There are numerous challenges facing the digital currency industry, one major one is the barriers to entry in terms of usability that new adopters are faced with. However, even now during a period of heavy investment much of the interest is building new infrastructure for existing financial institutions more than innovating the possibilities of the digital currencies themselves. Startup Netki is aiming to change that with an approach that is looking to ease the issues for new users with initiatives aimed at presenting a more user friendly interface and experience for those seeking out digital currencies for the first time.
Read the full story below.
New users are crucial to the ongoing success of the cryptocurrency industry in general, and digital currencies in particular. To accomplish that means ensuring that the user experience continually improves and becomes as intuitive as any other transaction potential users may make. While the focus of much of the industry has been focused on blockchain in terms of infrastructure applications, one new startup, Netki, is looking in another direction.
Buoyed by its successful seed round that saw Netki raise $3.5 million U.S. in funding, the focus is on identity applications that will create a friendlier user interface for digital currencies. Current development includes Wallet Name Service, which is an attempt to make a cleaner wallet address that will be less intimidating for those unused to the nature of Bitcoin addresses. The most recently announced initiative is a digital identity certificate, billed as being like an SSL certificate for blockchain. These ideas are highly useful and address real barriers for those outside the industry in areas where perhaps those of us within it fail to even notice. Familiarity with such systems makes it difficult to place ourselves into the shoes of those non-technical potential users that the industry must attract to grow, and it is commendable that these kinds of potential solutions are being investigated.
For the industry, it is clear why applications for blockchain infrastructure in the finance industry and others is attractive and being focused on, the money driving cryptocurrency today is largely emanating from those places, and there is huge potential profit to be made for those that get it right. However, for digital currencies themselves, it is users that matter, and in this context, the initiatives by Netki could be significant in their own way for the future of the digital currency industry.
As the cryptocurrency industry begins to mature, we will hopefully see more of an interest in ensuring that all people of all experience and abilities have access to digital currencies. It is important in the context of a secure, global currency that potential users are catered to wherever possible, and this is perhaps a good step in the right direction.