Community Update — February 9, 2018

Some lightning quick updates from BlockCAT HQ. ⚡️

While this has been a fairly dramatic week in the crypto world, our team has been all-hands-on-deck preparing for the launch of our first complete smart contract.

We recently designed a smart contract that we believe solves a very real problem crypto users experience today. We’re not ready to announce what it is, or how it works, because to our knowledge, there is no other service that solves this problem. Being first to market is very important in this situation, and we’re very close to release.

Product Development

Here’s our notes directly from the Dev team.

Dev Notes
The contract we alluded to last week is all-but-ready. While we have deployed it to the blockchain, tested the appropriate functionality and built out a good user experience, we’re looking forward to do a deep-dive security review and polish up all the edges.
This project has included considerable reusable UX work for future contract development — functionality like representing Ethereum addresses with their blockies.
Work for producing automated unit and integration tests for the whole flow, from UX to the smart contracts, has been started and the first steps of integrating React-driven UIs with Web3-driven smart contracts have been done.

Transaction Survey Results

Last week we released a Crypto Transaction Survey which gathered a huge amount of attention from our community. We received a vast number of responses, which gave us a fascinating insight into when/how users transact their cryptocurrency.

Here are some survey insights:

  • 74% of users own the private key to their wallet (eg: MEW, Ledger)
  • 94% worry about making a mistake when sending crypto.
  • 11% have actually sent their crypto to the wrong address (ouch!)

These statistics paint a very telling picture.

Based on the answers provided, this would indicate that 1 in 10 people have sent crypto to the wrong address. With transaction values ranging from $1,000 (8% of respondents) all the way to $50,000 (3% of respondents), it’s clear just how potentially devastating this could be for the crypto community.

Here are a few firsthand accounts of what happens in this scenario:

“Sent 300 dollars to an address with 1 different digit on accident.
“The address auto filled and I thought I pasted the address, was careless and didn’t check… so it’s gone.”
“Gave ICO wrong address, so they sent it to wrong wallet.”

This is a fairly critical pain point that, if solved, could have a tremendous impact on the industry by instilling a higher level of trust for the accuracy and frequency of future crypto transactions.

Continuing Education

In the interest of spreading awareness and educating others on what blockchain technology can do, our legal guru David Kemp presented to a community of lawyers this week about the various legal issues surrounding crypto, token sales and smart contracts.

The key takeaway was that despite the general lack of knowledge of how blockchain works from a technical level, there is no doubt of the potential applications and the vast impact it will have on traditional industries.

Unfortunately, it’s difficult for professionals in these industries to gain the education and training required to take advantage of this technology, despite the willingness to learn. We’re looking forward to the day that crypto becomes even more more accessible in a safe and functional way.

That’s all for this week! Be sure to join the conversation in our Discord channel, follow us on Twitter or subscribe to the /r/BlockCAT subreddit.