The Next Stage of Crypto: Accessibility
Innovation comes in stages. And great minds build on the efforts of others to take us forward. The cryptocurrency ecosystem is a prime example. Bitcoin was created 10+ years ago, leading the charge by showing the world the importance of decentralized cash and the potential of blockchain. This was the first stage of cryptocurrency.
In the second stage Ethereum introduced smart contracts and gave developers the opportunity to easily create their own blockchain product. This sparked a whole new wave of innovation, with thousands of unique projects popping up with their own vision of how they can use blockchain to solve a problem.
Now we’re here. There are tens, maybe hundreds, if not thousands of blockchain projects that offer superior solutions to their centralized competitors. But until we take this ecosystem to the next stage, adoption of these products is unlikely.
The next stage of crypto
Cryptocurrency projects don’t win just because they are decentralized and can offer improvements. That’s clear by now. So what’s holding this space back from becoming mainstream?
Ease of use.
Any crypto enthusiast will be the first to admit that this space can be dangerous, challenging, and annoying. To buy your first crypto you’re often asked to scan your identity and proof of address which is a daunting, invasive task. If you want to send crypto you have to use confusing addresses and if you get them wrong, your money’s gone for good. Storing your own crypto safely is imperative, yet it can be tough to learn how to properly do so and take good care of your private keys. This is why we feel a strong connection to projects like Utrust, that emphasize simplicity and provide a unique service that makes crypto payments easier. That’s what it takes to achieve adoption.
We believe ease of use will drive the next stage of crypto. Crypto needs to be made easier to buy, send and store. Getting your first crypto should be as simple as ordering a package from Amazon. Backing up your private keys needs to be as simple and intuitive as saving a password for any other online account.
The need for simplicity and easy to use products is a shared value between Trust Wallet and Utrust. Both companies are taking a different, yet potentially impactful approach to making crypto easier to use so we can enter the next stage of cryptocurrency.
Making crypto accessible
At Trust Wallet the core of our product development is dedicated to making our services, and therefore crypto, more accessible. We don’t see alternative wallets as competition — we’re all working together to tackle cryptocurrency adoption.
As a product we can be a one-stop shop for a user’s crypto needs. Using Trust Wallet you can set up a wallet, buy and store your crypto and then move on to interact with the crypto world. You can use DeFi, exchange assets, spend your crypto and much more without leaving the app. We view ourselves as a gateway to the decentralized world and because we have the potential to be the first point of contact for new crypto users, ease of use really matters.
For us there are many areas of the crypto adoption process that we can improve. A new user can download Trust Wallet, take custody of their own private keys and buy crypto with their card all in a few minutes. We’re incredibly proud of how seamless the onboarding process to Trust Wallet is, but we know it needs further improvement.