With the aim to simplify Web3 access for both new and experienced users, Ava Labs has released Core – an all-in-one Web3 companion that empowers users to take maximum control of their Web3 experience. Ava Labs, founded in 2018...

With the aim to simplify Web3 access for both new and experienced users, Ava Labs has released Core – an all-in-one Web3 companion that empowers users to take maximum control of their Web3 experience.

Ava Labs, founded in 2018 by Professor Emin Gün Sirer and a team of Cornell computer scientists, set out to tackle the scalability issues plaguing existing blockchains like Ethereum. Their brainchild, Avalanche, emerged in 2020 as an open-source platform for building decentralized applications (dApps) and custom blockchains.

In recent years, the Avalanche ecosystem has achieved steady growth. A vibrant community of developers and entrepreneurs are building a diverse range of dApps across various sectors.

Now anyone can use Core – but without seed phrases. Users can generate and manage keys with simple Web2 platforms like Gmail and Apple, which makes it super accessible without any security or custody tradeoffs.

Core introduced this first-of-its-kind experience in wallets, and it is all built for the Avalanche ecosystem and more. The cool part is that Core’s seed abstraction is universal, and not limited to any single blockchain.

So what else does Core do? Our review will provide in-depth insights into Core wallet, the problems it’s solving and several powerful features of Core!

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Quick Verdict: Core is an intuitive, secure, all-in-one cryptocurrency wallet that aims to streamline Web3 access and foster widespread adoption by simplifying complexities for both new and experienced users.

Quick Facts

What is Core?

Core is a cryptocurrency wallet designed to streamline Web3 access and foster widespread adoption. Developed by Ava Labs, the product is a powerful piece to the growing Avalanche ecosystem. With Core, Ava Labs aims to build an open, simple, and secure internet of finance where users make maximum control over their crypto and data without delay.

As a Web3 wallet, Core enables customers to seamlessly buy, send, swap, and store their cryptocurrencies and NFTs all within a single, intuitive interface. In addition to an intuitive interface, Core also prioritizes security and speed. The team estimates that Core wallet is 10-times faster than its popular rival Metamask.

Core’s capabilities extend beyond mere asset management. Users can stake AVAX directly within the wallet, discover all the details of projects built or featured on Avalanche, access DeFi data and events, and even bridge to Bitcoin and Ethereum networks.

Besides, Core offers a wide range of a diverse toolkit and expanding features to users and developers.

What Problems is Core Solving?

Web3 is an end-to-end decentralized user journey. There are numerous projects that focus on building Web3-enabled products, yet only a select few are Web3-ready. The core problem? Complexity. Users care less about the underlying tech and yearn for unabashed convenience. Unfortunately, most products stumble in translating this desire into reality.

If you’re familiar with Web3 wallets, you already know that seed phrases are an integral part of these systems. On the security side, it’s non-negotiable. However, seed phrase management remains a major concern.

Core problem needs a core solution. Core aims to address this challenge with seedless onboarding options.

The product offers an intuitive UX that aligns with Web2 expectations. Core lets users create a new wallet in several ways with or without seed phrases.

Users can sign up Core using Gmail and Apple logins and add recovery methods such as passkey, authenticator app or YubiKey. This frictionless approach makes entry into Web3 smooth and familiar without any security or custody tradeoffs.

CubeSigner’s secure hardware acts as a vault for your private keys, keeping them invisible to hackers and safe from misplacement. Transactions remain cloaked thanks to remote signing within secure enclaves, while strong encryption and physical authentication devices act as your digital bodyguards, guarding against phishing and unauthorized access.

Existing Web3 tools often have steep learning curves and can be intimidating for newcomers. Core prioritizes simplicity and intuitiveness. Whether you’re a Web3 beginner and expert, Core offers a refreshingly intuitive way to experience the Web3 landscape to its fullest.

Core Key Features

Multi-chain Wallet

Users often juggle different wallets, extensions, and apps to interact with different blockchains and DeFi protocols. With Core, Ava Labs aims to create a fragmented Web3 experience within a single wallet that supports multiple chains and seamlessly connects to various Web3 services.

Core currently supports major wallets, including MetaMask, Coinbase, WalletConnect, Ledger, and over 300 different Web-compatible wallets. Users can also create a Core-native wallet on extension or mobile apps available on Google Play and App Store.

Core multi-chain wallet allows users to store, send, and receive cryptocurrencies and NFTs across multiple blockchains with no need for multiple wallets. The wallet also aims to facilitate easy asset transfers between supported chains, enhancing cross-chain interoperability.

