Crypto transactions have to be simpler. That is it. That is the headline of Cointelegraph
Crypto transactions need to be easier. That’s it. That’s the headline
As Bitcoin’s (BTC) Price goes on keep climbing higherMore and more people are starting to learn how to enter the cryptocurrency market. However, the reality of owning cryptocurrencies (long complicated addresses, passphrases, and security risks) remains an obstacle to the introduction of new users. Programmers and technologists generally require a level of understanding and skill for technical innovation that the average person on the street simply does not have.
A survey 75% of respondents said they found cryptocurrency transactions stressful and unnecessarily complicated. A majority (55%) said they had had problems sending cryptocurrency transactions in the past, 18% had lost money, and 6% had suffered a man-in-the-middle attack. This complexity has real and harmful consequences even among tech-savvy elites. One programmer I know lost tens of thousands of dollars because a QR code was corrupted and their savings were forever lost. Highly skilled engineers and developers have lost millions because they misplaced files, lost passphrases, or simply copied a 34-digit address incorrectly.
Luke Stokes is Managing Director of the Foundation for Interwallet Operability. He is passionate about voluntary systems of governance and has been involved since early 2013. Since the beginning of 2018 he has been the consensus witness for the Hive blockchain (previously Steem) and since then has been the administrator of eosDAC, a jointly owned EOSIO block producer and DAC enabler its establishment. He holds a degree in computer science from the University of Pennsylvania.
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