Zeeve recently invited Aravindh Kumar (Co-Founder and Head of Growth), Arcana.network to shed expertise on the theme chosen for this webinar – DeFi deep dive: An in-depth conversation on user onboarding challenges and opportunities. This episode on DeFi was part of the web series -Web3 Voice – Tech Talk Series that Ravi Chamria, CEO and Founder of Zeeve hosts every month.
Mr. Ravi Chamria, the Co-Founder & CEO of Zeeve, introduced himself and extended a warm welcome to Arvind from Arcana Networks, signaling the start of their conversation.
Ravi laid out the agenda for the web3 talk series, which covers various topics such as the fundamental differences between web3 and web2, smart contracts, non-custodial wallets, and the challenges that the web3 industry faces, including infrastructure and user experience.
In the modern era of the internet, web2 has been the standard. It primarily focuses on client-server architectures, and a centralized authority controls the content and user data. However, with the advent of blockchain technology, web3 has emerged, with a decentralized approach where users control their data.
Ravi delved into one of the major challenges faced by the industry, namely, User Onboarding. The process of user onboarding refers to the steps taken to integrate new users into a system or application. It can be a significant hurdle for new users who are not familiar with the technology or blockchain ecosystem. It is imperative to make the onboarding process as simple and user-friendly as possible to attract and retain new users.
After a few minutes of the session starting, Arvind introduced himself and his venture, Arcana, where he is building a firebase-like platform for web3. Arcana aims to provide a hassle-free and accessible platform for web3 developers to build decentralized applications. Arvind and his team are working on making the onboarding process simpler and more intuitive, thus reducing the barriers to entry for new users.
Ravi asked Arvind to explain the benefits of DeFi and tokenization. Decentralized Finance or DeFi is a blockchain-based financial system that offers financial services without the need for intermediaries. Tokenization, on the other hand, is the process of converting real-world assets into digital tokens that can be traded on a blockchain network. Arvind goes on to provide a detailed explanation of how these concepts work and their potential advantages.
The conversation gradually shifted to the current technological limitations of traditional banking systems, and Arvind highlights how artificial intelligence tools like ChatGPT are revolutionizing the industry. These tools can automate various banking processes, making them more efficient and accurate.
Ravi and Arvind discussed the challenges facing the defi industry, including complex UI, education, and excess freedom. Arvind highlighted how the decentralized nature of DeFi can make it challenging to regulate and manage.
The regulatory and compliance issues affecting the defi space were discussed, including anti-establishment sentiments, KYC, and process-related challenges. These issues need to be addressed for DeFi to gain mainstream adoption and acceptance.
Ravi identified the three major onboarding challenges faced by businesses and asks Arvind how he and Arkana are addressing these challenges. Arvind explained how Arcana’s platform aims to make the onboarding process simpler and more intuitive, thus reducing the barriers to entry for new users.
Ravi and Arvind also discussed the core technological advancements that Arcana has achieved, as well as its unique features. Ravi then inquired whether they will support Cosmos or substrate ecosystems other than DBM Blockchains.
Ravi mentioned the recent release of ERC and asked Arvind about its significance for Arcana. The ERC-20 standard is an essential part of the Ethereum blockchain and is used for tokenization.
Ravi concludes by thanking Arvind and noting how startups like Zeeve and Arcana Networks are shaping the web3 space. He highlights how Zeeve’s clean and intuitive interface makes it user-friendly for even non-technical users and emphasizes that new features and integrations are continually being added.
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