If crypto does not prioritize user safety, then regulators will on the industry's behalf. ConsenSys' BillHughesDC writes about the technological and social changes that could keep users funds safe. crypto2023, presented by bitstamp
While the investment side of crypto struggles to repair grotesque violations of trust in centralized finance , tech crypto must focus even more intently on improving user safety on-chain.
The problem with that argument, of course, is that DeFi’s risk profile looks very different from that of CeFi. For middleman-less finance to take off, protocols must be not only useful but safe. DeFi only “fixes” things if its risk profile is low enough for everyday people to feel safe enough to actually use it.
However, making the tech work is certainly not the only concern. User experience within the system is meaningfully important, and a big part of that experience is how safe it is. Today, it simply is not safe enough.Putting aside the fact a technological paradigm shift will require patience and an appetite for trial and error, leaving each user to brave on-chain risks alone will mean almost no one will show up.Users need to be better equipped to avoid predators.
It’s how and when you educate that is critical to improving safety. Tech crypto builders realize that and are working on ways to supplement general education with mechanisms to better inform users about specific transaction risks in real time.One approach involves using security service providers. These third parties including platforms, decentralized autonomous organizations or even CeFi operators are experts as to the threats targeting their particular communities.
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