Cryptocurrency: Why does it seem harder than it actually is?
In this piece, we examine, why cryptocurrency still doesn’t have widespread acceptance and how onboarding on cryptocurrency platforms can be made easier using the case study of Float.xyz
The adoption rate of cryptocurrency as a viable means of financial transactions should be faster than it is currently but this growth is stunted due to the complexities of DEX, CEXES, Bridges, and even something as primary as owning a wallet. The onboarding procedure as of now is more convoluted than necessary really doesn’t encourage or consider people who are newbies to the crypto world. This boils down mostly to User Experience (UX) User experience design will ultimately determine the impact and widespread adoption of blockchain more than the technology itself.
WHERE DOES FLOAT.XYZ COME IN?
Float.xyz aims to be the #1 choice for a crypto wallet for non-crypto savvy people by providing better guidance throughout the wallet creation & connecting experience. A ‘crypto for dummies’ manual if you like. The intention is to create a platform that accommodates the needs of both existing crypto users and newbies with a simple yet exciting user experience that helps the newbies transition from zero knowledge to a better level of expertise and also removes the current features that make using crypto platforms harder than necessary.
SIGN UP (USER JOURNEY & CHALLENGE)
Using platforms such as Metamask and Coinbase as examples, Usually, when you first open the app, users are asked to either connect existing wallets or create a new one. Our focus is on new users who will take the option of creating a new wallet.
- Users will have to set a password and then will be given a secret recovery phase that can’t be copied down, it has to be written manually and saved somewhere saved which can most times get missing and leave the user without access to his/her funds.
- Newbies in crypto, are not familiar with a lot of terminologies used in cryptocurrency. Existing crypto platforms fail to consider term usage with respect to either set on their devices or custom switching on the platform itself.
Float.xyz notes some certain points that can make the user experience on crypto platforms seamless :
- Gamify the guide process by identifying terminologies and providing in-app definitions, Use the simpler words where necessary, and if the words are complex, providing meaning to these words will be very helpful to these users
- Pre-Configured Networks, A wallet with all networks pre-configured, Unlike other wallets where if you want to interact with a relatively new ecosystem like Fantom, Aave, Solana, you have to set up the network configuration. Pre configurations of these networks into the wallet make it easy for users to switch between networks.
- The quick onboarding process for users to avoid them stopping halfway through the creation process, Like every platform, once the onboarding process is tedious or strenuous, users leave the platform or procrastinate the whole process till later. A quick onboarding process reduces the risk of losing potential users
- Instruct new users on actions and implications, like the sensitivity of key phrases.
- Show progress during registration
USER SCENARIO: UNSATISFIED USER
- About: Sophie is a new newbie
- Uses Float: Sophie downloads float.xyz She created her wallet successfully
- Misplaces her recovery phrase : 3 months later she changed her device and tried recovering her wallet, She didn’t know the importance of the seed phrase as she only stored it in her phone note.
- Loses access to her funds permanently: She loses her account because she couldn’t remember that 12 phrases. She loses money stored in the wallet
USER SCENARIO: SATISFIED USER
- About: John is a new newbie,
- Uses Float: John downloads float.xyz
- Newbie In-app Education: During the onboarding, he was educated on the importance of seed phrase, John created his wallet successfully
- Misplaces his recovery phrase: 3 months later he changed her device and tried recovering his wallet, He already knows the importance of the seed phrase as he keeps it stored on cloud storage.
- Recovers account using a password, Saves Seed Phrase Again: He was asked to recover using the password he created or the seed phrase, Account recovered successfully and the seed phrase was saved again.
PROTOTYPE
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CONCLUSION
If users are top of the mind while research is conducted during the creation of a product, solutions would be created to meet anticipated user needs and this, in turn, will drive the adoption rate of such a product. And in the case of crypto wallets, having issues like network complexities and connection difficulties is another part of the UX problem that needs to be addressed.
Creating a seamless onboarding method with educative tags and links in-app, with constant instructions throughout the onboarding process, it feels like a child being held by an adult as they try to cross a busy road, it makes everything easy and better. And this would drive fast adoption of float.xyz as the best way to build any product community is when users are the marketers of these products.
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