WhaleEx join hands with MYKEY to open the door to universal digital world
It's the 10th year since Bencong dug up the first bitcoin in mid-2009, announcing the beginning of encrypted digital money. After 10 years of development, how many users are there in the digital world? In the search for the Holy Grail, coin founder Gu Lu said:
So far, 30 million people who have held encrypted assets are a good guess, according to coinbase. By December 2017, the global population was 7.63 billion, with 4.16 billion Internet users (https://www.internetworldstats.com/stats.htm), 0.7% of encrypted assets and 0.4% of the global population.
As can be seen, after nearly 10 years of development, encrypted digital currency, so far an average of 1,000 Internet users, only 7 people have held encrypted assets. What causes the low penetration of encrypted assets? There are many reasons. This paper tries to explain the problem of user penetration from two aspects: the pain of digital asset accounts and the death of centralized exchanges. At the same time, it simply puts forward that the combination of decentralized exchanges and self-sovereignty will be the KEY that opens the door of the digital world for the masses.
Pain in digital asset account
The pain of digital wallet
At present, the underlying facilities of the block chain are still in the construction stage, and the growth of a large number of public chains can be described as flourishing. However, token based on different public chains needs different digital wallets because of its particularity.
It is not hard to imagine that if a user holds ETH or EOS, he needs two wallets, and he needs to download two app. Besides, there are many wallets that can receive ETH, and so do EOS.
How to choose these wallets has become the first pain for new users to enter the digital assets world.
Pain of public key private key memorizing words
A new user chooses a wallet app and creates an account for himself when he enters. For the sake of the security of the account, the digital wallet usually automatically generates the public key, private key, and mnemonic corresponding to the account. When the phone is replaced, lost or the password is forgotten, the digital wallet can restore the previous state of the account through this information.
For the sake of account security, this information should not be known by a third party. The suggestion of each wallet is to copy it manually and keep it in a safe place. However, for these irregular strings, as humans, there will always be errors, such as copying one of the characters wrong, forgetting, once thought safe places have been unsafe (such as stolen, more extreme house fire, etc.), but in digital wallets is not allowed to make mistakes.
For new users, digital assets are a brand new thing, need to learn and remember so much information, not necessarily to ensure the security of their funds, which in the new user entry, caused great psychological pressure. People lose their loathing. In this step, the majority of users are blocked.
The death of central exchange
The issue of traditional centralization exchanges is also criticized by many circles. In early July, the founder of V, the founder of the etheric workshop, told the theme Salon of TechCrunch block:
"I want the central exchange to die."
High cost
According to insiders, a project to the exchange, according to the ranking of the exchange, the exchange needs to provide hundreds or even tens of millions of yuan fees. This high cost has prevented some quality projects from getting outside investment because of the lack of foreign currency funds. It's hard for people outside to get in because of high quality projects.
At the same time, high transaction fees and cash handling fees make the user's use cost extremely high.
Tedious KYC authentication
Because of the large number of exchanges, different items are often listed on different exchanges, and the currencies that users want to invest in may be in multiple exchanges. However, the exchange for users not authenticated by the real name of KYC, there are limitations in the use of functions, KYC authentication is a complex process, users are worried about privacy information leakage, the platform is used for other purposes, many users have stopped here.
Opaque leads to lack of trust
When a user transfers money to an exchange, token is transferred to an account in the exchange platform. When a transaction occurs on the exchange, the user changes only a number, not a transfer of token. Token will only refer to the user's target account from the system account when the user raises the present.
In the meantime, the data in the centralized exchanges are opaque and may divert users'tokens from the exchanges (such as buying other tokens). Some exchange withdrawals need to be audited and delayed. It is very likely that the token in the account has been misappropriated and the system does not have enough token to pay for the withdrawal of the user.
In addition, frequent security incidents and scandals in the central exchange have led to serious losses to investors'property, and the supervision and legal aspects of the parties are not perfect, even if investors suffer losses, it is difficult to recover.
To sum up, MYKEY solves three problems: easy management of private keys, low learning threshold, free use and so on. MYKEY keeps good assets for users on the spot. WhaleEx makes transactions transparent, free of charge, non-loss of money, liquidity, self-repairable, on-site to ensure the safety of user assets. The combination of the two fields will be the key to open the digital world.