Here at eSignus, our team is focused on creating new tools that facilitate the cryptocurrency mass adoption. HASHWallet is our first step to extend the crypto landscape and we want you to know the full picture.
Why are cryptos not used by everybody? We, believers, all know cryptos will free us from the government’s surveillance, even more with the digital currencies promoted from the economic behemoths. We will be forced to abandon untraceable cash and to enter in a big brother’s world.
Then, how can we recover, or at least not to lose, our freedom? Cryptocurrencies are the solution, but nowadays, my mother can not use them. She cannot buy some goods on the corner’s grocery with a few Satoshis. We need to democratize the use of cryptos. But how? We need to make it so transparent that you don’t even notice you’re using them. Of course, this cannot be done in one step, but we have to design a complete path to reach this goal.
The essential starting point to help increase the adoption of cryptos is not to talk about cryptos’ technology, but its advantages. This focus point implies to remove friction.
Assumptions
- People don’t like to be afraid that somebody will steal all their money.
- Cash is beautiful, and nobody asks you for its origin (in small quantities).
- Money is something that allows you to buy goods without worrying about who will accept it.
The current situation regarding cryptos
- Ordinary people are confident with banks. When thieves steal a bank is not your money, it is the banks’ money. This does not happen with cryptos.
- I cannot give you crypto-cash when I meet you on the street (with a hardwallet).
- You cannot pay with cryptos, except for a few places.
Steps to be taken
Remember: we want cryptos to be massive, not that we, techies or HODLers, accept the usual problems knowing to jump the hurdles. So these steps are focused on my mother, not you.
1. Security
There is no bank behind your cryptos, so you are the bank. Nobody controls your finances, and that is right, but not for my mother. She wants that somebody can recover her wallet after losing/forgetting the access to her money. With her bank’s account, she doesn’t need anything except her ID. If she loses her credit card, the bank will issue a new one.
HASHWallet has been designed to allow signing insurance covering all her funds. This feature is not for you, as the current crypto user wants to be free and anonymous. HASHWallet has been designed to cover you and my mother. So the regular crypto user will choose to maintain the keys by himself, and my mom will sign an insurance contract.
Offering a full spectrum of security options is the first step, providing the right solution from the crypto ninja to the full-coverage needs, all with the same device.
2. Crypto-Cash
Can you lend me five bucks? Can we share an Uber ride? All these situations are usual but not with crypto. Of course, I can send you some money using crypto but not this casual way (I am assuming you’re not using a soft wallet. If you are reading this, you know all the security problems, right?).
How can we easily interchange cryptos anytime, anyway? HASHWallet has been designed to allow this. If you want to give some money to a friend (or foe), he can use his HASHWallet Manager (or a third party App). He will write down the amount to transfer, and then I will NFC read the transaction with my HASHWallet and accept it.
This method can be used for payments too, of course, but we’ll arrive there in the next step.
3. Buy anything, anywhere
How to pay without friction? This is the most challenging task, and we can solve it in two steps:
- HASHWallet as a FIAT payment method.
- HASHWallet as a transparent crypto payment method.
> HASHWallet as a FIAT payment method
There are many crypto credit cards (these aren’t actually “credit cards”, but that’s their fake name). You must have some coins held by the card issuer to use them. Typically you have your cryptos blocked in a wallet belonging to the issuer. You must cash in the amount spent when the “credit” period ends, or a part of your cryptos will be used to cancel your debt.
HASHWallet will certify against VISA, Master, Union Pay, etc. The secure element will maintain several Java Applets to be compatible with them and with the crypto assets. The FIAT cards will be debit cards and certified to only one brand, and you will choose when asking for it.
There will be several working methods, being the most simple to charge the debit cards manually. You’ll have access to a smart contract to top up the cards automatically.
When you want to pay with FIAT, you will activate with two taps instead of one and will use it as any other FIAT card.
> HASHWallet as a transparent crypto payment method
FIAT payment is a must to bypass the access to places reluctant to cryptos. We need to convince these businesses to use crypto and this can be done through a business App.
This App will allow any business to accept payments in cryptos and also to receive money in cryptos or FIAT.
- The seller will select the currency and the amount on the App.
- The customer will check on the screen the amount and then confirm the payment.
- Each part can work with a different asset (crypto or FIAT).
- Both are signing a smart contract through a DeX. The transaction will occur automatically when the user accepts it.
At the first stage, the non-convinced business would prefer to receive FIAT. They don’t mind what you are paying but what they are cashing in.
This will be the way HASHWallet can achieve a global acceptance regarding cryptos to be mainstream, even covering my mothers’ everyday operations. And we work with this main goal in mind.
