Bitcoin

Mobile DeFi and the shift towards self-sovereignty

Many speculate that The widespread adoption of cryptocurrency depends entirely on improving access and user experience. In fact, there is an even bigger obstacle: a change of mind.

Self-sovereignty and personal autonomy are the end game of this technology. With this goal, personal liability for equity also increases significantly. This is completely in contradiction to the traditional financial experiences of the people. The legacy system takes autonomy and replaces it with convenience. It provides useful tools for fraud protection and password management. In comparison, cryptocurrencies, decentralized financing, and other forms of distributed technology are on the other end of this spectrum, offering the opportunity to truly own your own worth.

For many newbies to crypto, the liberating elements of cryptocurrencies and financial freedom hold promise, but intimidation, as third party security moves into the hands of the consumer. To close the gap between comfort and security, our industry is There should be more emphasis on user experiences and familiar tools to facilitate changing the mindset of consumers.

The mobile boom and the gateway to cryptocurrencies

Mobile DeFi and the shift towards self-sovereignty
Mobile DeFi and the shift towards self-sovereignty

Smartphones should open up a world of autonomy that had never been seen before. Its adoption gave people the opportunity to connect and trade with people around the world. With the introduction of Apple Pay, Google Pay, Samsung Pay and the next wave of so-called “super apps”, people can trade more freely than ever before.

However, this trend is not permanent. Clear, Mobile payments are popular, but have been monopolized by a handful of companies and governments. All who use these applications do so at the discretion of the parties in power. And when the financial interests of those in power do not match those of the users, the sovereignty of the users is trampled underfoot, As happened last month when the Brazilian central bank closed WhatsApp Payments across the country.

So it’s no wonder that the progressives among us have turned to cryptocurrencies and decentralized technology in order to regain the self-sovereignty that the mobile phone revolution promised us. Crypto, DeFi and decentralized applications promise to fulfill the original vision of our connected future, in which users can retain full ownership of their funds while transacting in a global marketplace.

The rise of stablecoins, DeFi credit protocols and cryptocurrency ATMs around the world is a sign of a growing awareness of the potential this technology could bring into our daily lives.

to build bridges

The introduction of cryptocurrencies has so far been based on user experience rather than user experience. While some mobile applications have clean user interfaces, the collective user experience It’s still daunting for new people to hit the market.

Most of us grew up with third parties When it comes to keeping our money safe and the idea that chargebacks, fraud protection, and password resets are impossible in this new world, it is often difficult to accept.

Many have tried to combine crypto services with centralized banking services or government insured deposits to create a bridge between the present and the future. While this may be enough for some, As we continue to decentralize our services, the most important bridge is the mindset: users need to feel able to oversee their own resources in order to become truly sovereign.

Build on the familiar

The best way to empower users is to provide them with tools that they can easily interact with. Hardware wallets like Ledger and Trezor were the first innovative steps in user management. but its user experience It’s still difficult for newbies to crypto, and more importantly, the hardware is designed for use with a desktop or laptop. In an increasingly mobile world, what use is a USB-like hardware wallet to store my private keys offline when users regularly transact on a mobile device?

Hardware wallets should be as simple as a card kept in a pocket. maybe even resemble a better known product like a credit card. The key here is to offer Family experiences online with best practices in cryptographic security to make the difficult but absolutely necessary change in mindset more acceptable. The decision to be personally responsible for your own fortune should be a burden of diligence, not a strenuous learning experience.

In the absence of customer service, projects should also place a greater emphasis on customer care. However, open channels should be available for users to ask questions and adequate educational resources should be available. Fostering helpful and welcoming communities can also be an incredible resource for those in need.

The fact that the industry Having overcome so many obstacles is a clear sign of the potential of our space. Ownership of funds, messages, and data is a desirable goal, although it is currently difficult for the average person to achieve. As a stakeholder in this industry, we need to redouble our efforts Provide simple tools to make this transition as easy as possible.

The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Corey Petty He’s the security chief for status. Corey started his blockchain-focused research around 2012 as a personal hobby while doing a PhD in computational chemical physics from Texas Tech University. He subsequently co-founded The Bitcoin Podcast Network and still hosts its flagship show The Bitcoin Podcast and a more technical show, Hashing It Out. Corey dropped out of college and entered the blockchain data science security industry for a few years. He tried to fix vulnerabilities in ICS / SCADA networks before finding his place as security chief at Status, where he remains to this day.

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