Tanglepay
PROEJCT TYPE
APP / Web Extension Design
POSITION / ROLE
UX & UI Designer
Researcher
TEAM
iotaichi (10 People Group)
TIMELINE
2021.7 - Ongoing
TOOL
Figma
Adobe Suites
LINK TO DOWNLOAD & COMMUNITY
Milestone Achievement
Project Overview
Tanglepay is a decentralized cryptocurrency wallet that aims to provide a simple and secure way for users to store, send, receive, stake, and manage their digital assets across multiple chains. It also serves as a gateway for users to explore the IOTA ecosystem, the world of DeFi, and NFT through dApps.
The app design is intended for both beginners and experienced crypto enthusiasts who want to have more control and flexibility over their crypto portfolio.
Key Messages
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Building on top of the IOTA Tangle technology. Compared to traditional blockchain technology, it is feeless and unlimitedly scalable.
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User-centered and minimalist design with maximized security.
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Providing an efficient way for users to interact with the web3 dApps.
Background
Tanglepay Technical Enablers - IOTA
What is IOTA?
IOTA is an innovative, decentralized technology designed for the Internet of Things (IoT). Unlike blockchain-based cryptocurrencies like Bitcoin or Ethereum, IOTA uses a unique architecture known as the Tangle. The Tangle, a form of Directed Acyclic Graph (DAG), enables higher scalability, no transaction fees, and offers benefits for IoT applications, which makes a significant shift from traditional blockchain approaches.
IOTA vs. Bitcoin vs. Ethereum
Consensus Comparison
Consensus
Every cryptocurrency blockchain operates using a consensus mechanism. It is a system that users of a blockchain network follow to agree on the legitimacy of transactions.
IOTA TANGLE
The Tangle is the name of the consensus structure used by IOTA, which is a DAG (Directed Acyclic Graph) solution. The Tangle scheme can be compared to blockchain solutions. Blockchain is essentially a "thread of information," and its drawback is that it is a single-threaded system that eventually encounters scalability bottlenecks. Tangle allows multiple parallel executions without a "total order," and it can overcome scalability issues by this underlying system design. A more accurate description would be "multiple interconnected chains."
Advantage of IOTA compare to Bitcoin or Ethereum
Scalability
IOTA's Tangle accelerates transaction speeds as participants grow, in contrast to Bitcoin's blockchain and pre-Ethereum 2.0 models, slows with more traffic.
Energy Efficiency
IOTA's Tangle requires far less energy than Bitcoin's Proof-of-Work (PoW) or Ethereum's current POS consensus mechanisms, making it a more environmentally friendly choice.
Simplicity for Users
IOTA users validate 2 previous transactions when making a new one, eliminating the need for validators in Ethereum's PoS or mining competition in Bitcoin's PoW.
IOTA users validate 2 previous transactions when making a new one, eliminating the need for validators in Ethereum's PoS or mining competition in Bitcoin's PoW.
Decentralization
Every IOTA participant ensures network security and validation, offering better decentralization than Bitcoin and Ethereum, which can be influenced by miners or nodes.
Transaction Fee
IOTA allows transactions to be made without fees. In contrast, both Bitcoin and Ethereum require transaction fees, which can be high, especially during periods of high demand.
Modular Structure
IOTA's Tangle offers protocol adaptability for specific use cases, unlike Bitcoin's or Ethereum's, providing greater flexibility for diverse applications beyond finances.
IOTA Market Share Analysis
Market Cap
$485M
Market Share
0.1%
Rank
75TH
As of August 8, 2023, IOTA's market capitalization is approximately $485M, equating to roughly 0.1% of the crypto industry's market share. IOTA is the 75th largest cryptocurrency by market capitalization. The top 10 cryptocurrencies by market capitalization currently account for over 80% of the total market capitalization, so IOTA still has challenges before becoming a major player in the crypto industry.
Challenges IOTA is Facing
The lack of adoption: IOTA is not yet widely adopted by businesses or organizations. This could make it difficult for the project to gain traction in the market.
The competition: there are a number of other cryptocurrencies that are also targeting the IoT market. This could make it difficult for IOTA to stand out from the competition.
The security of the Tangle: there are some arguments saying that the Tangle is vulnerable to attacks.
Potentials
IOTA 2.0 is currently in the final stage of development. It is a major upgrade to the IOTA protocol that is designed to address the challenges that have hindered the project's growth in the past. IOTA 2.0 is designed to be more scalable and efficient than the current version of the protocol. This could make it a more attractive option for businesses and organizations that need to process large amounts of data. IOTA 2.0 is also designed to be more secure, which could address some of the concerns that have been raised about the security of the Tangle.
User Analysis
Target Users
1. IOTA Community Members
2. Crypto / DeFi / NFT Enthusiast
3. Venture Capitalist
Tanglepay is from and for the IOTA community and beyond. This is a principle that shapes every aspect of our design. As active members of the IOTA ecosystem, we are committed to developing products and services that meet the needs and aspirations of our fellow community members. By developing an innovative wallet that harnesses the power of IOTA technology, we strive to create solutions that add value and drive progress within the IOTA ecosystem. Tanglepay is not just a simple wallet, it is also well designed for DeFi and NFT enthusiasts, it functions as a gateway for users to explore the Web3.0 world. Lastly, it serves as a great option for businesses who want to accept IOTA payments or integrate IOTA into their existing systems.
