Setting up a crypto wallet to send crypto can be complicated, even for the tech savvy. Some projects are trying to make it easier.
Entering the world of crypto is extremely complicated. Even the most straightforward projects and protocols can struggle to make the UX simple for non-crypto regulars.
While the crypto community used to be dominated by developers and software engineers, its ranks are now filled with product managers, creatives, and people with no technical background whatsoever. Naturally, this has changed the software and solutions created. Arguably, where this change of culture has had the most impact are wallets: the core of the crypto ecosystem.
Simplify Crypto Wallet
“The big thing in crypto right now is how do we figure out what the next upcycle looks like?” Cobrin Page, the founder and creator of Patch Wallet, told BeInCrypto. “It probably looks like we get another order of magnitude of users in this space. And the UX around onboarding is probably the number one issue we have to solve.”
After leading the Fintech product team at ConsenSys, he went freelance about a year and a half ago and started building his own projects. The latest of these patches is Wallet, a product he claims “everyone already has right out of the box.”
Patch Wallet uses a technique called account abstraction, which allows developers to produce smart contracts that are not bound to a specific blockchain account. This allows smart contracts to act as wallets themselves. And, in the case of Patch Wallet, it allows you to send crypto and digital assets such as BTC or NFTs to anyone who does not have a traditional crypto wallet.
“You already have it linked to your email, your Twitter, your GitHub, and that’s why I call it like a wallet,” Page said.
“I would say it’s the equivalent of your Venmo, or it’s the equivalent of your in-game items or your in-game currencies, right? It just happens to run on crypto or blockchain rails.”
Page is very aware of the controversy and skepticism that calling his product a “wallet” will generate in the account abstraction community. Of course, it’s not really a wallet. It’s technically an account. “I’ll be in a Telegram group, and I’ll get slammed, and I’m like, you think nobody outside of this group cares, right? This thing has tokens and NFTs—that’s what most people There is a wallet.
ease of payment
One option to send crypto to a friend’s email address or phone number comes from Binance Pay. It claims to be an “easy payment” solution founded and operated by the world’s largest crypto exchange. Unlike some other solutions, Binance Pay requires your own Binance account in order to redeem your digital assets. In a discussion with BeInCrypto, Jonathan Lim, Singapore-based head of Binance Card & Pay, said the firm sees this as “a fundamental and important step to increase adoption”.
“What is important for Binance Pay is to continue to innovate and experiment with new ways to create a seamless payment experience for users and merchants that make Web 3 easy to access,” Lim continued.
“We value every feature that can affect users’ experiences; Bad UX is definitely a hindrance to product growth. Ease of use is important. This applies to the entire user experience, whether it’s the technical design or the entire user journey. It also ultimately affects branding,” Lim said.
Learn from the Web2 Playbook
Redeem is a similar service that leverages a user’s existing contact points to send and receive crypto. Their service uses an existing phone number to link to a new blockchain wallet. Its team claims that it only takes five seconds and two clicks to get started. “While social media platforms are ubiquitous today, personal phone numbers are more widespread, accessible and inclusive,” said Tony Rush, the firm’s CEO. “Someone may be indifferent to a social media platform, but chances are, they still have a phone number.”
In Rush’s eyes, there are a few questions that many new users to Web3 struggle with. “How do I register a wallet? What’s the difference between blockchains? Should I do self-custody or use some third-party platform? How not to lose my seed phrase? How to avoid frauds and scams? Can I use a chain?” send assets from one place to another? What is ‘gas’ and where do I buy tokens to use the platform? These and countless other questions arise when regular people look at blockchain platforms, and it’s a technology- Love can be a flood for a man as well,” Rush remarked.
Rush believes the Web3 ecosystem needs to do better to make onboarding easier. If it’s so difficult to send crypto, can we really expect newcomers to dig deeper? He compares the space to the Web2 social media platforms, which “are constantly working on new ways to make user onboarding easier, despite already having millions or even billions of users.”
“In this light, given that Web3 platforms are Enough More complicated and complex than their web2 counterparts, excellent user experience is much more important for them to gain mass adoption.
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