3 Ways to drive Stellar Blockchain use

3 Ways to drive Stellar Blockchain use

April 25, 2024

With a focus on user-friendly experiences and innovative tools, BPV is changing the way individuals and companies interact with digital assets. In this article, we'll explore three ways in which BPV solutions are helping businesses and individuals interact with digital assets like Stablecoins.

Number 1: Simplifying Self-Custody

Self-custody has long been a double-edged sword in the realm of digital assets. While it offers individuals complete control over their funds, the complexity and risks associated with managing private keys have led to substantial losses. According to Chainalysis, an estimated 20% of all crypto may be lost due to personal errors.

BPV tackles this challenge head-on to encourage adoption with its innovative retail-wallet solution. By leveraging a combination of social logins, including Google and Facebook, along with passkeys and phone number authentication, BPV simplifies the self-custody process. Users can easily manage their funds while minimizing the risk of loss, thanks to the recovery options linked to their social logins. This user-friendly approach not only enhances the overall experience but also instills confidence in individuals, encouraging wider adoption of Stellar-based assets.

Number 2: Eliminating Initial Gas Fees for Seamless Onboarding

Blockchains have built-in transaction fees to discourage abuse of the network. The Stellar Blockchain fee is very small, but a seed amount is required to set up (activate) an account, and ensure it can send out transactions. One of the large barriers to entry for new users on stellar is the requirement for this initial gas fee, which requires users to immediately deposit funds via another Stellar account or a bank deposit. This process can be daunting for newcomers, hindering adoption. BPV addresses this hurdle through its implementation of SEP-30, the Stellar Account Abstraction alternative, and the development of a sponsorship server.

With BPV's solution, new users can bypass the need to deposit funds immediately via another Stellar account or a bank deposit. The SEP-30 social login system works seamlessly with sponsorship servers, handling all the setup functions behind the scenes by seeding the account and setting up the recovery for the user. This frictionless onboarding experience not only increases user engagement but also leads to higher total deposits into app accounts, fostering the growth of the Stellar ecosystem.

Number 3: Empowering new and old Businesses with updates, Open source, and developer resources

BPV's commitment to innovation extends beyond individual users, as the company actively supports the growth of new companies and assists traditional fintech firms in adopting stablecoins. By continuously developing and refining its technology, BPV ensures that its customers, both new and existing, benefit from the latest advancements in the field. Every time we make an advance, the continuous development is offered to our customers, ultimately, this translates into a lot of retail users seeing the benefit of our improved tech.

We also share knowledge and expertise with the wider community through open-source releases and accessible playgrounds. This collaborative approach enables smaller teams to learn and build upon BPV's work, fostering a vibrant ecosystem of developers and entrepreneurs. Stellar's ecosystem is filled with great developers, but has been lacking the ecosystem Ethereum has benefited from to drive retail use, despite Ethereum's ridiculous gas fees. By increasing the open-source collaborative approach Stellar's ecosystem can grow as it embraces Soroban, Stellar's smart contract upgrade, which will drive DeFi users and developers to Stellar anyway - now is the time to engage these new users and ensure they want to stay on Stellar and embrace its practical power.

BPV's unwavering dedication to simplifying self-custody, eliminating initial gas fees, and empowering businesses positions the company as a catalyst for Stellar adoption. By prioritizing user experience, seamless onboarding, and technological innovation, BPV is reshaping the landscape of digital assets. As more individuals and businesses embrace the benefits of BPV's solutions, the Stellar ecosystem is poised for exponential growth, ushering in a new era of financial inclusion and opportunities!

Clear Skies,
The BPV Team.

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