A Huge Leap for Cryptocurrency Mass Adoption: A Wallet So Easy, Your Parents Could Use It
Ease of use will help break down trial and adoption barriers, ushering in a legion of new crypto users.
Although it’s easy for those in the crypto community to forget, we’re still in very early days in mid-2018. The pseudo-anonymous, decentralized nature of crypto makes it impossible to determine exact rates of user adoption, but experts estimate cryptocurrency usage still hovers somewhere between 0.4 and 3% of the global internet users. What’s more, it’s estimated that only 1000 people own around 40% of the total supply of the largest digital currency, Bitcoin. This means that an overwhelming majority of people are still not buying, holding, trading or using it and that means enormous growth potential. However, one of the the biggest hurdles stifling that growth to date has been how difficult it is for new users to get started with the technology. Even more difficult still is buying, holding or trading smaller coins outside of the ones offered on the major cryptocurrency exchanges, where users are currently required to “trade in” with a more popular coin like Bitcoin or Ethereum. We’re proud to say that is all about to change with the Gaze Coin wallet.
Using the security features of a user’s smartphone, the Gaze Coin wallet will allow users to onboard with no existing cryptocurrency whatsoever. Our wallet will let you simply log in and earn Gaze Coin (or any Gaze Coin-powered token, such as Don Diablo’s HEXCOIN) by engaging with immersive content or log in and purchase with fiat! We are planning a more formal announcement in the coming weeks when the wallet officially launches where we will explain this in more technical detail. For now, the takeaway is that our wallet will not require any of the typical (painful) steps to access, purchase or trade your coins; no existing crypto, 24-word passphrase or confusing private key required.
Why We Designed Our Wallet This Way
At Gaze Coin, we are all about solving monetization challenges of immersive media (virtual and augmented reality). We believe this is critical for VR and AR to reach their full potential. At its core, Gaze Coin is an adtech company that empowers creators and users, in the form of a digital currency. As such, we realize most VR/AR users, creators and advertisers alike are not likely to be regular cryptocurrency users. In order to serve these important stakeholders, we needed to build a no-nonsense wallet that didn’t feel anything like a crypto wallet at all. Instead, a seamless and easy user experience was required and remained the priority to our development team. We’re happy to report that this has been achieved and, in doing so, we feel we’ve done our small part in furthering both cryptocurrency and immersive media adoption.