DeFi vs. CeFi: Understanding the Key Differences
The concept of finance has been around for a very long time. Finance evolved from the need for human
In order to access crypto products and services, crypto users must navigate between many databases and systems, each with unique wallets, digital signatures, and login credentials.
How is the basic user expected to navigate this system?
The simple answer is that the basic user will not even try.
The benefits of crypto are far-reaching: from huge returns on investment to eliminating middlemen institutions. The fewer people adopt crypto apps, the more will lose out.
Also, if blockchain technology is reserved only for those who know how to navigate the system, then how is it going to gain the widespread status that we are all waiting for?
Until crypto apps and services become user-friendly, the average person will not make the switch to adopt a decentralized system.
It is simply too complicated.
Magic Square has changed the crypto game by creating a platform specifically designed with user experience in mind.
Magic Spaces and Magic Connect in particular have transformed the world of crypto apps into a synchronized, unified, navigable system with well-oiled gears.
Magic Spaces is basically a home for all of your crypto apps and activity, making your crypto app experience as simple and consolidated as possible.
Using Magic Spaces is extremely intuitive: just add apps you find on the Magic Store to Magic Spaces. Magic Spaces features a dashboard of all of your apps, organized into customizable ‘Spaces’ to fit your personal needs. When you launch an app, it opens as a new tab within your Spaces. Magic Spaces is synchronized across devices, so you can enter your personal Spaces from anywhere.
And the best part?
No need to log into each individual app: your Magic Connect login is plenty.
Magic Connect is your entry point to Magic Spaces. With Connect, you log in to all of your apps with one single login, and your login is secured with SSI.
Self-Sovereign Identity (SSI) is the technology that keeps access to your identifying information in your pocket –where it belongs. SSI uses Decentralized Identifiers (DIDs) to keep your identity secret while giving you complete control over when you want to share which pieces of information with which entities.
When you do grant permission for an app to access some of your details, the app can trust your identity because SSI uses reputable verifiable credentials (VCs), which are just as reputable as the ID or driver’s license you hold in your physical pocket.
Not only does your Magic Connect login bring you all of your apps at once, but it also connects you to all of the DeFi services you need. Magic Square has integrated community-vetted DeFi services into each Magic Store app, in order to ensure that you get the maximum benefit from each app with one easy click.
Magic Square’s user-friendly solutions, Magic Spaces, and Magic Connect will change the way we interact with the crypto we hold, and undoubtedly make it easier for many individuals to join the decentralized community. Be sure to stay tuned right here on the Magic Square blog to see what we’ll solve next, and join our social community to stay up to date on product developments and opportunities.