Currently, the process of accessing blockchain technology has become very complex. Among the vast array of competing blockchains, there have been no platforms to date proposing a solution providing a simple, seamless, reliable and secure user experience that can enable mass adoption. There are 3 main areas where these problems arise:
- Lack of interoperability: The current global blockchain ecosystem is fragmented and territorial. Blockchain’s rapid but haphazard growth has created a disorganized ecosystem of autonomous chains, each with its own protocols for accessing values. The value of each chain restricted to its own user base.
IOV will remedy this situation with its Blockchain Communication Protocol (BCP). It will allow blockchains to communicate and interact with each other. This will also enable their associated crypto assets to be easily accessible and tradeable for end-users.
- Address complexity: One of the main barriers to mass adoption of blockchain technology is the difficult process of making cryptocurrency transactions for newcomers. A significant portion of crypto transactions is accidentally sent to the wrong address. These “wrong-address transaction errors” are the result of value address names which are typically long, complicated combinations of random characters and numbers, that would be impossible to remember, such as 28fh17fvY9Co2kja9fl24DbFX57j803gw5.
IOV will address this issue with its IOV Name Service, where easy-to-remember customizable human-readable names will be able to be registered.
- Different wallet for every asset: While the number of new cryptocurrency assets continues to grow, users are still unable to send or receive these different assets with the same wallet. Almost every time a user wants a new token, they need to download a new wallet. And, if users want to trade one crypto asset for another, they have to go through a third-party central exchange, which completely defeats the purpose of blockchains.
IOV solves this problem by introducing its intuitive personalized revolutionary wallet that will be able to send, receive and exchange any kind of cryptocurrency from a single address of value.