In the cryptocurrency space, when you generally want to transfer assets to the receiver, you need to give the public address, which looks like a long, complex string, inclusive of abstract numbers and letters, which is very difficult to memorize and type. So, most of the time, you might have felt anxious or stressed when sending cryptos with your wallet. Isn’t it?
You might have wondered whether the address put is correct or not, inspite of validating multiple times. Even the bigger exchanges do a few smaller transactions to validate before doing the final transaction.
According to a survey by BlockCAT, 94% of the crypto users are stressed about making a mistake when they are about to send the asset- whether they have put the correct address or are they sending to the right recipient.
A human-readable address is an easy string of characters, which can be memorized and communicated easily like an email address or Twitter handle. In the modern era, where people are constantly dynamic and socially inclined, they are used to the easy-to-remember email addresses, user ID or passwords, which they can memorize in the long go, without stressing much about it. This is not the case with crypto addresses, as they are very long and complex. When it comes to the ownership of assets, you tend to be extra cautious, isn’t it?
Human-readable addresses create more trust between the receiver and the sender before making a transaction. Human readable languages are actually familiar languages, which can relieve the users from the risk of losses and exposition of funds to wrong entities. Like email addresses can be easily related to or remembered, human-readable addresses can lead to your brain associating an address with the recipient, as it won’t just look like abracadabra.
In the case of centralized human-readable addresses, the authority lies with some centralized institution or individuals, who can access your data, and also those systems can be hacked. So, there is a huge risk of data manipulation.
To ward off this risk, we have come with the necessary solution, where the sole authority over the assets lies with the user itself. The power of mapping the human-readable address with a crypto address lies in the user's hand.
CRUX protocol enables users to interact with blockchain-based systems with ease, by allowing users to create human-readable IDs (CRUX ID) linked to their wallets. These IDs act as users' identities in the crypto ecosystem, allowing them to send and receive funds, request payments, authorize payments, and link dApps with their wallets securely and seamlessly. CRUX aims to bridge the gap between the wallets and the applications by establishing the ownership of a private key to a human-readable name. CRUXPay has the following features:
As already discussed, when the user wants to send crypto assets from one wallet to the other, they need to give the public address, which is long and abstract, and difficult to memorize and type. This becomes a huge barrier for many people to enter the crypto space. On top of that, there are other problems that the user might come across, like:
CRUXPay enables users to interact in a language they understand easily; rest can be taken care of by itself.
CRUXPay enables the users and teh dApps to talk to each other, even if the user wallet and dApp are running on different devices.
Communication between a dApp and a wallet is currently also available via other services like MetaMask, but there are few limitations for that like dApps should run in the desktop browser, and MetaMask should also be installed in the same browser as an extension. In the case of CRUXPay, you don't have to worry about the device or the wallet- as all the applications are supported by the CRUX Protocol. And, you can access your funds at your fingertip, easily and instantly.
CRUXPay offers to pull payment service, which is currently lacking in the crypto ecosystem. Currently, the users always have to push the funds from their wallet to service whether they are sending it to exchange or sending to a dApp or playing games online or purchase anything. This involves a lot of friction like user having to enter the address of the service, entering the correct amount, which can be in fractions, users can be worried about the transaction fee, etc.
CRUXPay solves this problem by allowing services to directly pull the money from the user's wallet like it is done in the case of Credit Card payments. This service will need the user's CRUX ID and it will send a request to the user's wallet to withdraw funds. The user just needs to click a button to approve the payment, and it's all done.
So, CRUXPay is going to solve the major hurdles in the crypto adoption. Once the wallets and services get integrated CRUXPay into their system, the payment via cryptocurrencies would be as easy as paying through the fiat counterparts like VISA and Master Card.
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2019-10-22 11:22:40.877376 | 2 min