The user experience can get developed for most products and services using a reasonably understandable, logical method. They consider how users behave, what features they need most, how specific comfortable actions are, design, etc., and develop processes directed and executed by users to achieve desired goals.
However, blockchain-based products have limitations and complications that are difficult to deal with at all. At the lowest level, even accessing a wallet can be a hustle. Ordinary people get confused with applications like cryptocurrencies, hence nicknames like “shitcoin.”
Human nature should drive technologists to design optimized consumer journeys. When it comes to portfolios, people want a simple currency and don’t fluctuate in value.
Aristotle’s theory of money explains that money is a commodity with three functions: the medium of exchange, the unit of account, and the stock of value. Money must be easy to handle, store, and transport, to function in everyday life. It should be easy to measure and share. And money must be challenging to destroy to survive from generation to generation.
Fiat is fine, but its main drawback is the destruction of purchasing power through the quantitative easing of central banks worldwide. Since the Federal Reserve issued its current version of the US dollar in 1913, the currency has lost nearly 97% of its value.
It is unacceptable. Bitcoin’s possibility is created and not a decentralized sovereign coin to become the newly accepted denomination of money. Unfortunately, cryptos cannot perform the essential functions mentioned above.
Creating Simplified User Journeys
Blockchain innovators recognize a critical need to make the customer journey painless and easy. In September, cryptocurrency BitMax.io announced support for deposits and withdrawals with FIO addresses. It is a human-readable address (like bob @ wallet) as part of the FIO protocol initiative to make crypto products available to everyone.
Besides, with FIO requests, users can respond to money requests knowing the right amount and the correct token chain. Since more characters, such as USDT, are executed on multiple strings, it is vital for them only to send codes from the expected series. The blockchain industry is on a reciprocal line of communication. These details can remain hidden from end-users with FIO.
The HARD protocol is another example of how cryptocurrencies can become more integrated and user-friendly. The HARD protocol takes advantage of the desire for decentralized funding and allows consumers to borrow, borrow, and make money with their digital assets. While DeFi gets tied to Ethereum – and therefore awkward and challenging to use – the HARD protocol outperforms global investments with crypto technology.
The new HARD protocol began in mid-October. However, it already shows a value of nearly $ 19 million locked at this writing time. Besides, HARD Protocol and Kava are the only DeFi protocols that support multi-chain assets.
The money should be easy to use, comfortable, and difficult to destroy. Innovators can and do more to make user experiences enjoyable and straightforward.