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Many crypto entrepreneurs often claim their blockchain, protocol, or app will onboard the next billion users and finally make digital assets a mainstream part of our daily spending. However, beneath these claims lies a significant issue: a chronic lack of usability.
Why Usability is a Barrier
Around 0.4% of all crypto users have claimed their domain using Unstoppable Domains over the last few years. This isn’t due to a lack of demand but rather poor user experience and security issues. The ease with which anyone can look up a user’s balance and transactions by knowing their name is a major privacy concern. Neither Unstoppable Domains, friend.tech, nor Mastercard Crypto Credential has hit the mainstream, primarily due to this lack of privacy.
Numerous polls highlight why consumers are hesitant to try crypto. Headlines about multimillion-dollar hacks and bad actors make them question the security of their money. Additionally, while many traditional financial transactions are free, the prospect of paying several dollars in transaction fees is unappealing. Why switch to a technology that costs more?
The Problem with Jargon and Complexity
The endless jargon that prospective customers encounter when visiting a crypto website is another deterrent. Terms like zk-SNARKs, liquidity pools, and DAOs make the space seem like a second language. It’s no wonder beginners find it impossible to understand.
Web2 users are used to accomplishing tasks with just a few clicks, without needing extensive technical knowledge. Even tech-savvy individuals find web3 platforms complex, leading to frustration and abandonment. This complexity detracts from the powerful benefits that decentralization, censorship resistance, and financial inclusion offer.
The Issue with Alphanumeric Addresses
Bitcoin addresses, consisting of 34 alphanumeric characters, are difficult to memorize and prone to errors. A study from 2014 found that the longer the string of characters, the more errors participants made when typing them. Missing a single character in a crypto payment address can result in lost funds.
Missing a single character can have disastrous ramifications when a crypto payment is being made. If the wallet accepts the incorrect address, funds are lost forever.
To mitigate this, savvy crypto users often send their addresses via encrypted chat and request a test transaction. Once the test is successful, the rest of the funds can be sent. However, this process is cumbersome and prone to errors, especially when different cryptocurrencies are involved.
The Solution: Human-Readable Addresses
The answer lies in human-readable addresses. Users should be able to send to a name instead of a string of digits and characters. This name should not reveal the owner’s balance, allowing users to post their name anywhere and receive funds securely.
Human-readable addresses can be the new digital real estate of web3, offering a unique identifier for seamless crypto transactions, digital asset ownership, and SSI. This would also help in identifying address poisoning scams, where malicious actors create nearly identical addresses to deceive users.
Implementing human-readable addresses would improve ease of use, making digital assets more accessible. As more users adopt this system, a network effect would follow, further driving adoption.
Future Steps for Mass Adoption
Human-readable addresses are just the first step towards achieving mass adoption. Account abstraction is another breakthrough, simplifying blockchains by enabling funds to be managed through smart contracts. However, this remains complex to implement and is prone to security vulnerabilities.
Fragmentation between blockchains is another challenge. Most wallets are built for specific ecosystems and cannot communicate with one another, forcing users to rely on bridges that are difficult to use.
Further steps include implementing multi-party computation and hardware security modules. These add another layer of protection for user funds, making it harder for hackers to strike.
The future of digital assets can be bright. For blockchains, web3, and crypto platforms to achieve widespread adoption, developers need to focus on the user experience. Only then can claims of onboarding the next billion users be credible.
For more insights and updates on the crypto world, explore more news on Global Crypto News.
Michal Pospieszalski is a seasoned tech leader with a track record of pioneering solutions in the crypto world. As the CTO and co-founder of SwissFortress and CEO, co-founder, and co-inventor of MatterFi, Michal combines visionary strategy with hands-on tech expertise to shape the future of digital asset management.
