Blocto Wallet is the first product developed by the portto team. Our initial goal is to create a portal to the blockchain world, providing non-blockchain fluent users with the best user experience there is. However, while establishing the Blocto ecosystem, we‘ve built upon our initial goal with an improved goal for Blocto Wallet.
A cross-chain smart contract wallet to satisfy the growing demand for a multi-chain ecosystem
There are various public chain ecosystems in the blockchain field, such as Ethereum, Flow, BSC, Solana, etc. Though the diversity of public chains can drive healthy competition among blockchains and provide more innovation momentum to the market, it also brings more confusion and complications to users who are not familiar with blockchains in the first place. For example:
1. Asset fragmentation:
With multiple assets being hosted on multiple blockchains, users often cannot trade and manage all their cryptocurrencies in one wallet. It is identical to the current traditional financial system where a US securities account cannot trade or manage other countries’ stocks at the same time. As each blockchain ecosystem develops, the problem of asset fragmentation is inevitable, eventually leading to a significant increase in complexity for users in asset management.
2. Gas fee in the forms of different tokens:
In the blockchain world, any operation must be paid with the native token of the blockchain as a transaction fee, e.g. to operate the Ethereum dApp, you need to prepare extra ETH, to operate the Solana dApp, you need to prepare extra SOL, which is an extra cost for newbies and retail investors, and an entry barrier to the blockchain world.
3. Bad User Experience:
the more diverse the public chain ecosystem is: the more wallets users must create. which severely affects the user experience and even indirectly affects the conversion rate of dApps. In addition, the frequent creation and switching of wallets between different blockchains also indirectly increases the risk of properly keeping private keys and seed phrases.
As the blockchain and cryptocurrency field grows, the aforementioned pain points arising from the diversity of public chains will become increasingly evident and resulting in a significant barrier to the mass adoption of blockchain & blockchain applications. Users require a universal baseline infrastructure to manage assets across different blockchains, use whatever dApps of their choosing regardless of what blockchain it is hosted. A cross-chain wallet such as Blocto provides the answer to these problems.
Blocto is an integrated, cross-blockchain smart contract wallet service with both a web injection wallet (under development) and an App version to store their assets and access blockchain applications.
The most streamlined & seamless dApp experience
With Blocto wallet, users can interact with dApps by simply logging in via their email account. In addition, Blocto allows users to use BLT tokens and Blocto points to pay for the transaction fee. Users can interact with smart contracts without knowing which blockchain the dApp is based on, which blockchain network to switch to, and what tokens to use as transaction fees when performing operations on the chain. In other words, Blocto Wallet is the Steam of the blockchain world, giving users the freedom to enjoy the benefits and innovations of blockchain through various dApps.
Manage assets across different blockchains with ease
Blocto’s smart contract wallet design allows users to interact with various blockchain applications across all supported blockchains. Just like the decentralized eToro in the cryptocurrency world. Blocto also supports fiat to crypto purchasing, a convenient and safe entry point for our users.
Customizable user experience
Once the user is more familiar with Blocto, he/she/they can choose to manage their private key of their own, creating a more flexible and customizable experience.
According to DappRadar’s Q1 2021 report, the blockchain industry grew by 639% year-on-year, reaching 458,000 daily unique active wallets across all chains in Q1 2021. Blockchain applications are becoming popular in the mainstream markets, especially in 2021. Nevertheless, issues such as private key management, seed phrases, wallets still plague the market as newcomers to the blockchain world are utterly confused and turned away by the mass amount of information to absorb before even trying out the dApp.
These applications are in desperate need of a better onboarding experience. Asking non-crypto-fluent users to download an additional browser extension or mobile application before using the blockchain application severely damages the experience and in turn yields a terrible conversion rate.
Blocto provides blockchain identity and payment SDKs for these mainstream market-facing dApps. With Blocto SDKs integrated into the applications, users can easily create wallets, send transactions, purchase cryptocurrencies, etc. directly inside the blockchain application. This is by far the most user-friendly onboarding experience.