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Blockchain technology and cryptocurrency is new and boasts of a booming market. The number of cryptocurrences launched daily makes it imperative to have a more organized management and transaction system than is currently available.
For a technology that still seeks adoption in the mainstream, an easy entry and communication system will greatly assist in setting up. Existing storage systems (wallets) for crypto-currencies and the implementation of currently available exchanges make ecosystem management a little complicated.
Eliminating complexities in encryption
The limitations mentioned above do not go unnoticed within the industry, as various solution companies offer alternative methods that could solve problems depending on the particularities of the users.
According to Jeremy Epstein, CEO of Never Stop Marketing, one of the critical and necessary developments to reduce the complexity of digital asset management will involve the creation of multi-trusted portfolios. For example, if something happens to me, how can I make sure my loved ones have access to digital parts and / or assets? If not, what happens if someone keeps me for my crypto? How can we make sure that a thief can not run away with money?
Epstein explains that apart from individual use cases, we need to think about corporate governance. If a company takes payment for a property or service in crypto, these coins must be protected and not be held in a person’s account. This is a big obstacle to widespread adoption.
Regarding the compatibility between crypto-crypto and crypto-fiat, Epstein points out that there are already improved systems that facilitate the transaction between different communities. He notes that this is necessary because most centralized exchanges are designed to take advantage of retail investors. He also points out that nearly 90% of transactions on these platforms are made by the “house” in order to manipulate the price so that retail investors benefit. However, decentralized exchanges like Bancor, for example, already make more than $ 10 million a day in volume. Services such as Radar Relay, built on protocol 0x, remove the risk associated with open order books. In addition, blockchain interoperability platforms like ARK with their SmartBridge and Encoded Listeners will help people conduct a relatively frictionless trade between blockchains without holding parts of the other network.
Development of a new industry
The usability of these trading classes is not yet popular, nor is their speed. However, the momentum generated between them is becoming more and more important. Emerging platforms like Alttex also create decentralized and multi-currency trading platforms. The CEO of the company, Yevhenii Meita, explains that the fact that the platform is decentralized allows a more secure system and prevents the exchange of hackers and DDoS attacks.
“The AltExchange security system is quite reliable and for additional protection we have enabled Touch ID, Face ID and PIN features with two-factor authentication via e-mail” , Meita says.
He concludes by explaining that the platform will allow users to securely buy cryptocurrencies using a credit or debit card, and withdraw funds with minimal commissions. All that is needed for the verification of identity is two selfies showing both sides of the map using a specialized AltScanner.
Everything revolves around the end user
When it comes to the practical implementation of cryptocurrencies and the ease of application, the main subject is usually the end user. In fact, everything is fine as long as the end user is satisfied. This opinion is shared by Co-Founder and Senior Developer at MoxyOne, Tanshul Kumar. Kumar notes that there are still some hurdles in terms of end-user design and process simplification. He explains to CCN that this is one of the main reasons his organization will work on the development of a unique wallet system that will be done through extensive research on existing portfolios and with modern UX design concepts. What he notes will improve the way people manage their cryptocurrencies and the ease with which they can spend them.
“MoxyOne will take whatever is needed for existing digital storage solutions and work with blockchain companies to provide the most secure and functional product available for our users and partners.It is by working together with other blockchain assets and solutions that we can strive to improve our pre-existing systems and make cryptocurrencies much safer and easier to use for all, “concludes Kumar.
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