An industry-wide push towards simplification aimed at attracting new users is spurring unique innovations in the app space
The multifaceted world of cryptocurrency and Web3 offers a wealth of unique options when it comes to efficiently managing one's wealth, but the sheer breadth of the industry can prove daunting for newcomers.
Even casual investors in cryptocurrency must navigate random 64-character private keys, 12 word seed-phrases, and a plethora of login details from all the exchanges (both centralized and decentralized) and trading platforms they sign up to.
Securely managing one's coins also presents a conundrum. Most new users typically use the proprietary wallets provided by whichever centralized platform they originally signed up on. But this violates one of the core tenets of the crypto space regarding autonomous ownership: not your keys, not your coins.
The desire to simplify the Web3 experience is one shared by every project in the cryptosphere. Exchanges like Coinbase and Binance are working hard to simplify their login processes by using Google and Apple passkeys. Other projects are busy replacing wallet addresses with simple website domain names.
The push towards simplicity and creating a familiar user-experience for newcomers has proven to be a uniting force in a typically splintered industry.
"It's gratifying to witness the industry moving in this direction," said Markuss Jonans, CEO of Dyor Exchange, a self-custody social investing app that's making its own contributions to the simplification of Web3.
"This shared aim benefits us all. The entire industry is contributing significantly to the shared goal of widespread adoption," Jonans added.
Dyor Exchange brings the familiar user-interfaces of popular web2 apps to the crypto trading experience. A combination of trading apps like Robinhood and dating apps like Tinder, Dyor merges social interaction and trading under an approachable interface where users need only 'swipe right' to invest in various crypto assets.
An integrated social and news feed gives traders a one-stop hub for gathering the latest info on potential investments from 129 news sources, negating the need to keep abreast of multiple sources spanning websites like Coindesk, private Telegram channels, and the latest X posts.
Bridging the knowledge gap is by all accounts key to onboarding new users. A general lack of knowledge about cryptocurrency pops up as the number one reason holding back user adoption across numerous surveys, with up to 76% of the crypto-curious saying they don't invest because they just don't know enough.
The fragmentation of the cryptocurrency industry – typified by siloed blockchain networks each doing their own thing with little to no collaboration between them – is reflected at the level of the end user, who is forced to keep a dozen tabs open at all times across multiple devices, often having to log in and out of accounts on each of them.
Newcomer apps like Dyor Exchange, which has attracted over 450,000 people to its waitlist ahead of its upcoming mobile launch in the coming months, are taking steps to connect these siloes by integrating cross-chain bridging of tokens under a simple one-click interface.
The user needn't know that they're executing a complex function on the blockchain, they just need to know they can swap a coin when they have to. This focus on hiding complexity under simple user-interfaces typifies the push towards ease-of-use we're seeing throughout the industry.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.