Pengyu Wang Reveals the Secrets to Particle Network's Rapid Successby@ishanpandey
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Pengyu Wang Reveals the Secrets to Particle Network's Rapid Success

by Ishan PandeyOctober 17th, 2023
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Pengyu Wang of Particle Network sits down with HackerNoon to discuss the company's meteoric rise, achieving 15 million wallet activations in just a year. Wang shares insights on Particle's origin, its Wallet-as-a-Service innovations, and the road ahead, emphasizing its mission to simplify and democratize web3 for the masses.
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In an exclusive conversation with HackerNoon, Pengyu Wang of Particle Network provides an in-depth look into the fascinating world of Wallet-as-a-Service. As the mastermind behind the company's groundbreaking innovations, Wang sheds light on the driving forces and challenges behind reaching an astounding 15 million wallet activations within a year. From the rise of Web3 applications to the intricacies of Particle Network's partnerships, this interview promises a deep dive into the ever-evolving landscape of web3 technologies.

Particle Network Celebrates 15 Million Wallet Activations in One Year: Inside Scoop with Pengyu Wang

Ishan Pandey: Hi Pengyu Wang, Congratulations on reaching the significant milestone of 15 million wallet activations for Wallet-as-a-Service (WaaS) V2 within just one year. Can you share some insights into what factors contributed to this rapid success?

Pengyu Wang: Certainly, two main factors contributed to this rapid achievement:

  1. Rise of Pan-User Web3 Applications: The rapid emergence of pan-user Web3 applications, particularly high-quality Web3 games and innovative social products, played a pivotal role. These applications target the mass market, drawing in Web2 users and fueling the demand for our B2B2C WaaS products. Our offering of social login and embedded wallet features aligns perfectly with user needs and simplifies their experience.

  2. Focused and Developer-Centric Approach: Our team has remained highly focused on WaaS, never diversifying into retail wallets. We diligently listen to developers' needs while considering end-users' perspectives. This balance is crucial since WaaS operates on a B2B2C model. For example, we chose an MPC-TSS technical solution to provide a non-custodial approach, as it is in line with developers' demands for asset security. Simultaneously, our Account Abstraction Stack, combined with MPC-TSS-generated EOAs, forms a Smart WaaS solution that offers clear benefits to end-users, addressing their requirements for session keys and gasless transactions.

I believe that it’s essential to keep both perspectives in mind when working on product development, while iterating rapidly. I would also like to attribute our success to the robust industry connections we have cultivated, including strategic partnerships with networks like BNB Chain, Linea, NEAR, Sei, and zkSync.

Ishan Pandey: What motivated you to found the Particle Network? What aspects of the technology and its potential impact on the world appealed to you?

Pengyu Wang: Our motivation stemmed from our background in R&D and distribution within the gaming industry. With experience in developing and launching social and casual games in Web2 (which have accumulated >400 million users worldwide), we understood the significance of the registration conversion rate for new users and its direct influence on user lifetime value (LTV). Recognizing the high entry barriers in Web3, particularly concerning user registration (wallet creation) and signature initiation, we saw an opportunity to leverage our expertise.

Our goal was to address these issues in a user-friendly way while staying true to the core principles of Web3, which prioritize user autonomy. To achieve this, we opted for a fully non-custodial technical solution, choosing a technical stack that combines MPC-TSS with AA. Both technologies align with our mission of transitioning Web3 from a crypto-punk-focused industry to one that caters to the mass market while preserving the essence of Web3. We're incredibly enthusiastic about this endeavor!

Ishan Pandey: Could you provide an overview of Particle Network's Wallet as a Service (WaaS) and how it is reshaping the financial services industry?

Pengyu Wang: Wallet as a Service (WaaS) is a B2B2C product designed to simplify user interactions with Web3 applications. It offers a social login feature, enabling users to access Web3 products using familiar Web2 methods. Additionally, WaaS creates an on-chain wallet within the dApp, streamlining the signing process. This approach addresses several key issues:

  • It reduces the barriers to entry for new users.

  • It enhances user efficiency by allowing seamless in-app signing.

  • It provides a comprehensive user experience, including fiat on-off ramps, cross-chain bridges, and swaps, all accessible within the product.

WaaS can cater to various dApps and use cases, including those in the financial services sector. For instance, in finance, users unfamiliar with Web3 but in need of Web3 asset allocation can log in to an on-chain staking product using just their email. Within the DeFi product, they can leverage integrated fiat ramps to purchase ETH with a credit card (KYC required) and stake it within the dApp. This process is intuitive and mirrors conventional experiences.

