Four Major Technologies Streamlining the User Experience in Crypto
Crypto players have been advocating for mass adoption over the years. To achieve this goal, they need to provide a user experience that exceeds or matches that offered in traditional finance.
Checkin.com’s chief marketing officer, Marcus Bengtsson, says the crypto companies’ failure to optimize user experience has led to the loss of several potential customers, which in turn caused a drop in revenue.
For many years, blockchain-based firms have found it difficult to handle UX challenges. However, this is set to change; Several technologies are already in place to improve user experience in the Web3 industry. They include:
MetaMask Snaps
Blockchain technology is challenging for many to use. However, Bengtsson says there are several elements of traditional finance that can be implemented to enhance user experience.
One of the crypto projects adopting technologies from Web2 products is MetaMask. This crypto wallet helps over 30 million users interact with dApps (decentralized apps) and store digital assets.
Although MetaMask has seen massive adoption, user reviews suggest that the crypto wallet struggles with offering a good user experience. However, the introduction of MetaMask Snaps seeks to address this problem.
For starters, Snaps are external apps used to boost the user experience of MetaMask. They allow the wallet users to interact with multiple dApps built in various blockchains, not just Ethereum. Moreover, Snaps displays transaction details and lets users add new identity and privacy features.
MetaMask hopes to offer users a simple way of running decentralized apps within the wallet through Snaps.
Streamlining KYC (Know Your Customer)
Most regulated crypto companies are expected to comply with Know Your Customer policies. Previously, the process of verifying users’ identity was complicated and tiresome. In some cases, it would take weeks, if not months, for crypto firms to validate users’ credentials.
But that has changed in recent years. Companies such as Checkin.com now provide KYC solutions to simplify the verification process. Since its inception in 2018, Checkin.com has helped several trading platforms like Admiral Markets to streamline their KYC processes. The Sweden-based company claims it can complete KYC checks in more than 150 countries. Checkin.com says it does this by adopting artificial intelligence (AI) tools.
Bengtsson adds that Checkin.com ensures the KYC process is as short as possible because the firm has realized unnecessary extra steps increase the chances of potential customers not completing the process, causing crypto companies to lose signups.
Smart Contract Wallets
Many newbies find crypto wallets challenging to use, given the technicalities involved. The responsibility of maintaining the seed phrases of their wallets also scares them away. That’s because they understand that if they lose them, they won’t be able to access their crypto wallets, thus losing their digital assets forever. But this is changing, thanks to smart contract wallets.
These new crypto wallets function just like traditional bank apps, meaning users are able to recover passwords to avoid losing access to funds forever. Smart contract wallets are built using the ERC-4337 Standard, introduced in March 2023. Some of such wallets include Starkup, Soul Wallet, Obvious, Candide, UniPass, Dfns, Castle, and many more.
Gasless Transactions
While crypto promises cheaper transactions than traditional banks, several factors, such as network congestion, cause gas fees to skyrocket, making crypto transactions expensive. For instance, earlier this year, popular Ethereum-based meme coins caused the network to witness massive traffic, which in turn pushed transaction charges to $16.
When the cost of crypto transactions increases, it makes newbies shy away from buying their first digital currency, thus hindering mass adoption. However, the introduction of gasless transactions hopes to address the issue.
The fees attached to these transactions are usually covered by third parties instead of the crypto users. The goal is to promote crypto adoption by providing a seamless user experience.
Final Thoughts
For the crypto industry to realize its full potential, players must aim to improve user experience. Crypto exchanges, for example, should adopt KYC solutions that streamline the verification process to onboard potential customers more easily.
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