Hodllabs began in early 2018 with a vision — a future where everyone uses cryptocurrency whenever exchange of money is required. But there is a hurdle in the way of this future. A problem plagues the crypto industry which a lot of people acknowledge but none have solved. This problem is all too common in any industry that revolves around new technology. User experience.
Around the peak of 2017, the number of businesses accepting cryptocurrency sky-rocketed compared to previous years. And why not? I can accept 0.02 BTC in exchange for goods worth $100 and a day later the Bitcoins will be worth $150; and the more Bitcoins I gather in this process, the richer I will be in the future. Of course, all that hopes and dreams came crashing down. But regardless of the intentions, we witnessed an exponential growth of cryptocurrency being used as money instead of being just another category of speculative assets.
That specific year truly put on display the desire of people wanting to use cryptocurrency as money. What started with buying two Papa John’s pizzas with 10,000 Bitcoins evolved into people traveling around the globe with a challenge of only using cryptocurrencies throughout their trips. This trend also displayed the problem where people were carrying “spending money” worth of cryptocurrency on their phones in software wallets.
Why is it that so many choose to carry small amounts of cryptocurrency inside software wallets when everyone acknowledges that hardware wallets are a much safer alternative? Because existing hardware wallets are clumsy i.e. bad user experience. We wanted this to change. We wanted a hardware wallet which was not clumsy; a hardware wallet portable enough to be used while in a grocery market; a hardware wallet that doesn’t require an advanced degree in computer science to use. Nothing satisfied these desires, so we designed Vault E.
At the very core of Vault E’s design is a clean user experience. We genuinely believe that cryptocurrency industry should put as much effort in a good user experience as feature set. We think that an increase in the rate of adoption requires this and with hodllabs we not only want to improve the experience of the wallet but many more products and services that are plagued with the problem of a bad user experience.