Transaction Manifests and the Death of DeFi Roulette | The Radix Blog | Radix DLT
December 15, 2022
In today’s digital era, banking apps dominate the financial world. If Web3 is ever to go mainstream, it needs a radically better user experience, and it needs it now.
The world of technology moves fast, as does the way we consume, survive, and exist in the ever-changing economic environment around us. Compared to the days before digitization — where bank cheques and ATMs were a primary function of the financial system — the majority of consumers in today’s world rely heavily on the use of pocket technology to go about their day-to-day finances. Thanks to the evolution of smart phones, fintechs like banking apps have scaled at such a rate that a mammoth 89% of consumers in 2022 reported having some level of dependency on them to access their personal finances.
While this might sound like music to the ears of those passionate about a Web3-centric future, the industry driving it is in critical need of a major rehaul if those numbers are ever to transcend to a new financial era led by Web3.
Decentralized applications (dApps) are the veins of Web3 when it comes to consumer adoption. In the mere 14 years since crypto’s birth they’ve somewhat scaled to try to meet the demands of users, and user consciousness has significantly improved since the early days. But, improvements considered — they still have a long way to go before they’re fit for the mass market.
Web3 and The Transaction Paradox
One of the biggest downsides to dApps today is the way transactions are processed and presented. While the interface on many dApps has significantly improved, they still rely on underlying technology to process a transaction. In today’s DeFi, when a user wants to send tokens to another wallet or dApp, the process leans on an intermediary application — like MetaMask — to submit the transaction to the network. Aside from the fact that dApps like Metamask are incredibly complicated for the average user to figure out, the process that takes place when you make your transaction is deplorable. Think less ‘traditional banking app’ and more… ‘Russian roulette’.
When you make a transaction on DeFi, you’re presented with a cryptic message you’ll need to approve, which will then be sent to a smart contract to action the request. Essentially, in order to transact tokens in Web3 today you have to blindly trust a program, built by a developer somewhere, to do what you ask it. Pair this with the exploits and bugs (not to mention nefarious dApps) enabled by existing smart contracts and your assets have a high chance of being irretrievably lost. Forever.
Unfortunately, for Web3 users today there really is no alternative, and while this might be a risk many in the space are willing to take for the odd trade — translate that to a global consumer base and that risk isn’t going to cut it.
To ever be adopted on a mass-scale, financial infrastructure must support the financial needs of many — not the side hustle of a few. Your local green grocer likely doesn’t want to stack Dogecoin or mint an NFT, but he might move houses, or buy a new car, or sell his business one day. Give him the transactional infrastructure of the Web3 industry today and his livelihood might disappear in a flash.
Today’s DeFi isn’t fit for purpose, and if we’re serious about Web3 — we need to build it better.
Radix Transaction Manifests: Putting Users Back in Control
On the Radix Network, things are done a little differently. At #RadFi2022, the minds behind Radix unveiled a radically different approach — one that, once fully launched, will finally enable an infrastructure that can support a Web3-centric future for finance. In Q2 2023, the Radix Network will go public, launching a range of innovative features set to change the way Web3 works forever.
With Radix, transactions will work exactly how they should work. Compared to networks like Ethereum that rely on messages to convey transactions, the Radix Engine enables dApps to build with an asset-oriented approach. This means that when you make a transaction on the Radix network — thanks to features like Transaction Manifests — it functions how you’d expect it to.
‘Transaction Manifests’ on Radix work with the network’s functionality that allows dApps in the ecosystem to seamlessly and securely connect without placing the end user in a position where their only option is to sign and hope for the best. With dApps on Radix, users can access, create, and approve transactions from right within their wallet in just a few clicks, confident that it will do exactly what they’ve asked it to. In short, the transaction is actually human readable.
Transaction Manifests in the Radix Wallet
Much like traditional banking apps, for the first time in Web3, users can securely move funds without the headache of a complex interface or the need to blindly trust an unfamiliar system. With robust technology and world-first user features, the Transaction Manifest on Radix puts ownership of asset transactions back in the hands of asset owners, meaning they can be confident when using Web3.
With Radix, users can experience a Web3 that reflects the ease of use, security, and personalization they’re used to from the banking apps they’ve grown to depend on. Everyday financial consumers can finally reap the rewards that the new financial era has to offer, without sacrificing the benefits of the one they’ve grown accustomed to.
Unlike anything that exists in today’s Web3, Radix is building tomorrow’s DeFi.
If Web3 is to become mainstream, it needs to work for mainstream users, developers, and entrepreneurs. The Web3 that exists today bears little resemblance to its founding purpose, and is far from ready to support those who truly need it. For a new era of financial evolution to succeed, it needs users. For Web3 to succeed, we need to start building it for them.
With technology and features like the Transaction Manifest, Radix is doing just that.
At #RadFi2022, the team behind Radix unveileved a radically new chapter for Web3. The Radix Wallet — set to launch with Babylon in 2023 — is the first ever Web3 wallet built for a mainstream market. Still not convinced? Watch the Radix Wallet Keynote to learn more about its revolutionary technology and features like Transaction Manifests here.
Originally published at https://www.radixdlt.com.
