How to unlock mass adoption for a Web3 product: challenges and tips
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🧑💻 The challenges of Web3: Community Insights on why Web3 products don’t have mass adoption, yet.
“User experience (UX) design affects nearly every waking moment of our lives. It’s not just digital either.”
This is a recap of the article written by Alex Knight, Head of product experience at Bitcoin.com.
Alex believes that to reach mass adoption, Web3 must overcome significant UX challenges. Among the challenges he names: security, education and ease of use. Let’s dive deeper into all of them on the example of crypto wallets.
1️⃣ Security
It’s obvious that security is vital for software that handles financial instruments. However, we’re facing two big challenges here:
— Handling cryptographic keys
— Unintelligible crypto transactions
We see a constant drip of stolen crypto due to people not fully understanding the importance of their recovery aka seed phrases, for example exposing or losing them.
Q: How can this be solved?
By replacing recovery phrases with something more familiar — passwords. Here Alex suggests Bitcoin.com’s automatic cloud backup services. You create a single custom password that decrypts a file stored in your Google Drive or Apple iCloud account. If you lose access to your device, you can reinstall the Wallet app on a new device, enter your password, and you’ll again have access to all of your crypto assets.
The ease-of-use of automatic cloud backup compared to manual backups through recovery phrases can be easily visualized:
There’s also the second security problem: unintelligible crypto transactions. In most crypto scams, people willingly enter into transactions they don’t fully understand that send their crypto assets away.
Q: How can this be solved?
Wallets need to get better at warning users of unintended outcomes of transactions. For example, a common approach is to get users to sign a ‘SetApprovalForAll’ transaction, which allows an adversary to transfer assets out of your wallet into theirs. Wallets should alert users when this kind of transaction comes up, describing the dangers clearly.
Example:
2️⃣ Education
Education is a major component of Web3 technology. There are two main things to keep in mind:
— Don’t overwhelm your users with complicated options.
Every action in your wallet should consider a subsequent action you want the user to take. For example, they want to buy crypto with fiat. You should avoid giving users an overwhelming number of options — instead, offer a selected list to purchase, with an option of the fully expanded list.
— Don’t overuse technical jargon.
Wallets are full of technical jargon that is non-descriptive to most people. Even users who persist, digging deeper by reading full explanations, sometimes have difficulties understanding what, for example, “a multisig wallet” is and how to use it. So use terms that anyone can understand but don’t compromise the original meaning.
3️⃣ Ease of Use
We’re slowly starting to see a shift to more design-driven solutions, but there’s a long way to go.
As an example, Alex brings a basic action like sending crypto which might be still too difficult for users to perform. In his opinion, it’s still a bit of a mess, with different providers using similar domain names and then relying on the wallet to choose which one is correct and so on.
To solve the problem, Alex offers an intriguing approach: shareable links. You don’t need to know the person’s crypto address. Instead, you send the recipient a link via any messaging app (email, WhatsApp, SMS, etc.). And they just have to click on the link and follow the instructions to receive the payment. See what the process looks like:
We see that to foster wider adoption, Web3 products need to lay the right security foundations, change the narrative around the difficult tech features and make it easier for users to onboard and communicate with a product. By overcoming the above mentioned UX challenges, companies can bring Web3 products to mass adoption.
If you wanna get more insights and examples, you can read the full article here.
P.S. At Epic Web3 Summit we’re gonna cover tactics for creating a smooth User Experience in Web3. Join the event to learn how to drive metrics and unlock product mass adoption 🔥
We’re a lil bit tired of the news about the FTX collapse, and maybe so are you?
Here’s the digest from other part of the Web3 world:
🤝 FTX and Avalanche co-led $5M round for Joepegs NFT marketplace. See? Despite the fact that FTX collapsed, raises their ventures team contributed to are still being announced.
💰 Yakoa raises $4.8M to help detect NFT fraud for platforms and creators. Their tool is already able to able to identify NFTs across multiple blockchains including Ethereum, Solana, Avalanche, and Polygon and they're gonna expand further.
👟 Nike introduces its own Web3 platform. ‘.SWOOSH’ will be a place to buy, show off and trade phygital and virtual products.
Alright, wrapping up here! 👋 But wait…
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Wish you a killer week,
Epic Web3