Crypto Wallet Chaos
It’s April 2020 and the current state of the cryptosphere is still a tangled unusable mess of crypto currency wallets that no one wants to use.
Tokens and digital currency has advanced to the point that there are 1000’s that actually have some sort of value, but with no centralized place where the average person can:
1.) Feel comfortable using and spending their assets
2.) Trust the wallet to protect their digital assets
3.) Simply enough for the average person to use
Our current state of the cypto wallets reminds me of the time in history where digital music was back before the ipod hit the market.
Digital music was everywhere, just like crypto currencies are today. But until the Ipod came along there was no common denominator.
Characteristics of the new digital wallet that will revolutionize the crypto industry.
- The new wallet must work with ALL types of digital assets and chains.
- The new wallet should be a software app that can be installed on all mobile devices and not an independent piece of hardware.
- Private and Public keys should NOT be a concern of the user, they should be hidden completely.
- No passwords should be used to access the wallet.
- When the person initially creates their wallet, they will create a unique username similar to the way a person currently request an email address. This unique username will take the place of the public key. For example my unique Wallet ID could be: “ JohneCash”
- Sending and receiving digital assets should be as simple as sending an email to another unique user.
- Users should be searchable in the wallet. For example, if I want to send the user “Joe Exotic” 5 BTC, then I would search for “Joe Exotic” in the search bar function of the app. Similar to the way the Cash app and Venmo currently works.
- Face ID should be stored and locally built into the app and it should be the primary way to open and access your wallet.
- Your right finger print should be the secondary way to open and access your wallet. It should be stored online utilizing Digital Ledger Technologies (DLT)
- Your left finger print should be used as the third back up way to open your wallet. It should also be stored online utilizing Digital Ledger Technologies also. (DLT)
For the next step in Digital wallets to happen a little more centralized entity will need to step up and handle this task of building and maintaining the (Ipod) Digital Wallet of the future.
Of course the entity could generate revenue by transaction fees.
There are several entities out in the marketplace that could be the next Steve Jobs of this new digital wallet of the future.
Of course running your own DLT would help. My hands down favorite entity for this task would be Hedera Hashgraph.
Are the leaders of Hedera (Dr. Leemon Baird and Mance Harmon ) up to the task of being the next Steve Jobs and building the Ipod of the Digital Asset Wallet?
Whoever builds the wallet that becomes the de-facto standard wallet of the industry will need the Steve Jobs level of charisma for it to become a world wide success.
In my opinion, this new Digital Wallet will be the key to bring Crypto to the masses, just as the Ipod did for digital music.