With the ascent of the DeFi era, there is a growing need for better UX for crypto transactions. No doubt, the enthusiasts and proponents of cryptocurrencies are making great investments and spreading the word for mass adoption. Yet, some bottlenecks remain, when it comes to the efficacy of transactional performance. Of these, the key concern of crypto users is the necessity of entering the 25 to 42-digit alphanumeric wallet address of the recipient to send, exchange, or transfer cryptocurrencies (BTC, ETH, Doge, etc.) and related assets.
Here, AnCrypto has changed the game entirely! With AnCrypto, people from across the globe can send cryptocurrency to simple and readable usernames rather than lengthy perplexing wallet addresses.
But how is it shifting the equation in terms of crypto transactions? Read on to know about the obstacles overcome with the use of usernames and AnCrypto’s potential to utilize them to their full potential.
Challenges Associated with Crypto Wallet Addresses
There is more to the wallet addresses than just being lengthy to remember! In other words, if crypto users, investors, and traders keep using the wallet addresses to carry out transactions, the implications can be pretty distressing in the long run. And here’s how:
- A hurdle in the path of mass adoption
- The irreversibility of transactions
Convenience is one essential factor for people to embrace new technologies. So, while crypto has shown immense growth in the past few years, it is mostly limited to tech-savvy audiences.
An obvious analogy is the need to execute a huge number of steps and long waiting times while making digital payments, which is replaced by a few clicks of digital wallets today. The quick adoption of a cashless economy is a classic example of this change. Today, you can transfer, receive, and pay money in just a few seconds with your smartphone apps. Would you want to enter long bank account numbers to send money, after getting habituated to simple QR scans or using saved contacts to pay?
Further, another great example is the way we check out any website. What if, instead of website names, you have to enter the long and complicated IP addresses in those strings of alphanumeric characters?
As for the future that is already staring us in the face, crypto is influencing gaming, fashion, real estate, music, and many other sectors, especially as celebrities are endorsing the same on a global scale. Yet if the snags like wallet addresses do not go away, a lot is going to be at stake! And such a scenario cannot be afforded by disadvantaged groups, who happen to be the main beneficiaries of the decentralized financial system.
Indeed, the simplicity of the complete process makes way for faster and wider mass adoption.
If wallet addresses are essentially the only way to conduct transactions, and receive, exchange, send or transfer crypto funds, they take the central role in the way users interact with the blockchain. An extended string of letters and numbers is tough to recall and leaves people bumbling around and unable to retrieve their assets once those are sent to the wrong addresses.
Even a single incorrect character in a 42-digit long address means you have lost your funds forever! With the numerous advantages of blockchain being immutable and secure for the same reason, this irreversibility comes at a price – the minutest error in entering a wallet address can make your crypto assets unrecoverable. And since there is no intermediary or regulatory authority involved in crypto transactions, you cannot claim to have any insurance for such a loss.
AnCrypto’s Usernames: Paving the Way for a Brighter Future of Crypto
AnCrypto has opened up the crypto space to more individuals by removing the anxiety and inconvenience associated with transferring money to complex wallet addresses. Its users have the choice to transfer money to anybody they want, simply by entering a username. And it extends farther than that when seen from the perspective of the future of cryptocurrency!
The following points highlight the ways in which AnCrypto is altering and refining the crypto transaction process:
- Uncomplicating Transactions for Greater Acceptance
- Establishing Unique Identities in Web3
- Securing Transactions for Better User Experience
By significantly simplifying transactions and lowering the possibility of human error while transmitting crypto assets, AnCrypto has positively impacted the perception and adaption of cryptocurrency. In order to do a transaction, you just need to enter the specific username of another AnCrypto user and send or exchange the required amount of crypto. Moreover, you can create a contact list of crypto wallet usernames you wish to interact frequently with.
Creating a New Wallet and Unique Username in AnCrypto:
Since usernames are exclusive to crypto users in AnCrypto, they go beyond being a means of transaction. These usernames serve as your private web3 identities, that will, later on, play a role in how you engage in DApps, DAOs, and subsequent applications of blockchain.
AnCrypto’s other crucial feature is the option to transact using the ‘chat and pay’ window, which acts as a major force in the usage of usernames. You can have your entire transaction history in the same chat window, you generally use to communicate with the other user. Through the chat option in the AnCrypto wallet, you can send, receive, request, and exchange assets across multiple blockchains, without using any other app.
Apart from being less error-prone, this streamlines the user experience and sets the stage for effective usability in commonplace applications of blockchain technology. As other individuals (and DApps) can recognize you by a distinctive name, it significantly improves the accessibility of the blockchain.
Finally, having fetched 180k users in a short span of time across the US, Philippines, India, Indonesia, and other countries, AnCrypto presents a shining example of the early success of the username approach.
End Note
Any advancement in technology faces resistance from traditionalists and skeptics at first, yet the modernists who adopt it encourage and enlighten the rest about its efficiency and benefits, eventually taking the revolution en masse. Besides, the adoption of crypto will witness fewer delays if it is made simpler for common people to transact.
In the initial phase of the cryptocurrency era, conventional wallets didn’t have very strong safeguards against loss of funds or private keys, and the mistake of sending cryptocurrencies to incorrect addresses wasn’t uncommon. However, such errors were not a major cause of worry then, owing to the low value of cryptocurrencies.
With high-value investments today, things have changed and crypto holders seek more straightforward techniques to expedite their transactions. So, a future-oriented solution is utilizing customized human-readable names as in the case of AnCrypto.
