Sep 9, 2022 at 12:10Web3 software development kit (SDK) Ramper is a relatively fresh startup — it was launched in May 2022 — which, however, has already raised $3 million in investments.
We spoke to Ramper founder Sisun Lee about why his product is attracting investors and when he thinks the era of ubiquitous Web3 will arrive.
“Most people who don’t have crypto wallets don’t know what a crypto wallet is”
I’m still relatively new to crypto: I joined this field last August. I have an entrepreneurial and management background, with stints at Facebook, Uber, and Tesla as a product manager. Ramper is my second company; I started More Labs, a food and beverage services company, five years ago.
I think I joined crypto — just like many others — out of curiosity. People around me were talking about it, so I wanted to know what it was all about. And blockchain is just like a rabbit hole, so I went down it once.
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As for Ramper, this is a service that makes using decentralized applications simple. We just got started, but we have some attention, and I think it is because we’re doing something very obvious but much needed.
Most people who don’t have crypto wallets don’t know what a crypto wallet is. And with our SDK, developers can build a simple interface for these people — they can just log in with emails like on traditional platforms and buy crypto with USD when needed.
“Ramper is a tool between Web2 and Web3”
I think simplicity is exactly what users need from us and the industry. Because we have new technology, we must ensure everybody is on the same page.
Without complex terms, Web3 is just a modern website built on the blockchain. That’s all. And Ramper is a tool between Web2 and Web3. It does not only make services simple, but it is simple itself. As a developer, you can just plug it in with a couple of lines of code, and then instead of forcing your users to leave and come back after installing a crypto wallet like MetaMask or something, you can just let them log in seamlessly without leaving.
Still, simplification is an ongoing process. We work continuously on our UX to make it even easier. To implement our system, we use a so-called Ramper wallet, created behind the scenes when the user logs into a decentralized application.
This scheme also allows us to earn money. Our service is free, and there are no hidden fees, but a commission is charged when the end-product user makes a fiat transaction through the Ramper wallet.
“The future of the internet is not Web3”
We talked about simplicity, but I don’t think the problem with the introduction of Web3 is just that people don’t understand how to use it. People are willing to deal with complicated things if they see value in them. So I think people will adopt Web3 if and when it provides meaningful day-to-day value.
When will this happen, and when will Web3 become ubiquitous? I don’t know, and no one knows for sure, obviously. But we are now at the point where even if you don’t understand what Web3 and blockchain are, you probably have heard of them.
I think the transition to the next stage will happen in about 1–4 years. Then we’ll see some meaningful adoption. Meaningful adoption, but not a complete transition.
The future of the Internet is not Web3 but a hybrid between Web3 and Web2. Blockchain is trending right now and sounds cool, but not all products need to be on the blockchain. Moreover, this technology is not a panacea. Blockchain is basically an immutable database, that’s all. So I think it’s essential to identify problems that blockchain can help solve and focus on providing value to users.
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