hiblocks is built on a vision to create a better future by helping people connect and increase value through blockchain technology.
We operate an ecosystem around their native asset, HIBS Token. One of the primary projects is the blockchain-based social media app HABL, which rewards users in HIBS Token for their social media activities, including giving likes, votes, staking, uploading, and sharing posts.
Connecting people through blockchain technology is always challenging because of the entry barrier.
Let’s take the NFTs that saw significant success in 2022 as an example.
Bob was introduced to the concept of NFT in 2022 and gained more interest as he went along. However, he also learned that it requires some pretty rigorous steps for him to become an NFT holder. He needs to delve deeper than ‘compare and purchase.’ We’ll continue to use Bob as an example to illustrate the narrative below.
We are breaking down a couple of reasons why we think the entry barrier to NFT is high:
English by default, almost definitely.
We are in an era where many blockchain-related blogs and videos are accessible online, but most of the content is in English.
Furthermore, when Bob browses Opensea, the world’s biggest platform for NFT transactions, he must navigate the website in English. He could use a translator application, but it will take him another step.
Blockchain has different characteristics depending on the mainnet. The purchase method or transfer address will differ depending on which chain the same token is on. NFT also exists on various chains such as Ethereum, Solana, Polygon, and Klaytn, and issues in each chain also affect the price of tokens issued by that chain. NFT is also a type of token, and its price may fluctuate due to issues of the mainnet.
There are two types of wallets: decentralized and centralized wallets, but Metamask remains the most popular one used on NFT and Defi exchanges. However, due to the nature of decentralized wallets, the burden of individual management of private keys may be challenging for general users unfamiliar with blockchain. One of the things people struggle with the most is when they lose their Metamask’s recovery key because once lost, they cannot recover the assets stored in the wallet permanently.
Continuing the journey, Bob needs to buy and sell coins and tokens before he can buy the NFT. The process of owning an account is simplified, but the entry barrier remains. First-timer in the blockchain market must start by buying tokens from a centralized exchange. Additionally, Bob must stay updated with the ever-changing regulations to ensure compliance.
Everything is on a different platform
Bob must go through four different platforms before becoming an NFT holder: Discord, virtual asset exchange, decentralized wallet, and NFT exchange platform. However, he most likely has to engage in other media to research the project he is interested in. It could be through Medium, Telegram, Discord, Twitter, LinkedIn, and many others.
Industry insiders estimate that while many Koreans may have heard of NFTs, only less than 100,000 owned NFTs. We have used NFT as an example, but blockchain services like Defi and M2E could be difficult for users in general.
HABL as Gateway to Blockchain Services
While the example above is based on NFT, the same problems are found in many, if not most, of the blockchain projects today.
hiblocks aims to provide blockchain services that can be easily used by those unfamiliar with blockchain. Users can use social media services as a gateway to blockchain services. When you create an account on HABL, you also create a wallet. The core of the vision of connecting people through blockchain technology is to enable various blockchain services through this centralized wallet. In simple terms, it can be understood as the blockchain version of ‘Login with Facebook.’
hiblocks is currently making institutional and technical preparations, such as preparing VASP and developing a straightforward user experience (UX). We plan to create a blockchain service that is easily accessible to the public by eliminating barriers to blockchain entry.
In the next chapter, we will discuss further on HABL, the representative service of hiblocks.