User Personas
1
Sarah
Sarah
2
Market Research
Case Study
Pros
User-friendly Interface
Instant Transfer
Well Recognized Brand
Cons:
Geographical Limitations
Charges for certain types of transactions
Privacy Concerns / No decentralized
Learning Points:
User-friendly & intuitive interface is crucial
Speed and ease of transactions improve user experience.
Pros
Decentralized: Ethereum-based
Integrates with Hardware Wallet
Browser Extension
Cons:
Complexity
High network gas fee
Limited support for multi-chain
Learning Points:
Integration into browsing enhance UX.
A clear interface that educates and guides crypto newcomers is invaluable.
Following user research, I conducted case studies on Venmo(web 2.0 e-wallet) and MetaMask(web 3.0 e-wallet), utilizing radar charts for analysis to discern the pros and cons of these existing products. My objective was to incorporate their strengths into Tanglepay while avoid potential pitfalls.
Positioning Matrix
Ideation
After extensive background studies, in-depth market research, and user analyses, we identified some of the major pain points faced by users in the crypto wallet industry. We developed solutions to address the issues, and strive to deliver an enhanced Web 3.0 e-wallet experience.
Design
User Flow
Information Architecture
Low Fidelity Wireframe
Design System
Topography
Open Sans
Light - Going Beyond Blockchain
Regular - Going Beyond Blockhchain
SemiBold - Going Beyond Blockchain
Bold - Going Beyond Blockchain
SemiBold - Going Beyond Blockchain
Colors
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Primary
-
System
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Neutral
i
Icons
Assets
DApps
Discover
Me
Others
Buttons
Pop-Up Window
Logo Design
Design Concept
The logo of Tanglepay draws inspiration from the "fortune cat" seen across various cultures, symbolized prosperity and good luck. The cat in our logo is embracing a coin. This distinct gesture represents our commitment to protect our users' assets. Tanglepay conveys both the promise of prosperity and the assurance of protection.
Test/Process
Final Design
High Fidelity Demenstration
Feature 1 - Assets
Assets Transaction (Send/Receive)
The design provide a clean and intuitive exprience for sending and receiving assets by using minimalist visual indicators. A review stage before finalizing the transaction are made to protect users’ assets.
NFT
Display the user's NFT collection in a grid view, providing option to view individual NFT details upon selection.
Transaction list
The design provide a clean and intuitive exprience for sending and receiving assets by using minimalist visual indicators. A review stage before finalizing the transaction are made to protect users’ assets.
OnBoarding Pages
Import Wallet
Allows users to import existing wallets through Mnemonic Words, Backup files, or Hardware Leger. The Design emphasize security, providing users with clear instructions and warnings about safely inputting their private key.
Create New Wallet
Streamlined interface for creating a new wallet, step-by-step guide users through the key generation and backup process and take adequate precautions during the process.
DApps / Discover / Me Pages
Dapps Page
Gateway to Web 3.0
Dapps browser with search bar, list of popular Dapps for easy access to decentralized applications.
Discover Page
Staking
User-friendly staking interface with details on potential rewards, staking duration.
Buy IOTA
Purchasing IOTA tokens with different payment options, such as VISA.
Me
Setting
Providing a settings page design that gives users control over their account preferences, security options, and app settings. Implementing toggles or checkboxes for easy adjustments.
Manage Wallet
Allow users to rename, backup, set payment password, etc.
Business
After completing the design phase of TanglePay, I used a Business Model Canvas to define our strategy clearly. This chart outlined key components like customer segments, value propositions, and revenue streams. It provided a comprehensive view of the project, highlighting areas for attention and potential growth opportunities. As a result, I developed a holistic view of the TanglePay project, ensuring a clear understanding of the company's direction, mission, and goals.
Buisness Model Canvas
Future Roadmap
Continue attending marketing campaigns to attract more users. Encourage word-of-mouth recommendations to organically grow the user base.
2022.3 - Ongoing
Advancing Tanglepay Wallet Development
1. Marketing & User Acquisition
Increase the number of DApps connected to the TanglePay DApps portal, offering users diverse and valuable services to interact with from the wallet.
2. DApps Expansion
Enhance TanglePay wallet with broader NFT and crypto support for seamless asset management within the wallet.
3. NFT & Coin Support
2023.10 - 2024
A New Anonymous Social Network
Data on the chain will increase as Web3 dApps flourish. With a combination of selected NFTs and crypto portfolios, a fluid and composable identity will allow for a robust new means of self-recognition and social identity, laving the groundwork for a trustworthy anonymous social network.
2025
A Path to Metaverse
Further integration of anonymous social network and GameFi might lead to prototypes of the metaverse, a truly parallel digital world. At this stage. TanglePay is acting as an incubator of GameFi projects. A mass adoption of crypto, Al, VR, and AR, together with the scalability of IOTA, will breed the metaverse in our ecosystem.