💳 Keycard & Status to help dApps overcome onboarding friction

We’d like to share here some ideas on how Keycard can be used to help Status user acquisition :rocket:

What is the problem?

It is commonly known that user onboarding is one of the biggest obstacle in the way of adoption of dApps.

Remember this incredible and funny video « How dApps work in 2018 ? Dawn of the dApps »

Things haven’t changed much in 2020 :sweat_smile: actually: from the moment a user hears about a dApp, gets excited about it, and can actually use it, he has to go through a number of issues he’s not familiar with, and these user interactions are creating a friction that is absolutely killing the user experience.

He has to:

  • first find out and install the right tools (should I use an extension to my current browser ? Should I download a new browser ? Which one ? ),
  • then he needs to set these tools up (what is a wallet actually ? How do I set-it up ? What are are all these odd numbers and words to store :slight_smile: ?
  • he sometimes gonna need gas for any transaction (if no abstraction mechanism has been set-up by the dApp): Where do I get ETH ? Ouch I need to do a KYC …
  • For some dApps, he’s going to need some specific assets from the dApp to have a truly first interesting experience with the dApp. For instance, in a game he should get some free NFT to start with, in a dApp with a specific ERC20 utility token he could get some free tokens to start interacting with the dApp.

What is the opportunity?

Status priority is user acquisition :boom:: we need to get users to download Status, onboard and discover how easy it is to interact with dApps, transact and chat from here.

We believe that Keycard is a fantastic tool that can help Status and dApps solve together a piece of the acquisition problem. We believe that Status can partner with a couple of dApps in a win-win scenario, where customized (co-branded) keycards can be distributed, leading to joint onaboarding of new users in status and in the dApp

Why Keycard :credit_card:?

Keycard has several characteristics that make them interesting here:

- It is tangible
Apart from the fact that the human brain :brain: loves tangible things, ‘tangible’ is great for marketing. It can be printed, branded, distributed (events, shops, mail) in a variety of ways. In particular, this opens marketing channel to non-crypto users

- It can guide a user with a couple of taps
Keycard can behave like a contactless link, well even a deeplink. It’s particularly interesting because it reduces the friction for the user to download his browser and wallet (user taps his card, and it prompts Status download), and also to search/type the dApp URL

- It can store assets securely
Keycard can do two things here:

  • It can come preloaded with assets (but we hear you, they we won’t be ‘blocked’ on the card itself, they are actually stored on a smart contract). They can be ETH or ERC-20 tokens, or NFTs
  • Once the user has onboarded, Keycard can be used as hardware wallet to store assets, or a mean of payments (crypto debit card)

- It’s cost effective
You know that, we’ve been saying it for a long time now :slight_smile:

What kind of partnerships :handshake:?

A Status/dApp partnership can looks like this:

  • Status build a cobranded (dApp+Status) keycard
  • dApp distribute the card on its markets/events/channels
  • Status & dApp make co-marketing/PR efforts
  • (to be discussed) in some conditions Status can subsidize a part of the card costs
  • dApp provides assets to preload on the card (ETH gas if needed, ERC20, NFTs)
  • Status provides reference code and tools to deploy the redeeming contract of the pre-loaded assets

User experience

The user experience is absolutely key here, it can look like this:

  • User taps card on his phone
  • User is automatically taken to Status download page
  • User is prompted to open Status
  • When the user clicks yes, he’s directed to Status onboarding and creates a wallet (on his phone or keycard)
  • Once wallet creation is finished, the user is taken to a redeem page, to get his preloaded assets on his wallet
  • User is then directed to the partner dApp, and is ready to interact with it

What’s the added value for each party?

Status gets new users:

  • Each new user going through the experience above is a new Status user that has onboarded and created a wallet in Status
  • We directly benefit from the dApp marketing efforts to adress their channels. And they are tons of interesting ways for them to distribute them: offer/sell them, in events/ in shops/through mail etc.
  • We can quantify the results of each partnership

Users have drastically reduced friction to try the dApp:

  • No brainer to download the right browser
  • Guided by Status onboarding to create their crypto wallet
  • Guided to redeem their assets
  • Guided to open the dApp
  • Can use the keycard as a store-of-value (secure hardware wallet) or a payment mean

dApp get a tangible marketing tool and create value to their users:

  • It’s a tangible marketing tool, we’ve talked about that
  • They control their user onboarding experience from beginning-to-end, making sure users are guided and that this works (compatibility of the dApp with Status browser for instance)
  • They offer/sell a hardware wallet to their customers. It makes a lot of sense for Dexes or dApps for instance

Questions?

Please share what you think about this !

We are particularly curious to have your ideas on which dApps would make most sense to integrate with :star_struck: ?

If these ideas make sense, let’s build our first partnerships soon :clock5:

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