Since the pandemic, we have witnessed a global outburst of digital assets and tokens. While most people didn’t immediately jump on the bandwagon of investing and holding these digital assets, we still witnessed a massive demand for these digital assets.
Fast forward to now, crypto platforms and exchanges are trying to solve most problems from investors, out of which the most important one is convenience.
It’s a no-brainer that holding digital assets requires a digital wallet right now. However, most of these digital wallets require you to understand [and remember] a variety of combinations and terminologies to access and trade the assets.
To solve a part of this problem, CoinDCX has come up with its own DeFi app namely Okto. This app offers a keyless self-custodial wallet that allows you access to more than 100 decentralized apps.
Now before we go all in explaining Okto to you, there’s something we need to understand better to understand the purpose of the app in the first place – DeFi apps.
What are DeFi apps?
Decentralized Finance [or DeFi] apps run on a public blockchain like Bitcoin or Ethereum. These apps like personal finance apps allow wealth management and portfolio tracking.
However, these apps don’t depend on third parties or intermediaries like banks or brokers.
DeFi apps are open, which means that a digital wallet can allow you to manage the crypto applications you use. The second important feature of these apps is that you don’t have to wait around for the bank transfer to clear since your transactions happen via a decentralized blockchain.
Decentralized finance allows anyone to use financial services as the users have more control over their money via personal wallets that they could use to buy and sell digital assets.
The problem with DeFi apps
While DeFi apps have been skyrocketing in popularity over the last few years, they still have some unsolved problems that could make them a secondary option for most new users.
One of the most common problems is the schematics of such apps. First-timers usually find it hard to understand the anomalies of such apps. This increases the chances of mistakes, which could potentially lead to loss of funds at times.
Consider DeFi apps as regular UPI apps we use. The first time we used an app like Google Pay, it took us a while to understand it and trust it with our money. As time passed, we got more and more used to apps like Google Pay, PhonePe, and PayTM, making them a primary payment option for most Indian consumers now.
Another problem that could usually arise in DeFi apps is the risk of fraud. In the same way, the volatility of these digital assets also causes a serious impact on the trust of the new investors in these apps.
What is Okto solving?
When CoinDCX introduced Okto for the first time, it seemed like a regular DeFi app being introduced to the Indian markets.
However, Okto is promising some features that could potentially popularize the power of digital assets more than ever, at least in India. Okto claims that it will enable users to safely navigate DeFi and give access to tokens from decentralized exchanges, only something it trusts.
CoinDCX is using its Multi-Part Computation (or MPC) cryptography technology. This allows two or more parties to input information into a system to activate, without any of the parties being able to see the input from the other parties. This allows the crypto wallets to be secure and allow the owner of the wallet to have complete ownership of their assets.
The Okto app will also allow users to buy crypto anywhere and access some of the best liquidity pools in DeFi, a first-timer for India.
Okto also boasts a feature of convenience. The app ensures extra security to its users like every decentralized crypto wallet without having them remember a long key for their wallet.
While Okto isn’t publicly available yet, it still has garnered a lot of interest and attention around itself.
Even though Okto isn’t the first of its kind, it still is backed by a platform that has made major transitions in popularizing crypto in India over the last few years.
A common problem for DeFi breaches is lost or stolen wallet keys. As Okto removes the human access required for the same, data breaches are expected to reduce significantly. This is an important feature to welcome new users to the platform.
For Indian users, Okto will be available via the CoinDCX pro app as the listing becomes available. There is no signup fee required for the same.
One of the best things about Okto is that it is a great first move towards popularizing Web 3.0 based apps in India, solidifying its presence in India.