Blockchain Explorer

Looking to track on-chain activities on Ethereum? Now it’s simple with Core. Core acts as a search engine for everything blockchain. Users can access valuable insights, from blockchain transactions, addresses, to blocks directly within the wallet.

Moreover, they are able to monitor transactions and the status of pending operations, confirm the authenticity and details of transactions before interacting with them. Core ensures customers always maintain control over their digital assets.

Cross-Chain Interoperability

Moving assets between different blockchains can be cumbersome and expensive. Currently in beta phase, Core supports native bridging to Bitcoin and Ethereum, with plans to expand to more chains.

Network congestion on popular blockchains can lead to delays and high transaction fees. Core leverages the speed and efficiency of the Avalanche blockchain with significantly faster transactions and lower costs.

AVAX Staking

Core lets users join staking AVAX on Core wallet with ease. Users can delegate AVAX to one or more validators directly within the wallet to earn rewards for supporting the Avalanche network. Staking AVAX is one of the simplest ways to contribute to the network and generate passive income.

The staking functionality also features cross-chain transfers across Exchange (X), Platform (P), and Contract (C) chains.

Web3 Gateway

Newcomers to Web3 often lack the knowledge and support to navigate the space effectively. Core provides educational resources and guides within the wallet, helping users learn about Web3 concepts and best practices.

The platform serves as a gateway to various decentralized applications (dApps), games, and other Web3 services. Users can easily explore the decentralized world in just a few clicks in the “Discover” section on the wallet. Likewise, Core allows for effortless connection to dApps and without leaving the wallet interface.

Portfolio Manager

Managing a diversified Web3 portfolio can be challenging without proper tracking tools. Core offers built-in portfolio tracking and analytics, providing users with a clear overview of their assets and performance.

Users can monitor the value of their assets across multiple chains and use those insights to craft a comprehensive overview of portfolio’s health and performance. Real-time market data also helps users stay updated on market trends and analyze opportunities.

Personal and Developer Tools

Beyond personal tools, Core offers a rich array of developer tools within the Avalanche ecosystem. These include API services, notification services, data dashboards for dApp performance metrics, Proof of Assets & Reserves, and more.

Enhanced Security

Vulnerabilities in wallets and extensions can expose users to theft and fraud. Core emphasizes security with features like secure private key storage and transaction verification. Additionally, the Core extension integrates with supported Ledger hardware wallets, providing an extra layer of security for user accounts.

With Core, security meets convenience. Core’s seed abstraction aims to simplify Web3 wallet experience for mainstream users, maintain high security through secure hardware and strong encryption, increase Web3 accessibility by removing seed phrase complexities, and offer user choice and flexibility in login and recovery options.

Conclusion

Core’s ambitious scope and user-centric focus potentially make it a leading role in the future of the Avalanche ecosystem. Core’s user-friendly tools could lower the barrier to entry for non-technical users while offering users greater control and security over their assets.

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Core FAQs

What is Core?

Core is an all-in-one cryptocurrency wallet and Web3 companion developed by Ava Labs. It aims to simplify access and use of Web3 through an intuitive interface and array of tools.

What blockchains does Core support?

Core supports multiple blockchains including Avalanche, Ethereum, Bitcoin and plans to expand support to more chains. It facilitates cross-chain transfers between supported chains.

What assets can I manage with Core?

You can store, send and receive cryptocurrencies like Bitcoin, Ethereum as well as NFTs across various blockchains in the multi-chain Core wallet.

How does Core make Web3 access easier?

Core offers seedless account creation using Google and Apple logins instead of complex seed phrases. It also has a familiar Web2-style UX to lower barriers to entry.

What security features does Core have?

Core leverages secure private key storage, transaction verification, and integration with hardware wallets like Ledger for enhanced security.

Can I stake cryptocurrencies on Core?

Yes, Core enables easy staking of AVAX tokens to earn rewards for participating in the Avalanche network.

Does Core have portfolio tracking features?

Yes, Core provides portfolio analytics and tracking to give users insights into their overall assets across multiple chains and their performance.

What developer tools are offered?

Core offers developer tools like APIs, notifications services, dApp performance dashboards, and more for building within the Avalanche ecosystem.

How can I get started with Core?

You can download the Core wallet mobile apps for iOS and Android or install the Core browser extension to create an account and start using its features.

The post Core Wallet Review: The Web3 Wallet to Bridge, Buy, Swap & Send Crypto appeared first on Blockonomi.

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