Blocto - Bridging The Gap Between Different Blockchains
If you are already a skin-in-the-game DeFi participant, you should know that there is a big gap between different blockchains. In particular, you cannot touch other dApps or NFTs, or swap on other chains without holding their native tokens. More importantly, gas fee is really a matter while Ethereum network is significantly slow and usually cause congestion in rush hour. Understanding the problem, Blocto was born to increase the Defiant's experience in this trending space.
What is Blocto?
Blocto is a cross-chain ecosytem that was created with the mission of bridging the gap between different blockchains. Imagine that you can now manage all your assets including your tokens or your NFTs across different platform – especially in just one place. Blocto can offers developers identity and payment service so they can easily work on without any barriers. With the state-of-the-art technology, Blocto aims to become the best crypto all-in-one platform to serve not only DeFi space but also the whole crypto industry. There are some critical problems with crypto wallet at this time, that is the reason why crypto wallet is one of the main products Blocto heavily focuses on.
Problems Of Current Smart Contract Wallet
Private Key Management
Most of current popular smart contract wallets such as Metamask or Trust Wallet now still use mnemonic phrases to manage the wallet access. This has advantages such as even the others know your password they cannot still log-in thanks to the protection of mnemonic phrases. However, there are also disadvantages because once you lose your mnemonic phrases, there are no ways you can recover your wallet. According to researches, there are millions of dollars worth of Bitcoin has been lost forever because its owner cannot remember wallet's seed phrase.
As mentioned above, as DeFi surged, gas fee is in its fee discovery mode as well. It is even worse when you must pay double if you want to interact with other blockchains as you need to have their native tokens and the swapping fee is huge at this moment.
One of the worth-noting features of Blocto is that it will allow users to manage their funds or NFTs on different blockchain in just one place. At the time of writing this article, Blocto now supports Ethereum, Flow, Tron and Solana blockchain. The number of supported blockchains is supposed to increase in the future thanks to its agnostic architecture design. This is really a revolution since users no need to learn from the beginning of how to use various kind of different blockchain wallets, especially when crypto is getting more adoption and there are more new users join the space day by day.
Another noteworthy features Blocto offers is its flexible wallet design which can help users to get access to multiple blockchains without holding its native tokens. This is really cool feature if you know that fee to do a 'normal' swap on Uniswap or 1Inch nowadays may cause approximately one-hundred dollars. Swapping fee is really a nightmare for any Defiants. Regarding the private key problem mentioned above, Blocto's users can use the wallet with risk-free of losing their wallet access as Blocto allows users to log-in via their email account. It is even better while users can log-in with any App that they download from legit store like Apple Appstore of Google Playstore. Last but not least, Blocto native token which is BLT will be used in various ways to make it real utility token such as voting (governance), transaction fee (cheaper than ETH fee for sure), and privileged to be the first to use Blocto-made products
In this developing industry, Blocto is really a contender thanks to their cutting-edge technology and vision. We have seen many big companies created from the booming Internet period, now we can see some unicorns appeared along the development of blockchain and Blocto is definitely one of them.