- To have a view on problems in the crypto space
- How I build my new product
Do you know what the above things are? For those who have some experience with crypto, they might say it is a hex string representing someone's address, maybe a contract address, maybe a transaction hash, or... just a random string starting with
0x. For those who never used any blockchain, they would say... IDK, 😵💫 WTF is this? And even if you know exactly it is a user address, a contract address, and the last one is a transaction hash, how can you get exactly what information hide inside it?
And if the more you explore the Blockchain, Consensus, Defi, Parachain, Token, DAO, Gamefi, metaverse,... the more you know that it is hard to swallow.
The mass adoption won't happen until "Apple" of crypto comes along.
It's pretty simple really. To get mass adoption to the levels we want, we need an iPhone style event into the market, by some massive and already well-established company. Sure LG and other companies made touch screen phones before Apple did, but Apple did it better and they made it much more simple to use.
Electric is not a complicated thing, you buy an electric device, plug the socket and then enjoy the result. Internet is not that complicated, get access to a wifi network, register a Facebook account then you can connect to people around the world. Yeah, it is actually a very basic thing in life nowadays, you just use electricity or the internet without having to know most of the things inside it.
Blockchain or cryptocurrency is heavily based on technical fundamentals and for that reason, it is hard to know for non-tech users. And we are living in a really early stage on the blockchain, the usability might be something expensive to get at the moment.
From Coinbase report, compared to the Internet, we're currently in 1998 on crypto space
1998 means I was 2 years old and my hometown still didn’t have any electricity
For the reasons I write about, it comes to a problem that at the current stage, blockchain is... too much for mass users out there. You need to have some mental modal about technical and finance to know which is blockchain and how to use it and still calm when paying about 100$ on a transaction.
Wallet address, transaction hash, tokens are a basic lego to build-up blockchain ecosystem now a day but they come with their own problems
- It’s meaningless...for most of the users. If I want to send money to my friend, I would rather look for their phone number in the contract. If I want to send messages to my friends, I would rather search for their names in my email app or in Facebook. Naming is something in our brain to identifies objects and distinguishes them. However a 42 character length starting with
0xis something overwhelming for our brand, you can’t even remember your own name in the crypto space.
- What information underlying those addresses? Some transaction history, some native token, some valuable token, NFT,... awesome, but how to read that information? Basically, you need to search for a tool to extract that info, and I can guarantee that 95% of the result will bring you to https://etherscan.com if you’re using the Etherium network or https://bscscan.com/ if you’re using Binance Smart Chain network. However, those pages if provide data for... technical guys only. There are some other tools out there to solve that but it is quite hard for most users to know it.
- What exactly did I just do in my last transaction? Someone else has sent me a weird token, did they make a mistake or they were trying to scam me!?! The transaction contains hashed data for data movement in a technical way and this is not easy for me to understand.
- Someone claim they have to send me the token but I don’t see any of those shown in my wallet. Do they try to lie to me? They said no, I need to add the token to the wallet in able to see my token amount. But how to add the token...
- I’m doing some research on a crypto project and an address is put in the document, how do I know what is it for, and what is inside that?
- There are thousands of tokens nowadays, and it doesn’t stop growing. And I’m feeling tired of doing convert the token to fiat currency to know what exactly valuation of it
Then I come with an idea
Hey, why not build an extension on the browser that can show me the information underlying those boring addressed, transaction
Hover on the token address will show the current balance and top coins
Hover on token will show the price changes and also conversion to USD
There is no direct competitor at the moment as I researched. So it comes down to a question
- Is this idea completely useless or I’m too early?
To be honest, I don’t know. When I’m writing this blog, I realize that I make the same mistake I make before:
Focus on building things and wish it will go viral magically. 🙃
How do you think about my idea? Do you have those issues in daily life in the crypto space? Would you trust the extension that can steal all of your money? Please let me know about it in the comment