In order to transact on the blockchain, new crypto users must set up a wallet which verifies and signs transactions. There are two major wallet types: custodial and noncustodial. Noncustodial wallets— such as Metamask and Exodus— give users full control over their private keys, but are often complex and blockchain specific. Custodial wallets, while much easier to use, charge transaction fees and prevent users from accessing their private keys. This approach— removing user burden by removing user control— exposes users to the same set of problems posed by existing centralized financial services: funds may be mismanaged, lost, or frozen. In addition to these issues, custodial wallets prevent users from interacting with the decentralized web: a major reason why people use the blockchain.
To combat these issues, Kryptik aims to create a website that combines the speed and ease of a centralized frontend, with a decentralized backend that gives users full control over their private keys. If successful, this hybrid approach will make sending a friend cryptocurrency or collecting NFTs as easy— and cheap— as venmoing a friend. By occupying the gap between ease and control. Kryptik will help bridge the divide between our centralized present and the decentralized future.
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