Simplify digital currency interactions

[Ben]

I’ve been giving a lot of thought to how I use and intereact with my different financial accounts (checking, savings, investment, etc.) to better understand how they “work” well, and what parts/actions that I would rather improve. Over the next couple of weeks I’m going to dig deep into some of the interactions and tools that exist in the fiat world that do not yet have analogs in the crypto world. It’s not necessarily that the technology doesn’t exist to do it, it’s usually that the technology is actively getting in the way of making it something that should be used.

Topics that I already plan on writing on:

• Why digital currency wallet interfaces are so “techincal”
• Visualization in the interface
• “Address” vs. “Account” vs. “Wallet” confusion
• “Better” multi-signature tools
• Timelock encryption
• Improved passphrase managment
• Recurring payment support

While I work on getting those topics researched and posted, I’d like to hear from you all about what digital currencies (in particular, Nu) can do to introduce the right combination of technical capabilities, interface options, and expectation-drive interactions that will make it extermely simple and intuitive for people to start, and continue, to use it in their day to day lives.

[desrever]

great to hear this. For a start let’s take a closer look at circle . and apple pay, as they probably put some years of R&D into similar activities!

[tomjoad]

Great start to your list Ben. I would also enjoy reading your analysis of how digital cash is perceived differently than physical cash. A significant barrier to use for many people will be the expectation that if they lose their cell phone with a mobile wallet on it, or if it is mysteriously stolen by nefarious forces, the funds are gone forever. I suppose this would fall under a broader “security” theme.

I think the future of NFC payments will likely have one-button mobile wallets that require multiple security checks (ie. a pin code in combination with a biometric address like a fingerprint). I agree with @desrever that duplicating design features from Apple Pay, Circle, and other processors would be wise.

[masterOfDisaster]

A significant barrier to use for many people will be the realization that if they lose their cell phone with a mobile wallet on it, or if it is mysteriously stolen by nefarious forces, the funds are gone forever.

This is not necessarily true if a backup of the private keys is available and spending with the wallet is protected by a strong password (or the whole cell phone is encrypted).
In difference to cash it can be recovered if everything is properly prepared.

[tomjoad]

This is not necessarily true if a backup of the private keys is available and spending with the wallet is protected by a strong password (or the whole cell phone is encrypted).In difference to cash it can be recovered if everything is properly prepared.

I realized (proper use of the term now) that I should have used “expectation” in its place. Edited! Thank you MoD.

[Indigoman]

Great ideas there Ben … I am 100% with you in the need to have better integration between “real” world finance and crypto finance… However, I also strongly believe that the major focus of the Nu team should be on its core protocols and improving it beyond doubt. If Nu was any ordinary currency then I’d say sure go ahead and research better integration, better UI, better user experience … Etc … As all these are areas where cryptos have failed to address and the public is very much in need of … But, Nu isn’t an ordinary crypto that’s a clone of Bitcoin with minor tweaks. It’s a completely new concept that’s diving in uncharted territories and much skepticism has been been seen in the public’s eyes regarding it. Much analysis has been made regarding the proposed protocol and while much has been debunked, a lot of it is still out there requires addressing and reanalyzing the core system mechanisms. Nu wouldn’t just take a bump if it loses the peg , it will fail completely as that’s it’s whole selling point to consumers. Without the peg nothing really matters with Nu. Therefore we should strive and focus on addressing all the issues that has been raised regarding the economical princibles that are the fundamentals to Nu and fixing any holes in it and revamping what has been labled as a anticipated failures in the system.

I don’t mean to put you down or give doubt in Nubits … Not at all … I’m. Believer in the team and would like to see this grow… I fear it’s fall before the issues has been addressed and the loss of trust in the public’s eyes. Nu has a small indie of opportunity to prove to the community their economical models are adaptable to economical analysis of strength and weaknesses and that their top priority is maintain the peg in an economically sound model … The whole team should focus on that even if it meant going back to the drawing board and sketching out new ideas that got inspired by the discussion on the forums.

Good luck to the Nu team … Wish I could help them in discussion and development but not sure how to go about it getting there lol