Don't worry, your real house is not at risk! But let me explain. If you're planning to deploy a wallet for each of your users, you should seriously consider a wallet-as-a-service solution that is open-source. We believe it's essential for your business's long-term success, not just a nice to have. Here's why, through a simple story:
Bob builds a brand new house
Bob is building a dream home for his family. He hopes it will be filled with happy memories for years to come. Today, he's ready to lay the concrete foundation. But there's a problem. His land is very acidic, which eats concrete like butter.
That's okay, though. There are services that regularly come to treat your concrete with special chemicals to resist acids. Bob picks CoatBase, a popular brand. Their contract costs him $30 per year.
Bob isn't sure what those chemicals are. But as long as they keep his house standing, he's good. So, he builds his house and celebrates with a big BBQ party 🥳.
What do you mean you're raising the prices?
The next day, Bob hears some bad news. His neighbor's house is starting to crumble. The concrete treatment didn't work. Bob is really worried about his own house. He would like to fully understand which chemicals are used, how they are produced and applied, but CoatBase is a black box...
This is when Bob learned that CoatBase increased their prices. From $30 a year to a shocking $999. This puts Bob under great financial pressure. He is quite depressed. That's it, Bob has had enough, he decides to treat his concrete foundations by himself. How hard can this be? Unfortunately, he has no idea how to do it. CoatBase's technique is completely secret.
He considers switching to another provider. But it's not easy. The old chemicals need to be removed first, this is going to cost a fortune.... In the end, Bob sells his house at a loss and starts over.
This story illustrates the risks of using a closed-source WaaS platform like Coinbase or Magic. You don't really know what's going on behind the scenes, even though it's one of the most critical component of your application. You're also stuck with their cloud platform. What if they raise their prices or remove a feature you rely on? Switching to another provider would be expensive and complicated, and there is no way you can host it yourself.
Starting over: open-source chemicals
For his new house, Bob chooses an open-source chemical company. He learns how their chemicals work and he feels confident. If something goes wrong, he can produce and apply the chemicals himself, as the company even provides clear tutorials.
Along the way, Bob discovers a whole community of people contributing to the project. He finds many ways to modify the chemicals to suit his needs, and even to apply it to other parts of the house. It's like a big toolbox with open-source instructions everyone can use.
Bob is delighted, he can finally start filling this new home with happy memories.
Meemaw is an open-source wallet-as-a-service solution. We offer cloud services to host the server, but we can also help you host it yourself. The choice is yours, and you can easily switch from one to the other.
One other advantage of Meemaw being open-source is the potential for customisation and the ease of integration with other parts of your application, like your user management system. With time, we hope the community will expand the range of possibilities in ways we don't expect today. We aim to make it as easy as possible for developers to customise and integrate Meemaw.
TLDR: Switch to open-source now
If you deploy crypto wallets for your users, we strongly recommend using an open-source wallet-as-a-service solution like Meemaw:
See you all later 🚀