xDai and the Burner Wallet - demonstrating the power of blockchain

By Optimist | Decentralised Finance | 9 Jun 2019

$4.15 tipped


Most people within the crypto space will have already heard about Dai and MakerDAO – and hopefully this will even soon extend beyond just the crypto space!

However, despite this amazing achievement, the user experience can sometimes still leave more to be desired.  Moreover, trying to get someone on board who is completely new to blockchain and cryptocurrency will still be a massive challenge as you have to go through the steps in setting up a wallet, getting some Ether and then explaining how gas and token transfers work.

But what if there was a way to skip those steps at first in no time at all in order to just show a beginner the power of blockchain?!

As you may have guessed, this article will provide one answer – The Burner Wallet from the POA team who are behind the xDai project(for further information on this please visit: https://www.publish0x.com/decentralised-finance/the-decentralised-finance-sectors-best-kept-secret-xjmrgm).

Burner wallet can be found at https://xdai.io/.

When you visit this page you will be greeted with the interface below, and an address will automatically have been generated assuming you aren’t logged into any Web3 wallet.

This means you can get any newcomer to crypto to visit this page on their phone, hit receive and be sent xDai by a willing proponent(you)! This will likely also be received almost instantly due to the consensus mechanism of the xDai network.

They can then also play around with sending it back or if you send them some Ether as well they can have a look at the ‘exchange’ page which links to a bridge between xDai, Dai and Ether. This can be used to easily demonstrate the difference between blockchains and provide real time examples!

Once this initial part is done and your newly recruited blockchain enthusiast has been blown away by the ability to transfer value with nothing but an internet connection, you can then begin the ‘boring bit’... If you hit 'advanced' you can see the interface below and use it to explain how to secure a wallet and why a private key is important.

It is also worth nothing that you can simply ‘burn a private key too’. This can also be used as a demonstration of the importance of preserving a private key, or also for accepting cryptocurrency transactions while out and about!

 

To wrap up, Burner Wallet and xDai is a great tool for showing off the power of blockchain and cryptocurrency to beginners by just letting them get stuck in! The xDai network is also a lot faster and cheaper than the ethereum network, so it is also worth considering it as an option for merchant adoption, safe in the knowledge that it can always be converted back across on the bridge!

 

If you found this interesting and informative, please consider singing up using the link below:

https://www.publish0x.com?a=YRdGR75bDz&tid=DeFi


Optimist
Optimist

A believer in a future that uses blockchain where it can truly benefit us, not just because it is a buzzword.


Decentralised Finance
Decentralised Finance

A critical look at the emerging 'decentralised finance' space and analysing what may actually help us to progress!

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