- Despite the benefits of cryptocurrencies, the complexity of the technology keeps most people disinterested.
- Crypto wallets that adapt a user-friendly interface with a ‘gamified’ experience will pull in the masses.
- The Lumi Wallet offers a solution that supports multiple coins including crypto collectibles.
Even though it is now over a decade since the advent of the very first cryptocurrency (Bitcoin) most of the world still finds the subject matter of cryptocurrencies and blockchain to be highly complex.
Granted, the nascent asset class of cryptocurrencies has come a long way from its earlier association and use on black market sites such as Silk Road. Now, cryptocurrencies (blockchain to be specific) are disrupting the world of finance with tentacles spreading further to other industries as well.
Most recently, the subject matter of cryptocurrencies and digital assets has gained mainstream attention with references to Bitcoin becoming commonplace on mainstream media platforms.
Challenges inhibiting mass crypto adoption
However, the nature of crypto assets is still complex for most people.
Managing tokens and digital assets, in general, requires storage facilities with top-notch security. Besides, sending cryptocurrencies from one wallet to another with every transaction requires skill and expertise with an understanding that all crypto transactions on the blockchain are irreversible.
Therefore, if a user ends up sending coins to the wrong wallet, they inevitably lose all their funds forever.
Furthermore, hacks on online exchanges present one of the biggest risks to those looking to hold large amounts of digital assets with a private key custodian.
Therefore for anyone looking to invest in cryptocurrencies as an asset class, they need to have cold storage wallets and learn to manage the transfer of coins from an exchange to the cold wallet after every trade. Even though this can be a viable solution, it further adds to the complexity of dealing with cryptocurrencies.
A solution to abstract crypto’s complexity
Despite the work that has already been done by several proponents of Bitcoin to present a compelling argument for cryptocurrencies as a viable tool towards increased productivity and cost-efficiency, there is still more that needs to be done.
Crypto wallets, though mostly overlooked, are the key to encouraging mass adoption as they act as gateways to the crypto universe.
Crypto wallets also have the capacity to abstract most of the complexity that characterizes cryptocurrencies and blockchain in general. This can be achieved by considering the user-experience of crypto wallet platforms and boosting the security levels of the wallets.
The Lumi Wallet is a software that is attempting such a solution with its products.
What is the Lumi Wallet?
What’s more, the wallet’s interface is intuitive and straightforward making it easy for beginners to use.
Apart from simply sending and receiving cryptocurrencies with ease, the Lumi Wallet features a built-in exchange with dozens of cryptocurrencies at hand. The wallet also supports the withdrawal of funds to a card and buying crypto with a card.
What are Lumi wallet’s top features?
Security is among the top features that the Lumi Wallet offers. Lumi Wallet’s software is engineered with maximum security in mind through the use of high-level encryption standards to protect a user’s digital assets.
Given that most hacks take place on centralized servers the Lumi Wallet achieves high-level security by storing the private keys of each wallet on the users’ device. Therefore, there are no private keys stored on Lumi Wallet’s servers.
Secondly, the Lumi Wallet also comes with an app called Lumi Collect that users can use to store all their ERC721 tokens in one place. The application supports a wide range of crypto-collectibles ranging from various in-game items to tokenized assets and gaming characters.
The Lumi Collect app also supports several blockchain games that can be played on mobile devices. Given the increased use of mobile devices globally, Lumi Collect is at the forefront of catching the attention of mainstream users and bringing them onboard the crypto sphere using games.
Crypto wallets for mass adoption
To enable more users to experience the benefits of emerging technologies like cryptocurrencies and blockchain, companies need to lower barriers of entry and eliminate the steep learning curve that is common with most new inventions.
Even though the detailed mechanisms that make blockchain and cryptocurrencies tick can be exciting to some crypto enthusiasts, most users don’t care about how the technology works as long as it benefits their needs. As long as the technology provides cost-saving efficiency, users will gravitate towards it.
It is for this reason that companies like Lumi are focusing more on the user’s experience with their products. By coming up with intuitive, secure, and useful products for the masses, Lumi and other crypto wallet companies are paving a path for mass adoption.