When you sit with a nice girl for two hours you think it’s only a minute, but when you sit on a hot stove for a minute you think it’s two hours — Albert Einstein
You can have the best platform in the world but unless it saves people time or money, it won’t reach mass adoption and will become worthless. The same applies to blockchain technology. We have to admit that we still have a lot of homework to make this “wonderful technology” become non-geek friendly.
The current blockchain ecosystem is not user friendly, which can also result in reduced usage, increased turnover as well as frustration and resistance. Especially in how we use and trade cryptocurrencies.
Let’s admit it, cryptocurrency is the mirror of the blockchain technology. Before blockchain’s famous debut with decentralization, Bitcoin had gain popularity across the globe. That cryptocurrency is a reflection of the blockchain is a fact that has been widely acknowledged.
So the first step is to establish the awareness and acceptance of cryptocurrency. And the proper interface can make a significant impact on the adoption of the cryptocurrencies at the consumer level in different cultures around the world.
The Circle of Boring
The existing system is not user friendly because of the complexity of its operations. When people try to buy cryptocurrencies on major exchanges, it’s hard for ordinary people to get an accurate picture of what this is. All they can see is charts and numbers and symbols. Registration process is complicated and time consuming, since KYC involves a lot of documentation, compliance checks, and verifications. Some accepted and some rejected.
After the hassle and the long way, transaction process is not getting easier on the user. They need to deposit the tokens, wait for the deposits to be confirmed; open trade order, wait for the order to be filled; withdraw the tokens, wait for the withdrawal to be confirmed. That’s the circle of boring routine daily crypto life.
Understand Users’ Needs
Stepping out of the circle of boring turned out to be a smart play, because Bancor Protocol proved that crypto usage can be both affordable and easy!
Bancor is a decentralized liquidity network that allows you to hold any token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
Now imagine an interface where people can buy or sell cryptocurrencies WITHOUT need to register, no KYC process, no deposit, no waiting time for filled orders, no spread, and no transaction fees. If it’s that fast and easy then people don’t mind using cryptocurrency in their daily life. It’s just a matter of time (scales!).
If you take a look at Bancor’s interface, you can see that it’s not complicated. Users can pick among several different cryptocurrency for the selection of the conversion options to best serve their needs. The UX is amazing, and there are great options for sorting and viewing over 500 cryptocurrencies. It’s clean and organized. It beats the boring trading sites out there.
It is all about cognitive behaviour in the form of human information processing. It is more than just pretty graphics and stylish fonts. Bancor is about creating a strong connection by improving the quality of user interaction, which will lead to mass adoption of the technology.