Devoloping Mobile wallet application for crypto currency
What is Porfo
What is Porfo?
Porfo is an defi crypto currency wallet which is used to buy, sell, hold and trade. Porfo wallet that allows you to securely store and manage your digital assets.
With Porfo, you can conveniently access your favorite cryptocurrencies from one intuitive interface, making it easier than ever to keep track of your investments. Whether you're an experienced crypto trader or just getting started, Porfo offers robust security features to keep your assets safe, including two-factor authentication and biometric login. With instant transaction processing and real-time market updates,
What are crypto wallets ?
A crypto wallet is a software program that enables users to securely store, manage, and transfer cryptocurrencies like Bitcoin, Ethereum, and other digital assets. It operates on the principle of public and private key encryption, where the public key serves as the address to receive cryptocurrency, and the private key is used to sign transactions and access the funds
Some popular wallets include..
Coinbase
MetaMask
Electrum
Trust wallet
Blue wallet
Binance
Types of crypto wallets
Hardware wallets
Hardware wallets are physical devices that store the private keys offline, providing the highest level of security.
Software wallets
Software wallets are digital wallets that can be downloaded as desktop or mobile applications.
Paper wallets
Paper wallets are a physical printout of a public and private key pair that can be stored offline.
Online wallets
Online wallets are web-based wallets that can be accessed from anywhere with an internet connection but are less secure than hardware wallets.
Market Study
Current market leaders
Currently the most used crypto wallets are Coinbase, Trust wallet, Metamask and Bluewallet. these all have their own pros and cons which make certain audiences prefer one another.
PRODUCTS
Coinbase
MetaMask
Trust wallet
Electrum
User-friendly interface that is easy to navigate
Supports more than 5,500 digital assets
Multi-signature and two-factor authentication support
Pros
Intuitive interface design on browser extension and app
Can be linked to NFT marketplaces
Supports thousands of dApps
Supports a vast range of coins and tokens
Earn interest on one of 12 different cryptos
Simple and easy-to-use interface
Built-in Web3 browser
Fast and easy to set up
Greater security than other hot wallets
Customizable transaction fees
Wallets don't suffer downtime thanks to server configurations
Security issues and weak points as other hot storage alternatives
Only available on mobile and tablet devices (except for Chrome extension)
Cons
Fees to buy Ether can be high
Cannot directly store Bitcoin
Owned by Binance, who has faced regulatory issues in the U.S.
Educational resources on coins and tokens are limited
Setup and interface not ideal for beginners
No customer support via chat, email or phone
4.1
4.6
4.6
3.8
RATING (Google)
Target audience
Crypto wallets can be used by a wide range of people, but they are generally used by those who own or trade cryptocurrencies.
As per age group, millenials are the biggest audience with more than 75% of crypto users are of the age between 25-40. Overall, anyone who is interested in using cryptocurrencies as a form of payment or investment may use a crypto wallet to store and manage their digital assets.
Cryptocurrency investors: These are individuals who hold cryptocurrencies as a long-term investment, rather than actively trading them. They may use a crypto wallet to securely store their digital assets.
Crypto traders: These are individuals who actively buy and sell cryptocurrencies on exchanges to take advantage of price fluctuations. They may use a crypto wallet to store their assets when they are not actively trading.
Businesses: Some businesses accept cryptocurrencies as payment for goods and services. They may use a crypto wallet to securely store and manage their digital assets.
Freelancers and remote workers: Crypto wallets allow freelancers and remote workers to receive payments in cryptocurrencies, which can be faster and cheaper than traditional payment methods.
Tech-savvy individuals: Crypto wallets require a certain level of technical knowledge to set up and use effectively, so they are often used by tech-savvy individuals who are comfortable with new technology.
Primary research
Interviews
For primary research it was suggested to have an in office interview with multiple people and coworkers as they has the knowledge needed for this research.
This way i was able to gather information from the founding team which further helped me understand their ideas and how i could execute them in the best way possible.
These questions will focus mainly on what issues they face while using crypto wallets, what they use it for and what they think can be better.
Interview Questionnaire
Analysis Questions
Please select age category
Please select your gender
What is the average worth of the assets or coins you hold at a time in dollars
How long have you been into blockchain professionally?
Usability Questions
On the scale of 1-5 how safe are online Crypto wallets for you?
On the scale of 1-5 how hard are crypto wallets to use initially?
What are the top Wallets you use? please select 3 maximum.
How frequently do you use Crypto wallets?
Use case Questions
What do you mostly use crypto wallets for?
Do you face any issues while using said wallets?
Any features that you would like to see in your favourite Crypto wallet?
Research analysis
Age factor
Out of the given age brackets of every 5 years we can see that the highest amount of Blockchain technology users are the millennials aged 20-30.
Average holding in USD
Average Indian crypto investor likes to invest $1000 to $2000 and hold at a time
Male dominated area
Blockchain is considered to be a highly male dominated area. Even though my interviews were on a small scale, the real ratio could be 20:1 male to female.
