Increasing consumer mistrust in the centralized world has been exponential over the past few years. As banks rely on error-prone automated risk-based AML systems to do the heavy lifting for them, law-abiding customers are often put in the line of fire. Resolver, a complaints resolution service, studied 4,300 complaints where people were left without access to their funds via an account freeze with ‘no good reason’. A report, produced by members of HSBC’s UK Conduct Risk, said the bank had frozen 1.9 million accounts by labeling them ‘dormant’. The study shows that once an account goes dormant, over 50% of customers never regain access to their funds.
The recent collapse of the biggest centralized cryptocurrency exchange is another reason behind the growing demand for decentralized alternatives. It’s not a surprise that people don’t want to throw their money into the void.
A need for better usability
While there is a strong demand for decentralized solutions, they are simply too complicated to use at the moment. The major part of the 4,000 running apps is facing serious teething issues related to poor scaling, usability and integration with real-world services.
As DApps are based on the blockchain, public and private keys are required in order to log in. This is in place of a simple username and password that you can easily remember. Based on a survey in the ACH community, 96.8% of users face difficulties when using unassisted DApps, and the inconvenience of storing keys and poor integration with real-world services is just one of the issues threatening a smooth user experience.
dappOS — an honorary member of the Binance Labs Incubation Program — has a mission to make decentralized apps as friendly as ordinary mobile applications. In terms of its inner workings, the protocol is set to manage a range of complex crypto infrastructure on behalf of the users, taking just one click on their side to verify the entire workflow. By ensuring no more confusing recovery phrases, and allowing accounts to be reset by other devices and even third-party KYC services, dappOS is taking the convenience of Web2 and merging it with the inherent benefits of Web3. One no longer needs to worry about hurdles such as Web3 wallet setup struggles, gas token purchases and bridging tokens from one blockchain to another. As an added bonus, the dappOS host network ensures that the full stack is decentralized; it can run off-chain programs, all while ensuring safety and speed.
Blockchain for Android
Another barrier to worldwide DApp adoption is on the developer side. The thing is that blockchain-powered architecture is typically much more difficult to develop and maintain than classic apps. The complex environment distributed between peers means that activities such as debugging and updates get a lot harder. As a result, every network peer needs to update their software, which turns out to be a time-consuming process that lacks a ready-to-use toolkit for developers — something similar to modern website constructors or operating systems that conceal complex code and smart contracts from view.
The dappOS software development kit enables quick development where packages can be uploaded containing both the UI (dappOS UI) and the decentralized backend (dappOS Services).
Moreover, as the system itself is tasked with becoming an Android-like gateway for developers who are looking to integrate such a system into their platforms, ease of use on the developer side is equally important. As soon as development is complete, the application is ready to be used by users of any chain — even those without a wallet.
The dappOS gateway has recently been integrated by decentralized exchange Perpetual Protocol to make access to permissionless futures trading smoother and easier for investors. The startup expects the number of projects handled by its network to reach 30 in Q4 2022, with a total of $10 million daily transaction volume.
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