The challenge to simplify the user experience in cryptocurrencies
When it comes to most products and services, user experience can be developed using fairly understandable, logical methodologies. You take into account how a user behaves, what functions they need access to most, the convenience of a certain action, design, etc, and develop a process for which the user will be guided through and perform in order to complete the desired goal.
Cryptocurrencies on the other hand…
Blockchain-based products come with restrictions and complications that are difficult to address. At the lowest level, even accessing a wallet can be a pain — users cannot generate their own passwords and have to use a private key, have to worry about different products offering different security levels, even learn the definitions of various wallet types. There’s no password recovery, no standardized backup methods, no “restart” if a user fails to follow established procedures.
While these could be seen as necessary complications that enable the security and utility of cryptocurrency, a lot of the problems are exacerbated by the fragmented nature of cryptocurrency education and access. It’s a common occurrence stemming from the “underground” origins of peer-to-peer technologies — for instance, the early days of torrenting technology involved a large amount of procedure and effort just to get connected to other seeds or users. These days, one simply downloads a simplified client, and presses “download” like they would any other software — the client may even come bundled with the recommended security such as VPNs.
When a newcomer to crypto has to sift through various different sources on google just to learn each element of the basics (hence “fragmentation”), we as an industry have failed to address the basic requirements of user experience. A user shouldn’t have to visit random blogs to find their local fiat-crypto on-ramp, then head over to some third party payment processor that can work with their chosen exchange or find some bank that’s willing to process crypto in a legitimate manner. A user shouldn’t have to pay huge fees and premiums just to get in and out of cryptocurrencies. A user shouldn’t be expected to learn about the different wallet types, then be told off on reddit for “not using a hardware wallet” when that exchange recommended by one of their friends turns out to be an exit scam.
A universal gateway for widespread adoption
Oobit believes that the above issues can be addressed. We’re not about creating another exchange, or trying to become the “next best user experience”. We think that the solution is to create a gateway, a singular point of access that users can go to for all the necessary information. Just like how aggregators such as Skyscanner have changed the way people arrange travel, it’s still possible to create a user-first experience for cryptocurrencies simply by properly structuring information and services that are already readily available. The information available needs to be simplified and delivered in a manner that is user-friendly is free of bias and is open to all platforms and services.
We’ve built a platform that takes this approach at heart. Oobit as a gateway offers 3 powerful functions that change the way users interact in the space:
Oobit PASS
Oobit PASS provides a one-stop KYC (Know-your-customer) and compliance verifications that tap on various technologies to authenticate users’ identities and speed up the entire process.
The foremost and most valuable feature is the ability to reuse KYC submissions. Once a user has obtained a scoring on our platform, they can apply to other services and exchanges that support Oobit Pass and obtain an expedited or even instantaneous confirmation, creating a powerful and easy way to register for different services and solutions.
Beyond that, even the form-filling systems in Oobit Pass are uniquely developed for the needs of digital compliance. You can read more about it HERE
Oobit HUNTER
Right now, many crypto users are focused on transactions based on their investment appetite and the latest market developments. However, users are often limited to the exchange(s) where they have passed KYC, and it is onerous to shop around for the best deal.
Oobit HUNTER is an AI-driven recommendation engine that allows users to explore the liquidity available throughout the entire cryptocurrency ecosystem. With a single click, they can find the best deal available for their circumstances, taking into account every detail — locality, accessibility, processing fees, trading fees, promotions, market depth, trading volume, and even P2P opportunities available.
HUNTER also acts as a teacher for users new to cryptocurrency. With a simple checkbox, users can convert HUNTER into a step-by-step beginner experience, from teaching them about available wallets, standard cryptocurrencies, private key management, wallet interfaces, terminology and finally a guide on how they can acquire their first Bitcoin using a locally-accessible method. Together with our other core products, this creates a seamless start-to-end experience for users to begin using cryptocurrencies!
Oobit Wallet
With our roots stemming from being a P2P cryptocurrency platform, we understand the need for a robust feature set including the need for in-built, high-security escrow functions. Oobit Wallet is a high-security e-wallet that users can send and receive crypto from without compromising on the need for P2P and trading functionality.
Rather than being a fully independent wallet solution, Oobit Wallet complements existing wallet options out there by being a high-security digital wallet that is primarily used for transactions. Users can utilize various useful functions such as encrypted chat, secured escrow, P2P matching and more while not compromising on security due to our integration with Coinbase as our custodian provider.
Where do we go next?
Cryptocurrencies are at a critical turning point where many people have heard about it, but are hesitant to enter due to the complicated processes. We need to remove barriers to entry and streamline the entry points if we are to be taken seriously by the global economy, especially in a time of economic turmoil. We’re proud to take on this monumental task, and hope that others will follow in our stead to push for #accessiblecrypto #oobit
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