One of the main problems facing mass adoption of cryptocurrency usage is the difficult nature of making token transactions. When it comes to actual end-users, blockchain platforms have failed to solve the user experience problem around wallet addresses in particular.
For example, an issue that happens quite often during crypto transactions is known as, ‘wrong-address transaction errors,’ Isabelle Dell, Founder and CTO of IOV (Internet of Value), told me. Wrong-address transaction errors occur as a result of cryptocurrency addresses being represented by a long string of letters and numbers.
If users don’t check the details several times while typing in their address, there is a chance that all of a users tokens will be sent to the wrong recipient. BlockCAT conducted a survey that quizzed cryptocurrency users on the level of anxiety they experience when sending crypto transactions.
Results show that 94% of respondents worry about making a mistake when sending cryptocurrencies and 11% have actually sent crypto to the wrong address. Unfortunately, wrong-address transaction errors are becoming more common as newcomers attempt to make cryptocurrency transactions across different networks.
And exchanges are profiting from user transaction errors by charging large recovery fees, or not even offering the option to recover tokens sent to the wrong addresses. For example, CoinExchange.io charges 10% of the transaction amount for Ether (ETH) sent to an ERC-20 token address. Read more from forbes.com…
thumbnail courtesy of forbes.com