Tldr (for crypto nerds): we are working on a set of wallets that will allow everyone to take advantage of decentralized finance protocols that are currently inaccessible to the masses.
Tldr (for non-crypto nerds): we are working on an app and a website that will let you invest in those cryptocurrencies you read about on the news, and do a bunch of other cool stuff with your (crypto) assets.
Hi Everyone! I’m Jai. I’m going to give you all a very brief introduction to what Ambo is and what me and my team have spent the last many months working on.
I imagine that if you found this article you must be somewhat curious about cryptocurrencies. It is a fascinating subject, the very concept of no longer relying on a centralized entity to manage your money and obviously the immense money to be made by an early entrance to the ecosystem. This article will not go into details about the new generation of finance as I am no finance expert but instead we will explore the means by which people access this so called next generation of finance.
With the advent of Bitcoin, Satoshi imagined a world by which everybody would be able to leverage the network for an exchange of goods and services. In my many years of being in the ecosystem, I have found 3 people that have used Bitcoin for this purpose. Many veterans will attribute this issue to the difficulty of using things like wallets and dealing with fees.
That issue has unfortunately been extended to the entire cryptocurrency ecosystem. For being the future of finance, a so-called replacement for systems adopted across the globe: it is nearly impossible to use. That is what we wanted to fix.
Why is the current ecosystem impossible?
As seen in the screenshot above, it is nearly impossible for someone who is not a technical-wizard to make a simple trade and buy some ZRX or the hundreds of other tokens out there. It should not take 7 steps to go from your USD to ZRX.
For those of you who don’t know, currently the network we are building on top of (Ethereum) can‘t even support more than 100 transactions per second. While that figure may seem like a lot, according to Visa they CAN support up to 24,000 transactions per second.
This is a word that our team made up but it represents how there is a ton of technical stuff that needs to be created for companies to employ cryptocurrencies and blockchain on the whole.
How is Ambo the solution?
Honestly though, not enough companies are working in the ecosystem on the issues that matter. That is what we have been focusing on. Yes, words can only say so much so look at the pictures below.
As you can see, we have abstracted away the technology and thus the complexity in an attempt to make the app super easy to use. When we launch we plan to begin by offering the following financial services:
Investments: a way to invest in digital assets. We are offering things all the way from investing in up and coming tokens all the way to investing in market predictions.
Transfers: Not only can you easily send and receive money with every transaction recorded on the blockchain but we also offer requests. This means that if you request $5 from your friend for when you paid for his coffee, it is recorded in a immutable ledger; meaning, now your friend has no excuse not to pay you back.
Holding (HODLING): We offer an easy way to hold your assets, explaining the uses of every one and offering detailed metrics to track them. For those of you who are currently into crypto, we hate that everything is priced in terms of ETH; everything on Ambo is in terms of your native currency!
This is just the tip of the iceberg. We have built easy ways to learn about new cryptocurrencies and to stay on top of the latest blockchain trends. On top of that, we are working on a fiat onramp to further simplify the process. And of course, we are working on building out more financial protocols that will let you guys do more awesome things with the app. If you want to read more about how exactly we work and more cool stuff, check out our website here.
What’s next for us?
While today I told you about how we are fixing design on a consumer level, on wallets — there are a few other projects that we’ve been working on. Expect to hear about these in the coming weeks. Feel free to follow us on Medium, follow us on Twitter here and keep up to date on our Instagram here.