Challenges

Market Challenges

It is no secret that the general economy as well as the DeFi ecosystem are in bad shape. While many factors have contributed to this current state, bad players within our market have significantly amplified public fear and uncertainty associated with the Web3 industry. Nonetheless, this is not related to the feasibility and technological utility of the blockchain. Still, this adds an additional challenge to builders and projects in the space.

With the current collapse and a now very prominent loss of trust in centralized exchanges alongside the world economy (institutions, public companies, banks), we see an opportunity. An opportunity to go back to what this technology is meant for, what it can be used for and how it can ease and simplify the lives of our population.

Transitional Challenges

The crypto market faces the following challenges before opening the doors to mass adoption:

• Cross-functionality

  • Usability with current and connectivity between Web3 wallets & popular Web2 providers

• Ease of use

  • UX/UI are complicated, terms are new.

• Real-life usability

  • Paying at restaurants, for subscriptions or sending money to friends is difficult

• Anonymity = the Unknown

  • Sending money or connecting to various dApps can pose a risk

To ensure that we approach all of these challenges, we implement multiple solutions within the LedgePay app. A lot of the services are basically automation tools or "shortcuts" to make the financial management of users easier. From a user perspective, a lot of the functions will be instant one click solutions, while everything else happens in the background.

Technological Challenges

So far, traditional banking and decentralized finance do not have a lot of connecting points. While this is partially due to the still ongoing adoption, technological challenges exist which make this difficult. Transferring & storing data between those two "Worlds" while keeping the security benefits of blockchain technology is not easy.. but possible. Efficient on-and off ramps and oracles are part of our ecosystem to enable that exact symbiotic co-existence.