The NEAR Protocol had a ‘near’ miss in June 2022, when a bug was found in the NEAR Wallet that caused the seed phrase to be accessible via email providers. Luckily this bug was fixed, and the crisis was averted before anyone found the potential exploit.
How can NEAR Wallet be improved from here?
A NEAR wallet is a physical device, app, or service that stores the public and private keys for cryptocurrency transactions and is a service to access blockchain transactions in an easy-to-use format. Several cryptocurrency wallets include sophisticated capabilities like staking, encryption, lending, and more, in addition to the primary function of key storage.
Even though the name is timeless, referring to NEAR crypto storage as a wallet isn’t accurate. Due to the fact that the cryptocurrency is stored on the blockchain rather than in a physical location, it is not a wallet in the meaning of the word. But a NEAR wallet operates in a very straightforward manner.
First, a public key and a private key are created by the wallet software. To transmit and receive cryptocurrency, you need these keys. The public key is available for others to send you NEAR, similar to how they would mail you at your mailing address. On the other hand, a private key is a different combination of letters and numbers related to the public key and is reserved for the wallet’s owner only.
How can NEAR wallet be improved?
With an ever-expanding user base, upgrades to the experience of using NEAR Wallet are essential to making the network accessible, easy to use, and physically appealing.
Accessible and easy to use can be covered with the integration of a ‘personal assistant’ style chatbot, able to help with queries, give advice, and guide around the wallet’s features.
Many people find blockchain a daunting prospect, so having help when first embracing the technology would facilitate new users into the cryptocurrency world.
Avorak AI is a project releasing a set of AI tools, such as a trading bot, image generator, AI writer, and, importantly, a language model. This language model could be implemented in a restricted mode into the NEAR Wallet and amplify the experience, improving the NEAR Protocol interaction and gaining exposure for Avorak.
AVRK is set to generate good income from these products, which will put strong organic price appreciation onto the token, beneficial for holders and projects alike.
This comes as a double whammy, as AVRK holders gain a share of the income automatically, acting as a form of dividend or ‘passive income,’ only without the token inflation.
This is one project to watch for sure.
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