Blockchain technology and cryptocurrency boast an extremely fast-growing market. The number of cryptocurrencies that are launched daily is extremely important; when organizing a management and transaction system and blockchain projects, they create their own decentralized solutions.
For a technology that still requires widespread public acceptance, an easy system for depositing funds and interactions is essential. Existing storage systems (wallets) for cryptocurrency and the setup of currently available exchanges make the process a little cumbersome to work in an ecosystem.
The aforementioned limitations do not go unnoticed in the industry, as various development companies provide alternative methods that can solve problems depending on the specifics of user requirements.
According to Jeremy Epstein, CEO of Never Stop Marketing, one of the most important and necessary actions that will reduce the complexity of digital asset management will be to create reliable multi-signature wallets. For example, if something happens to me, how can I make sure my loved ones have access to my digital assets?
Epstein explains that outside of individual use cases, we need to think about corporate governance. If a company charges a fee for a product or service on the crypto market, these coins must be protected and not held in one person’s account. This is a big barrier to acceptance.
On the issue of crypto-crypto and crypto-fiat interoperability, Epstein notes that there are already advanced systems that make it easier for users to interact between different communities.
He notes that this is necessary because most of the centralized exchanges are for retail investors. He also notes that almost 90% of trading on these platforms is done from home.
However, decentralized exchanges like Bancor, for example, already have more than $ 10 million in trading per day. Services such as Radar Relay, built on the 0x protocol, eliminate the risk associated with public transaction records. In addition, blockchain interoperability platforms such as ARK with their SmartBridge and Encoded Listeners will help people conduct relatively free commerce across the blockchain without having another network’s coins.
A new round of industry development
This new class of exchanges is not yet popular, but the momentum they generate is gaining in importance. Emerging platforms like Alttex are also creating decentralized trading platforms. working with multiple currencies. The company’s CEO Evgeniy Meita explains that the fact that the platform is decentralized provides a more secure system and protects the exchange from hackers and DDoS attacks.
The AltExchange security system is quite reliable. For an extra layer of security, we’ve included Touch ID, Face ID, and Pin-code with two-factor email authentication. The platform will allow users to safely buy cryptocurrencies using a credit or debit card and withdraw funds to it with minimal fees. All that is needed for identity verification is two people showing both sides of the map using a specialized AltScanner.
Everything for end-users
When it comes to the practical implementation of a cryptocurrency and its ease of use, the main target is usually the end-user. Basically, it’s okay as long as the end-user is satisfied. This is the opinion shared by the co-founder and lead developer of MoxyOne, Tanshul Kumar.
Kumar notes that there are still several options from a blockchain design perspective to simplify the processes performed by end-users. He explains that this is one of the key reasons his organization will be working to create a unique wallet system that will be driven by a thorough examination of existing wallets and modern UX design concepts.
As Kumar notes, all of these efforts will improve the user experience with cryptocurrency:
MoxyOne is committed to understanding existing digital currency storage and handling solutions to ensure we have the safest and most functional product available to our users and our partners. It is through working together with other large companies on blockchain solutions that we can improve the systems that existed before and make cryptocurrencies safer and more convenient for everyone.