Introduction
During the last couple of months my team and i have been working on a social recovery wallet originally for the cosmos ecosystem and the EVM compatible chains. In the middle of all of this development we’ve had to deal with collapsing chains and more.
Yet we’ve always stayed loyal to our vision which is : accelerating adoption by lowering the mains barriers of entry for the average people to jump right in into non-cusotdial solutions and DEFI by extend.
So after much work i wanted to share a couples concepts, ideas and paths forward into how we can go forward into thinking adoption on a broader scope.
The definition of the problem.
Even though during the last couple of years adoption has been thrown out as a buzzword, specially by people without the brightest intentions is important that we separate the shadow from the substance.
Let’s start by properly defining adoption. What do we consider as adoption and what are the underlying issues behind it. We could properly define what crypto adoption means. in layman's as: “The push to facilitate the usage of cryptocurrency and blockchain technology as a whole for everyone that so desires to use it for payments, savings, investments, art or any shape or form they desire it”
With this premise in mind we can start dismantling the obstacles that might hinder that vision. In what could be considered biased we can outline the following:
Key management
When you ask the majority of people about where and how they stored their “Coins” most would answer something on the lines of : “In the same place where i bought them, [INSERT WIDELY USED EXCHANGE]” and although in the mind of someone who works and revolves around this circles is the closest thing blasphemy to the words of Andreas antrapoulos: “Not your keys, not your coins” it’s important we denote that people more often that not choose this methods because more often than not is the easiest and doesn’t generate much friction on the user apart than doing some KYC and putting their card to buy some ETH or BTC. Which is something that people are used to, specially if they’ve dealt with financial institutions before.
Still if we inquire further. and ask them “why haven’t you tried a non-custodial wallet like [X or Y]” They would more often than not say something on the lines of i don’t know or it’s too much hasle or even it’s too difficult to use a i need to write things down.
And more often than not, the data backups this claims