A Study on Universal Digital Wallet for Web 3*

The demand for self-sovereign identity/data is being secured with the emergence of blockchain, encryption technology, and cryptocurrency, and a Web 3.0 ecosystem that enables de-centralized economic activities is being discussed. Digital wallets will play an essential role in the Web 3.0 ecosystem, with the ability to make fiat- and cryptocurrency-based payments, store identity and credentials, and store one's sensitive data. In this paper, we examine the characteristics of Web 3.0, investigate and analyze the pros and cons of digital wallets, and discuss common functional requirements for different types of digital wallets. Finally, we summarize research trends of organizations related to universal digital wallets.