Due to the expanding awareness of blockchain and Web3, thousands of decentralized applications (dApps) are available across popular blockchain networks and millions of users worldwide.
According to one report on dApp usage, daily unique active wallets (UAWs) reached an all-time high of 17.2 million in Q3 2024. While this reflects a surge of interest and adoption of blockchain and dApps, this sector still occupies a relatively niche space with early adopters because of its abstract nature, technical complexity, and complex lingo, among other factors.
Other news-related activities, such as high-profile scams and regulatory issues, have deterred other would-be users from entering the blockchain space.
However, the number of developers has vastly increased compared to a decade ago and held more or less steady over the past few years. Users of different dApps for DeFi, NFTs, and others have risen considerably even with the barriers noted above. These developers have been working to make onboarding easier for other developers and dApp users by removing or lowering such obstacles.
In this blog, we’ll further discuss how EMURGO is facilitating a more user-friendly experience for users and developers to utilize the Cardano blockchain network.
EMURGO: Making the Cardano Blockchain More Accessible for All
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Providing a Gateway to Real-World Asset Tokenization
The abstract, complex, and relatively new emergence of blockchain technology can still pose a considerable barrier for traditional Web2 companies, small businesses, and users to best leverage its value-adding capabilities and drive business opportunities.
This is where EMURGO’s asset tokenization platform provides a solution and simple gateway for those wanting to enter Web3, but lacking the technological know-how and resources to get started.
Serving as a technology provider, EMURGO has collaborated with Kinka to offer its tokenization platform to tokenize physical gold, and Anzens and Encryptus to mint the USDA stablecoin, two actual real use cases for asset tokenization.
Read more: Kinka launches on-chain gold tokens with EMURGO support
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Offering Easier Transactions
Setting up, safeguarding, and effectively using self-custodial crypto or digital asset wallets can pose a barrier for some newcomers. While the process has significantly improved compared to the early days, things such as protecting private keys and inputting long wallet addresses can make them hard for unfamiliar users to use easily.
To make transactions easier and simpler for users, the Cardano network has addressed the issue of long wallet addresses that require careful attention.
Related reading:
- Yoroi Wallet: How to Send and Receive Cardano ADA
- Best practices to safeguard your crypto in Yoroi Wallet
- Yoroi integrates with Encryptus for ADA-to-fiat conversions
For users of digital assets or cryptocurrencies based on the Cardano network, Yoroi Wallet provides a simple UI and UX that enables users to easily request ADA and share wallet addresses using links and QR codes for fast and secure transactions. These can easily be shared among users, replacing the complex string of long unreadable wallet addresses, making sending and receiving Cardano-based digital assets easier.
Yoroi Wallet users can quickly set up and process transactions without worrying about methodically inputting or copying wallet addresses.
Now, users can also utilize Yoroi for ADA-fiat offramping and many other benefits such as swapping, portfolio management, and more.
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Allowing Safer and More Cost-Effective Transactions
Another major pain point for blockchain users is transaction security and fees.
There have been stories of dApp hacks and unwitting users signing malicious crypto transactions that drain wallet balances, a problem that discourages many and prevents mass adoption.
A big part of the solution is to allow for transactions to be human-readable.
This means each step of the process should be clear and detailed enough for a person to understand. In that way, users know what they are signing with their wallets.
In the account-based model of most blockchains, transactions have to be processed one by one and asset-by-asset. Users thus pay high transaction fees to send just a single digital asset or token to another person. However, Cardano’s eUTXO (extended unspent transaction output) model permits many assets to be sent to multiple addresses with one operation.
This is how Yoroi Wallet enables batch transactions for different Cardano-based digital assets. By doing so, a user can transfer multiple digital tokens, NFTs, and ADA with a single transaction, paying just one low, singular fee to move several assets simultaneously.
Yoroi Wallet screenshot
In the above example, we’re sending ADA, three different digital tokens, and an NFT in a single transaction. All these transfers will be batched under a single one, so the transaction fee will be small, allowing for multiple on-chain results.
A user only needs to select which tokens, NFTs, and ADA they want to send to another wallet address. All assets are included under a single transaction, which will pay a single fee for the operation. This way, users can take advantage of the batching functionality of Cardano only with the wallet’s graphic interface, thereby reducing or removing unnecessary additional transaction costs.
Read more: Explaining account-based model vs. Cardano’s eUTXO model
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Empowering Web Developers to Build on Cardano Quickly
Jumping from traditional web development to Web3 development has been a hurdle for many due to the new technical knowledge required to make the leap.
Now, in Cardano, this has changed thanks to Aiken, a modern smart contract language specifically designed to speed up the onboarding process for web developers to build dApps on Cardano by providing a familiar programming environment. Removing much of the technical complexity and unfamiliarity in building blockchain dApps helps to streamline the development process.
Currently powering many of the most widely used dApps in the Cardano ecosystem, Aiken has grown into a full blockchain developer tool along with tutorials and documentation to make the onboarding process to Cardano as seamless as possible. Compared with Plutus and Marlowe, two other Cardano smart contract languages, it provides an easier experience for developers to get started. For example, Aiken:
- Is functional
- Takes inspiration from many modern languages such as TypeScript, Rust, Elm, and Gleam
- Provides quick error feedback and a built-in test framework
- Allows developers to prototype their apps quickly
- Has a VS code extension
To help learners properly and effectively learn to utilize Aiken, EMURGO Academy offers a complete Aiken course program with hands-on learning and expert feedback. It leads to a full understanding of the language and enables learners to build and deploy an actual dApp prototype, preparing them to build on Cardano further.
Read more: What is Aiken and how does it help developers to build dApps quickly?
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Delivering an Improved UX/UI and User Functionalities
Some wallet developers still create products with technical consumers in mind. They are not friendly to the average user, which poses a significant barrier to mainstream adoption. Especially with newer and non-technical users, any technical lingo or interface can alienate them from further usage.
However, Yoroi Wallet’s simple UI and services solve some of these issues.
In addition to the QR scan function for sending wallet addresses, it also allows users to click and automatically quickly connect on-chain to many popular Cardano dApps without worrying about figuring it out. Users can then start interacting with the dApp using their assets stored in Yoroi Wallet. It also keeps a list of all connected dApps, so users may cancel the connection at any point.
Yoroi Wallet screenshot
The dApp Connector enables a user to review all the dApps they have used thus far. This makes it easier to track on-chain activity and also remember useful platforms. Additionally, access to the wallet can be revoked with one click. If a dApp is attacked or turns out to be run by a team with a bad reputation, a user can quickly block any future interactions.
Yoroi’s 5.0 version upgrade also provides many new features including Cardano governance participation, network switching, portfolio management, dark mode, and more. Newer features are also planned for the near future.
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Enabling Access to Wider Blockchain Education
With blockchain and Web3, large educational barriers still prevent proper learning. With resources scattered across the Internet, it can be hard to verify the legitimacy and accuracy of the information provided.
Some websites lead to fake services, some articles are created to push malicious links, and educational courses provide classes taken from free internet sources.
For those preferring a structured and professional learning experience combined with the flexibility of remote learning, EMURGO Academy provides a wide range of technical and non-technical blockchain education courses for a global audience, designed to meet the specific learning needs of professionals and developers.
To learn more about the various courses, reach out to EMURGO Academy.
For other articles and news updates, community content hub Cardano Spot also provides a repository of content to stay up-to-date on the latest developments in the ecosystem.
Contact Us to Get Started With Asset Tokenization
Are you a business or project interested in NFTs and asset tokenization using the Cardano blockchain? Want to discuss further how we can help you meet your business goals?
Are you a developer looking to learn how to utilize the Cardano blockchain to build decentralized Web3 applications?
Are you interested in setting up a Cardano wallet to interact with the different decentralized applications in the Cardano ecosystem?
EMURGO, a founding entity of the Cardano blockchain, offers a variety of Web3 products & services to meet your blockchain needs including an asset tokenization platform, tailored blockchain education courses, Yoroi Wallet support, and more.
To get started with tokenization, reach out to us here and also follow EMURGO on X and LinkedIn to get started and receive more regular content.
About EMURGO
- Official Homepage: emurgo.io
- X (Global): @EMURGO_io
- YouTube: EMURGO channel
- LinkedIn: @EMURGO_io
Disclaimer
You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by EMURGO to invest.
