Have you ever thought about the fact that the crypto user is given an ultimatum?
· Either you can get great functionality and actively use your money, but sacrifice its safety by entrusting it to centralized platforms;
· Or you can keep money in a secure cold/hot wallet, but you will get many times less functionality, while spending more time.
Why is this happening?
The answer is quite simple — due to the lack of a fully decentralized means of storing and using cryptocurrency with a clear interface and wide functionality. Uroboros announces part of the Uroboros V2 functionality, which will allow you to stop choosing between two options and get everything at once. Today we will talk about wallets in DeFi and give a solution from Uroboros.
In their latest report Messari stated “The hot wallet market will be valued at $48B USD by 2030.” This clearly tells us that non-custodial wallets are going to be the next big thing.
The main problems and inconveniences that users of crypto wallets are currently facing are:
1. A huge number of different networks with a high liquidity and the inability to see all your assets on one screen
Every day there appear more and more new blockchains that are gaining popularity (Optimism, Aptos, Arbitrum, Starknet and others). The more they become, the more difficult it becomes to use DeFi as a whole. You need to use different wallets, buy different gas tokens on different networks and use vulnerable bridges or centralized exchanges to migrate liquidity.
You want to buy a Matic, you need the Polygon network, you are eager to exchange your Matic for BNB, but to do this, you need to migrate liquidity and resort to the help of a third-party service.
Uroboros completely solves this problem with a unique algorithm of communicating between blockchains and migrating liquidity.
You will receive a multichain wallet that looks like a single crypto storage that combines coins from all blockchains. No matter where your crypto is scattered, you will be able to manage a single amount of each specific asset as if you were transacting on only one blockchain.
For example, you have 500 USDT, which are stored in different ratios on 5 blockchains: BNB-chain, Ethereum, Polygon, Optimism, Arbitrum. In Uroboros Wallet — you will see them as one asset worth 500 USDT. And you can also transfer all 500 USDT not separately from each network, but with a single click.
2. The need to pay gas for any action with the blockchain in the network’s native token.
To perform any action in any blockchain, you definitely need the native token of this blockchain to pay for gas. Therefore, in order to get the full functionality of DeFi, you need to constantly hold all the native tokens of the network in which you store any assets.
The Uroboros wallet allows you to pay fees in any asset that is convenient for you, and can also work without buying any native token at all.
A simple real-life example: You want to transfer 100 USDT from your wallet to a BNB chain for a friend, but find out that you don’t have BNB to pay the fee. What are your next steps?
• Buy BNB on DEX/CEX and send it to your wallet to pay commission.
• Transfer from another BNB wallet to your current one by paying a fee.
In both options you are wasting your time and paying extra money. In Uroboros wallet you simply pay the fee in USDT or any other token.
3. Unfriendly interface and complexity of interaction especially for newbies.
As a rule, it is not clear to an ordinary user how his wallet is protected. According to statistics, 70% of all wallets with lost access to them are just those, to which their private keys were lost. Besides, it is very difficult to explain to a person how a wallet works.
Uroboros wallet will allow you to create and re-login to the wallet with a login and password and it will be all completely decentralized. A unique domain will act as a login and the user will set the password on his own, which will greatly reduce the process of losing access to wallets.
As a matter of fact, research reveals that, until 2022, 4 million Bitcoins, or the equivalent of USD 140 billion based on current pricing, had been irreversibly lost.
4. Irreversibility and impossibility of restoring access
In case of loss of a private key, the user may lose access to his wallet and his funds
By the way a private key looks like this — (1f9abb8e7e461880a4bfc3ae8e71d3bdb26087cee3d30b0e5b30b4e5773f350e),which is not easy to remember.
Uroboros Wallet allows the user to forget about the hardships of storing a private key and makes it possible to restore access to the wallet using a password set by the user.
5. Stagnation in the development of the wallet sector
If you look back two years and take a look at Wallets and DEXs you might have notice that nowadays DEXs have been actively progressing, while the industry has paid much less attention to wallets. At the same time, they perform the most important function — the safe storage of user assets. After all, it is not as much important to increase the deposit, as to save it, isn’t it?
All of these points above have a big impact on the amount of liquidity that flows into the DeFi market. The next billion of users will come to the most simple and secure services!
The Uroboros V2 solution completely solves all the problems described above and also creates a whole ecosystem around the wallet, which allows you to create a full-fledged DEX 3.0.
And our next article will be about exactly this concept.
And remember Not your keys — Not your coins
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