Onboarding the Next Billion Users
Ideas for Consumer Crypto.
Despite all of the advancements we’ve seen over the past decade, Crypto continues to remain a niche sector. Three Categories of users exist in the space:
Finance Oriented : Those focused on Crypto as a financial tool and decentralised currency — Traders and Financial Organisations.
Tech Oriented : Those focused on using Blockchain as a technical object and the utility it offers — Developers and Large Organisations.
Niche Oriented : Those focused on the niche sectors sprouting in the Web3 Ecosystem — NFT Artists and Digital Communities.
For the Web3 Ecosystem to expand and reach more individuals, we’ll need to add a new segment of users — Consumers. More specifically, people who are using Crypto products & services as a means of utility.
Consumers value User Experience over decentralisation, and companies will have to accept that fact.
Seamless adoption of crypto is when they come for the benefits of the technology, not the technology itself.
This category of users was often neglected, due to poor awareness about the technology and lack of proper infrastructure (wallets, dApps, protocols) to sustain such a user base. But that is no longer a problem, Web3 is ready to onboard the next Billion Users!
Here are a few ideas to make that happen:
Idea 1 : Open Source Contribution Platform
Introduction
A Platform that incentivises Open-Source Contributions for Developers, with crypto rewards and on-chain reputation (wallet based). Essentially, combining the core concept of Git with on-chain processes. This idea can involve launch of a native token to reward community contributions.
Background
Open Source Software has built a strong community of Developers and Contributors. It has allowed people to collaborate and companies to build massive tools. Despite this, developers don’t find many tangible incentives to make contributions — which can be solved with crypto.
What can this idea do?
The rising number of Developers in the Web2 and Web3 space, will ensure a consistent userbase for the platform.
The platform will incentivise collaboration, allowing better applications to be built for the community.
The platform will allow Developers to have a proof of their contributions on-chain.
The platform can also solve issues with peer-review and project management via Decentralising the governance.
How can this idea onboard users?
Current Developers become wallet-users and crypto holders.
Beginner Coders are incentivised to join and contribute.
Resources:
Idea 2 : Gaming Identity Platform
Introduction
A platform allowing creation of a wallet-based Gaming ID, which can then be connected with any Web3 game — allowing sharing of assets, XP points and tokens between multiple games.
Background
Although the Web3 Gaming sector has taken off, it is still fragmented projects using different chains and protocols. If Gaming has to be the next boom in Web3, we need to sell the USPs — one’s ability to own assets, incentivise their time spent on games and use assets outside of games.
What can this idea do?
The platform will create a common hub for gamers, where they create an account with wallet sign-up — and use that in all other games.
The platform will allow users to transfer and trade assets between games and possibly between chains.
How can this idea onboard users?
A common account sign-up and usability between multiple apps will incentivise Gamers, who were sceptical about Web3.
Acting as a Hub for Play-2-Earn games, the platform will attract first-time Gamers.
Resources:
Idea 3 : Fiat-2-DeFi Platform
Introduction:
A platform that allows users to earn from DeFi protocols using Fiat Currency. This will allow users to deposit Fiat and choose a protocol — while the platform manages crypto conversion and yield tracking.
Background:
A retail investor thinks of crypto as an asset class, something that can only store value in form of market price — they are unaware of DeFi protocols that allow you to invest (stake) these Crypto assets to earn passive return. The process of choosing from multiple protocols is difficult on the user end.
What can this idea do?
Make the Fiat to Crypto on-ramp easy for consumers.
Make the process of finding and investing in a DeFi protocol easy for consumers.
How can this idea onboard users?
Make DeFi investments easier for current Web3 userbase.
Allow passive income from crypto for Web2 userbase.
Resources:
Idea 4 : WhatsApp based Crypto Payments
Introduction:
A platform that allows businesses to accept payments in Crypto directly from consumers — via WhatsApp only!
Background:
We’ve had two categories of services in the niche — Retail Crypto Payment Processors and WhatsApp based P2P wallets, but both categories didn’t pick traction. But what if we could combine these two ideas into a single platform that allows users to create a wallet and transact with vendors/merchants.
What can this idea do?
Make payments seamless for consumers with crypto-holding.
Solve the UX inefficiency with setting up wallets and transactions.
Introduce a one-click and mobile-first approach to retail payments IRL.
How can this idea onboard users?
Make Crypto payments accessible to Non-Web3 consumers.
Garner interests from Businesses and E-commerce sites, leading to more Brands accepting crypto payments (and possibly introducing an incentive model)
Resources:
Idea 5 : Freelancer Tooling
Introduction:
A platform that allows all participants in the Gig Economy to transact globally with Crypto, while retaining their privacy. Also introducing Smart-Contract based agreements and on-chain reputation for freelancers.
Background:
With $204 Billion in gross volume, the Gig Economy is a major chunk of digital commerce and connects more than 100 Million individuals. But the problem faced by freelancers include: Difficulties with International Payments and Digital Agreements. While the Gig providers struggle with finding credible records and reputation for freelancers.
What can this idea do?
Make International payments easy for people.
Make agreements and contract simple, by going on-chain.
How can this idea onboard users?
With a clear incentive to transact in crypto, Freelancers and Gig Providers will contribute to better exchange of digital currency.
This will eventually lead to use of Crypto based services and products by these users.
Resources:
That’s a wrap!