The basis of Interwallet's work is built on the key principle: in order for successful bitcoin or other cryptoactive assets, they should be as simple as possible to use. The protocol presents some intriguing features, especially for merchants and new users.
CCN previously spoke with founder David Gold, the results only make him work more on his mission, because even those who have spent a significant amount of time in cryptospace find his convenience far from ideal.
Most cryptocurrency users feel uncomfortable after a transaction
In fact, 60% of new users could not answer “comfortably” when they were asked how they feel immediately after sending a cryptocurrency payment. The number of experienced users who feel “comfortable” is simply embarrassed by the numbers that answered “cautiously.” These are about 79% of users who have kept cryptocurrency for less than three years.
FIO divided the data into two groups: people who held a cryptocurrency for more than three years, and people who did not. First of all, the study focused on people who held a cryptocurrency at some point in 2018, when Bitcoin was almost ten years old. Almost three quarters of respondents (73%) sent at least several transactions during 2018.
Cryptocurrency payment research
More than two hundred people interviewed. They were found using targeted advertising and other marketing techniques. Data gives a lot to think about. Gold told CCN:
“There are many problems of use that need to be significantly improved if the cryptocurrency is going to reach its potential.”
More than half of users who sent cryptocurrency last year experienced problems
Most users stated that they had problems sending Bitcoin or another asset to someone else. Nearly 1 in 5 people surveyed had a problem that prevented a successful cryptocurrency transaction. About 6% reported that they were victims of phishing or man-in-the-middle attacks.
A person in the middle of a clipboard is a common way to steal a cryptocurrency these days. The attacker infects the computer and controls the clipboard to be sent to the address. Often the addresses are similar.
FIO specifically prevents such an attack vector: users can generate payment requests based on the wallet software, and not on the blockchain itself, so the sender is confident that funds are correctly routed. Attackers can still make an impact, but it will be much more difficult - especially in transactions from seller to person, which are crucial for ease of use.
Cryptocurrency should be easier Fiat to succeed
Only 11% of users of cryptocurrencies made transactions at least once a week during 2018. For an alternative system to succeed, it must be simpler than existing payment options. In the end, it is easier to send a PayPal transaction than to make a bank transfer. All you need is someone's email address. Would PayPal be as successful if it were as inconvenient as collecting bank details and processing them manually?
Gold said:
“If nothing changes, people will not buy coffee using cryptocurrency. It should be better than giving Fiat. It should be simpler, safer, and more comfortable. ""
Fortunately, Gold does not believe that blockchain developers should create solutions for usability. Even solutions such as the Lightning Network use complex algorithmic billing information to process transactions. FIO works to provide simple addressing instead of all this.
The FIO protocol does not depend on changes by any particular blockchain, unlike solutions like ENS, which have some similar functions. Instead, the FIO solves problems on its own, at the level of the wallet.
Interwallet Operability has several main wallets as members: a Binance, Coinomi and Edge Wallet trust purse, as well as services such as ShapeShift, all of which are the founders of the FIO.
