Problems that ETH and ERC20 users face every day

Transcript

you're good to go hello guys hello everybody not so many people here because this is almost the end of a conference right okay my name is alex i'm head of product at uhoddler and i was working for uh id industry as a ux engineer for almost 15 years for a fintech project and today we're going to go through some common user experience problems with eth and rc20 especially in our platform just let me say a few words about you holder we are c5 actually and this is quite untypical for this

conference as i learned uh we have full set of products including crypto savings and crypto baked loans margin trading and exchange and also fiat transfer and our mission is to make a customer-centric bank where crypto and fiat may coexist yeah and this is actually the first problem i faced in yokota it was in 2018 i was doing my product job and we were just team of eight people and one guy came and i was doing like quite a part of uh customer support at those times and he

was asking about rc20 how it works about stable coins and the final words he said like he need his crypto stash actually he needs some money to hide from his wife yeah and this is quite typical case actually with old people because they want their pension at work they don't want to to be charged a negative interest yeah and because of that guy actually he was like 80 from poland uh because of that guy i built this cohort called crypto grandpa and this cohort is quite interesting because uh those people aged 65 plus

and they don't have any crypto exchange accounts they use only fiat to transfer to us sometimes they have some kind of metamask or some abandoned non-custodial wallets keys always lost actually and two more cohorts crypto juniors uh this is quite interesting because uh these guys actually have really small amount of funds but they hold almost like all nfts we faced and crypto senior and this is my favorite because uh these users actually trade a lot and they use other exchanges in addition to your holder yeah let's start with crypto grandpa actually

because the problems are quite untypical i think for most of you because you must defy users who actually work for d fires if i raise your hands please no one really who works for c5 no one or only hr people here okay yeah just a little bit information about uh this crypt grandpa as we call it this is quite untypical but they have mostly usdc on their accounts near 70 of all their funds are usdc and other users have only usd and they perform only exchanges and fiat transfer

and fiat transfers like we have like twenty percent of all fiat transfers made by elderly people actually who's 65 plus and first problem with them it's a lack of lack of education actually because they simply don't know how it works like three weeks ago it was uh one case where users send us usd instead of usdc and it took us actually three days to actually tell to him that the this is literally the same address and nothing happened with these funds it is already in place uh second problem is uh some of these clients have abandoned

non-custodian wallets such as metamask on or maybe other non-custodian and they're always like keys always lost somewhere in the house like this piece of paper with key phrase and it is very difficult to restore it's very difficult to transfer because of those non-custodian wallets don't have their customer support another problem is they expect actually from crypto projects some banking level of support yeah and they always giving orders like i want to transfer this amount to my bank account action copy and in some bad cases they always trying to

trying to fear us like i'm i will be calling my lawyer or something like this yeah but all those problems are minor this is uh the huge huge problem actually with elderly people the problem with charge back fraud uh the case is really simple some bad guy influences um old people to open an account in cfi and in this case old people actually share their credentials with bad guys uh because they look like they are acting from our platform and after the transfer from a bank from uh this crypto grandpa received

bad guys actually stole these funds and they always use uh defy uh to hide these funds and after this uh this old people put the charge back actually yeah but the fix is really simple actually we we are doing uh currently video verifications with elderly people literally from zero amount just to make sure nobody influences them just watch your elders educate them because there are some bad guys so the next cohort is crypto juniors um more about these people yeah actually one one one thing about

these people that they are halt almost any nft we faced yeah and a lot of other problems actually the most common request from them is how do we accept this or no this is the wrong slide this one yeah yeah this is a really common request like three to five times per day they they can send us some tokens you know like 30 bucks or 50 bucks transaction and sometimes we were just unable to send it back because of the gas price uh and one more problem they want to get encrypt alone without collateral

and even we are c5 we cannot do that but we found the solution oh yeah one more yeah they have a lot of nfts actually and like three months ago we launched this landing page to measure the demand for nft backed loans actually and we've got a lot of requests i can say like top three of this list are not minted yet they're just simply measuring uh this is just simply asking us to to make a loan a and show their idea actually yeah and we designed this approach i think there are

plenty of projects doing this uh the idea is quite simple the century pioneer let's call it crypto junior will generate some idea so no object of art needed just an idea no physical object as well and this nft based engine will mean nft tokens as a digital stocks and in exchange and it will be sold in exchange for funding yeah and in this case the scripted junior aka entrepreneur will take some funding and once the project or idea arises he could return this money as a share of his or her revenue for enough holders

yeah this is my favorite cohort actually crypto seniors and they have a lot of issues because they trade a lot uh one curious thing that they have what we call funding cycles like three to five times per month they withdraw and then deposit their funds back to continue earning interest because sometimes they need to feed their positions at exchanges one more curious thing about them is they hold almost all the defy assets and this is this is quite strange because the traders hold like 90 percent of all d5 assets in our custody

not the crypto juniors not elder people uh yeah first problem is from 2020 actually i think it's kind of binance way of expansion right because if somebody's sending tokens using the wrong chain it's no longer the binance problem it is our problem this is why we implemented bonus chain in 2020 actually and uh the biggest transfers i remember sent by wrong chain was like almost a million usd yeah uh yeah and once you once you implemented business binance chain uh there is one more problem

because people start sending from your platform to another platforms actually and in this in other platforms nobody will help them and we designed this approach people just it's quite simple people just need to pre-select their type of network even before they see qr code or address and the same stuff with withdrawal they should pre-select the type of network before they even will be allowed to paste their address yeah one more problem with them is uh this ethereum gas price i think you're all familiar with it

uh the problem is not not just the gas price itself and not just uh we cannot just put this kick this transaction to be executed the problem is once the transaction is stuck in fee rises we should cancel it we should put it again with increased fee and people actually need to agree on this increased fee and some of them not in rush some of them once they know new conditions for the transaction they just simply want to cancel it and this is why we should collect people can sense once we change any fifa in transaction so that's pretty much it just let me

share some information about our from our custody about stats for eth and rc20 so our most dth nursing 20 country is friends like almost eleven percent of all eth and rc20 deposits coming from france i think obviously and our most defined countries netherlands like 15 percent of all defy assets uh and the good thing the really interesting thing that um other countries are like six seven percent and eth is our most popular collateral um second place we have uni so i think this is it just uh i need to

say that um if you face some problem uh in your application if you face some problem that you cannot solve just break it down by the age of customer or type of behavior of this customer it made things just a lot of easier yeah thank you guys just time for questions right thank you hi thank you for the talk um you're also providing fiat loans with

uh crypto collateral assets right um yeah it's kind of it's working actually this way because uh uh you put any crypto as collateral and you choose fi fiat is borrowed amount and you can choose also stable coins it's not available for all the coins but for some of them and have you had any problems with like banks uh traditional banks where our users couldn't receive their loans or histories like that yeah this is this is actually a nice question um we solve it by using pawn broker license in switzerland

because uh the crypt is kind of asset and you actually can uh give people a loans in exchange of collateral even if it's scripted using pawn broker license yep thanks this is it right thank you guys thanks for listening you