Ultimately, WaaS aims to introduce more people to the benefits of native on-chain crypto assets and encourage such usage.

Ishan Pandey: You've maintained close partnerships with various blockchain networks and infrastructure providers. How have these partnerships contributed to the growth and evolution of Particle Network's services, particularly WaaS?

Pengyu Wang: Great question - our approach to partnerships is developer-centric. We don't limit which blockchain developers should use; instead, we support public chains that offer unique product advantages, providing developers with more choices. While we may engage in deeper collaborations with some public chains when opportunities arise, our overall strategy is to remain neutral. This aligns with our shared goal with public chains: attracting developers and aiding them in creating better products swiftly. In terms of infrastructure partnerships, our strategy revolves around three key aspects:

  • Product Integration: We focus on what we do best, abstracting user demands and handling signatures. For other on-chain operations like fiat deposits and cross-chain asset transfers, we prefer collaborating with partners who are leaders in those areas.

  • Joint Go-to-Market Efforts: Partnering with infrastructure companies that cater to similar dApp audiences as us enhances our collective efficiency.

  • Branding and Trust: Strong partnerships can bolster brand reputation and trust mutually, creating a positive impact. While we welcome new collaborations, we maintain high standards for our partners to foster a beneficial partnership ecosystem.

Ishan Pandey: WaaS V2 is designed to be adaptable to shifts in user behavior and blockchain architecture. Can you elaborate on how Particle Network plans to future-proof its Web3 infrastructure and stay ahead of emerging trends in the space?

Pengyu Wang: We approach this in two ways:

  • Developer-Centric Approach: We aim to meet the evolving needs of developers by offering tools that streamline user onboarding and enhance their interaction with the blockchain. Our focus is to understand and adapt to the real requirements of developers, ensuring our product remains at the forefront of the industry.

  • Technological Leadership: In the rapidly evolving Web3 landscape, staying ahead involves understanding technological trends. This includes integrating zero-knowledge technology into WaaS and applying intent-centric design to our product. Additionally, providing excellent service is crucial, as well as things like providing comprehensive documentation.

Moreover, our B2B2C model establishes an account ecosystem. When multiple dApps adopt our WaaS, users logging in with the same social account will have the same address and assets across these dApps. As we expand to serves more dApps, network effect of user scale and assets will emerge.

Ishan Pandey: What role do you see Particle Network playing in accelerating the mass adoption of web3 technologies, and how does your Intent-Centric Modular Access Layer contribute to this goal?

Pengyu Wang: Particle Network's Intent-Centric Modular Access Layer is instrumental in accelerating web3 adoption. It integrates privacy, efficiency, and an intelligent account structure using zkWaaS, Intent Fusion Protocol, and Omnichain Account Abstraction. This enables seamless onboarding of Web2 users into Web3 while fully preserving user asset autonomy. Our main contribution is to empower developers, facilitating user acquisition for native Web3 products rather than relying solely on the wealth effect from assets like Bitcoin and Ethereum.

Ishan Pandey: As more projects integrate with Particle Network, what kind of security measures and fail-safes do you have in place to ensure the protection of both the developers' and users' assets?

Pengyu Wang: We prioritize security above all. Our Wallet-as-a-Service (WaaS) employs a non-custodial model, utilizing Multi-Party Computation Threshold Signature Scheme (MPC-TSS) to ensure asset security. Every user has a unique multisig wallet, with user signatures generated on the client side. Additionally, we've passed rigorous audits from the likes of Trail of Bits and Solidified. While the user onboarding process is seamless and mirrors Web2 experiences, our underlying technology guarantees asset safety, placing control firmly in the users' hands. Furthermore, we continue to invest heavily in R&D to ensure that our solutions are fortified against emerging security threats.

Ishan Pandey: It's been a pleasure speaking with you, Pengyu. Any final words or exciting updates you'd like to share with our readers?

Pengyu Wang: Thank you, Ishan. I'd like to emphasize the importance of maintaining a long-term perspective in the blockchain industry. It's easy to get sidetracked by the volatile market, but at Particle Network, our focus remains on product and technology. We genuinely believe in the transformative power of Web3 and are committed to driving its mass adoption. As for exciting updates, keep an eye out for our upcoming developer portal and new partnerships, which will further expand our service offering. Stay tuned!

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Vested Interest DisclosureThis author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR