• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Technical Advances and Shortcomings in Crypto Custody: 2021 Still Relevant

user avatar

by Giorgi Kostiuk

10 months ago


  1. Modern Solutions and Their Shortcomings
  2. Lack of Usability
  3. The Path Forward: Simplification at the Custody Level

  4. Despite significant investment and real technical advancements, today’s crypto custody solutions remain anchored in the past, particularly in 2021. Issues with security and usability continue to persist.

    Modern Solutions and Their Shortcomings

    Several companies like Web3Auth and Argent are trying to make crypto custody more convenient and secure. However, despite significant efforts, issues remain. Many users are still dissatisfied with the complexity of managing private keys and ensuring transaction security.

    Lack of Usability

    Traditional financial systems offer a higher level of convenience and protection. In the crypto world, such familiar mechanisms like password recovery and fraud protection are absent. This leads to users frequently facing difficulties in using cryptocurrencies. As a result, cryptos are more often used in gambling rather than as an alternative to traditional financial instruments.

    The Path Forward: Simplification at the Custody Level

    While there have been specific advancements in user protection in recent years with projects like Rabby and Metamask, key management issues persist. The need to change Ethereum’s infrastructure complicates the implementation of new solutions. However, the industry is moving in the right direction with the emergence of new apps and improvements in the user experience.

    The crypto custody industry is undergoing gradual evolution. The emergence of more convenient and secure solutions at the custody level will help build user trust and promote further growth in the use of cryptocurrencies.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Jonathan Gould to Lead Office of the Comptroller of the Currency Following Senate Confirmation

chest

Jonathan Gould has been appointed as the head of the Office of the Comptroller of the Currency (OCC), a significant move for financial regulation in the US.

user avatarGiorgi Kostiuk

Bitcoin Rises Above $117,000 Amid Short Position Liquidations

chest

Bitcoin reached an all-time high of $117,000 due to $1.17 billion in liquidations over 24 hours, surpassing Google's market cap.

user avatarGiorgi Kostiuk

Midas Project Accuses OpenAI of Violations Threatening Nonprofit Status

chest

Midas Project has filed a complaint with the IRS against OpenAI, accusing the company of conflicts of interest and potential misuse of charitable funds.

user avatarGiorgi Kostiuk

Polkadot (DOT) Surges Following Bitcoin's Rise: Current Market Analysis

chest

Prices of DOT have increased by 5% in response to the recent Bitcoin rally, indicating growing investor interest in altcoins.

user avatarGiorgi Kostiuk

What Does the Fed's Transition to ISO 20022 Mean for Crypto?

chest

Learn about the upcoming Fed transition to ISO 20022 and its potential implications for cryptocurrencies, especially XRP.

user avatarGiorgi Kostiuk

Bitcoin Price Spikes, Exceeding $117,000 Amid Massive Liquidations

chest

Bitcoin reached $117,000 supported by $1.17 billion in liquidations. It overtook Alphabet in market capitalization.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.