the cyber threats involved in web browsing. Would you prefer a trusted Metaverse cloned software over the traditional crypto app, even though it is almost impossible to hack a non-custodial wallet?
Photo by Microsoft