Finance is still unreachable to a large number of the global population. Trade for most of modern history was done through physical money and used to buy goods or services. This makes it difficult for people to trust a new digital currency, especially one that requires the internet to function.
In 2008 the global financial crises created a bubble that popped and caused over 2.6 million people to lose their jobs in the United States of America alone.U.S. lost 2.6 million jobs in 2008
Since 2009, global wealth has increased significantly, in 2010 global wealth was around $200 trillion. In 2019 this number increased to $360 trillion globally according to Credit Suisse. This lead to central banks having more influence in politics and every day life. Since the start of DeFi, developers have tried to decrease this power through recreating finance in a decentralized manner.
Trust
According to the world bank FinDex, the total unbanked population is now at 1.7 billion worldwide in 2018, this is down from 2 billion in 2014.
The word “unbanked” is provocative as it implies that individuals want to use banks or that they can’t access banking due to poverty or lack of infrastructure, this is not true at all. There is a large portion of the “unbanked” population that has the means to be banked but does not want to for various reasons. This comes down to the lack of trust in central intermediaries, this is especially true in the developing world as there is more political instability. This can result in banks being looted or extreme corruption, there needs to be “trust” in the country and bank before people want to part with their hard-earned money.
This is where DeFi, blockchain, and cryptocurrency comes in, there is no bank, government or central intermediaries. Your funds are your own and cannot be frozen by governments or looted by corrupt officials. Let’s look at the statistics. Here is a graph that shows the global faith in banks over time:
As you can see from the graph to the right; after the 2008 financial crisis citizens started to lose a lot of faith in the banking system, this was expected but at that time Satoshi Nakamoto created the Bitcoin blockchain and the financial industry has changed.
We wanted to help customers trust DeFi and access financial tools regardless of their nationality, ethnicity, gender, social class, etc. Without having to trust anything, allowing users to become their own bank.
Frontier Wallet
Our big investment in the DeFi space is Frontier wallet. Cryptocurrency wallets have been at the forefront of decentralized finance in the blockchain space. Due to the open-source nature of the blockchain, new wallets are springing up every month that are getting more sophisticated and secure. Newer forms of security are released as vulnerabilities are being discovered. Having the first-mover advantage isn’t necessarily a good thing as it comes with major issues.
It is, for this reason, we decided to invest in Frontier wallet, on our quest to create the best cryptocurrency wallet for the ecosystem.
What is Frontier Wallet
Frontier wallet is a cryptocurrency super wallet, it can track assets across many DeFi protocols and smart contracts from within the Frontier wallet app. Interactions are simple as your public address (Wallet Address) is tracked instead of a custodial wallet. This means that your private key is safe and secure in other wallets. All assets, protocols, and dApps are in one application on the Frontier wallet homepage.
Frontier wallet does NOT store your private key on the app but rather uses third party wallets like MetaMask Mobile, Trust wallet, ImToken and many others to sign the transactions. This aggregates all information into one app and removes the necessity of having many wallets and dApps unorganized and hard to reach. It’s a perfect middleman between wallets and dApps. It’s for this reason that Frontier wallet is the best cryptocurrency wallet. It’s timeless as new third party wallets will be supported as well as new dApps and protocols. This removes the need for changing wallets or remembering which cryptocurrency DeFi protocols you subscribed to.
No more barriers to entry
https://www.entrepreneur.com/article/341771
- Volatility
- Security threats
- Accessibility
Volatility
Stable-coins were created to combat this issue and it’s adoption has skyrocketed in 2019.
This was due to USDT driving adoption along with Maker’s DAI pushing DeFi forward. As you can see below, DeFi reached a market cap of $1.2 billion in February-March 2020.
Frontier wallet aggregates all these DeFi protocols to your homepage. This makes it easier to track your finances across many different dApps.
Security threats
The current major threats to cryptocurrency security are:
- Centralized exchanges.
- Social engineering.
- Private key security.
Frontier fixes this by being a middle-man between wallets and dApps. Frontier emphasizes decentralized exchanges by allowing users to exchange their cryptocurrencies on the homepage itself. Frontier aggregates different decentralized exchanges to find the best possible price and liquidity for the exchange. This saves the end-user time and eliminates the security risk that centralized exchanges have.
Accessibility
Ethereum has had many of its failures attributed to bad user experience and a focus on desktop/laptop users. Frontier wallet has focused on mobile users and users with limited experience on the platform.
- Frontier cryptocurrency wallet does not store your private keys.
- All the user needs to do is enter a wallet address to track their assets.
- Instantly start tracking your assets.
EtherScan and gas prices are out of the knowledge-base of the average mainstream user. Frontier wallets notification system sends users notifications when their wallet has been interacted with.
The team
The team behind Frontier are all talented and hardworking with impressive and diverse backgrounds. Here are the team members:
Conclusion
We believe that Frontier wallet fits a market need that desperately needed filling. Over the course of six months, Frontier has achieved some impressive metrics from its beta application.
- Frontier App Users: 5500+
- Asset Flow-through Frontier: 1500+ ETH
- Daily Active Users: 1860
- Revision 2 of DeFi: Frontier Wallet 17
- Weekly Active Users: 1155
- Time Spent on Frontier: 3.5 minutes per day
This is just the start as they aim to include more protocols and refine the application ahead of the full release.