The problem we are solving

Hurdles of Decentralization

The discourse within the cryptocurrency community often centers on the importance of self-custody. The collapses of centralized entities like FTX and Alameda have made the phrase "not your keys, not your crypto" a common refrain. Self-custody, which involves holding tokens and assets in wallets where only the user has the keys, has been recommended, although it may not be as straightforward as some users, accustomed to centralized exchanges, might expect.

For those new to cryptocurrency, the process of transferring funds from banks to exchanges and purchasing crypto to hold on these platforms is relatively straightforward. Self-custody, however, requires a deeper understanding to maintain security and to interact with decentralized applications.

A critical error is often the improper handling of the seed phrase. In a rush to move assets, a user might photograph their seed phrase on a mobile device or write it on a piece of paper that can easily be lost, especially as people frequently change devices. Losing the seed phrase or forgetting the password means losing access to the cryptocurrency.

Enhancing Usability

Accessing decentralized applications can be confusing. Obsydian aims to improve user experience by developing an interface that is intuitive and effective. This interface will be tested by our early adopters to ensure it is user-centric.