Online wallet importance
the interviews asked about the importance of online wallet compared to methods like hard wallet which are the safer. on the scale of 1 to 5, 70.6% of people gave it a number higher than 4 on the scale
User friendliness
Similarly here we tried to know how easy were wallets to use initially and were not surprised when 57% people voted more than 4.
Research analysis
Age factor
Out of the given age brackets of every 5 years we can see that the highest amount of Blockchain technology users are the millennials aged 20-30.
Average holding in USD
Average Indian crypto investor likes to invest $1000 to $2000 and hold at a time
Male dominated area
Blockchain is considered to be a highly male dominated area. Even though my interviews were on a small scale, the real ratio could be 20:1 male to female.
What people mostly use it for?
Holding assets long on terms.
Being able quickly sell at the current price
Trading and Converting assets
Checking market prices
Track transactions
Check profits
Top most preffered wallets
1.
Coinbase
83%
2.
MetaMask
75%
3.
Trust Wallet
42.9%
34.9% others
Online wallet importance
the interviews asked about the importance of online wallet compared to methods like hard wallet which are the safer. on the scale of 1 to 5, 70.6% of people gave it a number higher than 4 on the scale
User friendliness
Similarly here we tried to know how easy were wallets to use initially and were not surprised when 57% people voted more than 4.
Issues faced using wallets
Cant compare profits between transactions
Hard to know what assets can be swapped
Misses out on peaks to sell the asset
No single platform history check
Too much info on one screen
Most people dont day trade
No overall profit shown
Research analysis
Ideations
Defined ideas by the founding team:
The Founding team which includes my mentor Sushant Sharma had been planning and working on the conceptualization part since a few months and had a good grasp on what was needed to be done.
Swap trade
Many tokens have different rates in-between themselves even though having little to no with the fiat currency, this creates a gap where you can increase the net worth of your assets just by trading them at a lower price
Ai assistant
Managing and finding a lot of data can be a hassle but ai assistant can help you find transaction data much quicker in a well visualised form
Ai based recommendations
Making decisions which might be related to current events can be a gamble and time consuming unless you have a way to be precise about the information as fast as possible, ai based recommendations helps you make decisions which have a higher probability compared to others
Smart PNL display
Getting the profit and loss data on particular transactions and grouping them means a lot of hassle which makes the user frustrated and may lead to bad decisions. Smart PNL Display helps solve it by new sorting methods
Assets display
displaying assets from multiple wallets in a well sorted manner.
Solving the problem of asset sorting while displaying assets from multiple wallets
I was assigned with the task to overlook one of the most important flow where people will see and compare their holdings, farmed, liquidated assets.
File in file
This simple way of grouping assets into wallets and then Protocols makes it super user friendly but takes away the method of comparing combined Protocol assets
Displaying Protocol cards after wallet
Giving an overall view after selecting wallet on initial screen will help summarize the holdings in one small card which can then be opened further for detailed information
Sorting assets where similar chain assets can be on multiple wallets makes it difficult to show single wallet assets and combined wallet single Protocol assets. managing a way to do both was necessary for best experience
Protocol and wallet selector
Getting all the assets on one screen after selecting which wallet and protocol as per the user needs can give him enough information both about all the possible scenarios
Top assets dashboard
Most people according to Debank website hold only 3 types of chains as their most valued which can be compiled into a small dashboard right before file in file to give the user an idea about his holding based on chains
User flows
Initial homepage flow
Branding and logo design
Final screens
Splash screen
Splash screen is the very first screen a user sees after opening the app where the Porfo logo will be Made into a short animation.
Features screens
the onboarding flow starts with the feature screens getting the user familiar with the apps use cases
Onboarding
Account setup and verification
A biometric verification using inbuilt lock sensors will help user access Porfo with ease.
Homepage
Homepage with cards and overlays
Homepage with top trade recommendations and quick options to trade assets.
Profile and asset information
My account page
This screen contains all the security and account features. It also has all the connectivity features like wallet management and devices.
Buy, swap and market price
A screen that comes after clicking on a specific asset on home screen.
Primarily used for buying, swapping or checking how the token is doing.
Receiving currency
Import Currency from other wallets
A screen that comes after clicking on Receive assets on homepage which will help you transfer assets wallet to wallet
Ai Chat assistant
Aic recommended swaps and data fetch
A screen that comes after clicking on the Porfo logo on the bottom home screen, Chat assistant will help you fetch assets, make swap suggestions and much more.
Portfolio
Your assets and transactions
The initial screen displays your portfolio net worth visually. it also leads to multiple screens like Transactions, NFTs, Porfo holdings and chains for specific assets
Transactions and NFTs
As the Smart Pnl cant be disclosed we can here check the transaction filtered by chains and/or time based
Similarly NFTs can be displayed but in a card format which gives the user all necessary information
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