The TapTrust Mission: Make it 10x easier to use blockchain-based apps
Our goal at TapTrust is to do our part to expand the community of blockchain users beyond its current group of early adopters. Not just a little bit, but massively, by orders of magnitude.
There’s a number of reasons why the most popular decentralized apps — or dApps — today typically have no more than around 500 users, and Instagram tends to have five orders of magnitude more users every day — around 500,000. One of the most important reasons this huge difference exists is the UX problems that still prevent most people from even trying decentralized apps. A few specific UX problem areas in the existing workflow of using decentralized apps include difficult account management , tedious onboarding, price risk, and security risk. And it wouldn’t hurt to have better usability on mobile devices.
At TapTrust, we believe that while dApps wont catch up to Instagram overnight, it is achievable over the next decade, by building a mobile-first wallet that tackles each area of bad UX, with ultra-simple account management, instant onboarding, and eliminating price risk and security risk.
Simple username/password account management
TapTrust provides the most simple, intuitive account system offered among any blockchain wallet app. And this is because you login with a username and password. Notice I didn’t say a private key string, or a seed phrase, or a QR code, or juggling multiple devices. Just a username and password — and yes, it’s always non-custodial and secure from being breached, even in the event TapTrust wanted to access your account or TapTrust servers are hacked.
This has never before been accomplished with such simplicity. We will be sharing more details soon of how this model works, and an overview of the steps we have taken to ensure and verify its security.
TapTrust also provides you with an easy to remember Ethereum address (for example, mine is james.taptrust.eth) instead of the cryptic hexadecimal addresses offered by existing wallets.
Free vouchers to try over 50 apps
TapTrust also provides an instant onboarding process. Instead of needing to wait multiple days to verify your bank details, and then purchase funds for gas and more funds for additional transactions, TapTrust allows users to transact with token and collectible apps and marketplaces instantly, with a free voucher service that is like coupons to try out different apps.
You can already try before you buy at the gelatto shop with those little spoons, but now you also get a little spoonful of each decentralized app you want to try. And developers don’t need to modify any of their code to support it — every single existing app is supported by our voucher service. Vouchers are not at all like token airdrops or faucets where you are given tokens that you can choose to sell or transfer. Vouchers can only be used with specific dApps, and
This voucher system is fantastic for onboarding new blockchain users, and helps app developers better differentiate themselves and acquire new users. It also can be configured and could yield some really interesting experiments. Vouchers can require you to refer friends. Vouchers can be setup to help encourage under-represented groups of people to try blockchain. It’s going to be exciting to see what kinds of things people try with our voucher system.
This voucher system is based on an open standard we are publishing called ERC 1500. We will soon be publishing more details regarding how our voucher system works and what the roadmap for it includes.
Removing price risk and security risks
One type of risk is price risk. Most people don’t want to be on the roller coaster ride of owning often volatile cryptocurrencies. That’s why we’re offering Volatility Protection as a feature to all TapTrust users. When Volatility Protection is enabled and you get a deposit of ETH, your ETH is automatically converted to a stablecoin pegged to the US dollar, and converted back to ETH automatically as needed for using apps and making transactions. This removes the price risk, and it makes it easy for you to transact with dollars as your unit of account.
Another source of risk is security. Try explaining to somebody that their funds were stolen or frozen because of an integer overflow bug in an Ethereum contract. Security risk is a nonstarter for most people. That’s why all TapTrust Wallet is protected by our Safety Check system, which checks for dozens of different potential security issues. If an issue is found, it is shown to the user in a simple and easy to understand format, and the user has the choice about whether to proceed. We think of these warnings as being similar to the security warnings you might see in a web browser, or through anti-virus software.
Our goal of doing our part in making blockchain-based apps 10x easier to use is an important one. We’re at the beginning of a time when “decentralized” will increasingly be an in-demand modifier on all different kinds of software we use on a daily basis, not too unlike how “organic” has emerged as an in-demand modifier for fruit and dairy at almost every modern grocery store.
Expect to hear more from us soon about how each of the components outlined above work and how they all work together. We’ll be sending out invites to our private beta on a regular basis — sign up on our website if you’d like to try it. You can also drop us a line at firstname.lastname@example.org. We also owe a huge thanks to the great team at Consensys Ventures and our other advisors and friends.
Stay tuned for more updates!
— James Levy, founder of TapTrust