Taylor Monahan is the founder of MyEtherWallet, an open-source client-side interface for generating ethereal portfolios and interacting with the Ethereum chain.

The following article is an exclusive contribution to the CoinDesk series 2017 in Review.

It's easy to ignore how simple things are today, and even easier to miss how much bigger things will be tomorrow.

We underestimate, reject, exponentially reject as linear and react to five minute candlesticks as if they were the whole picture. All is relative. Unless we zoom out, we will not see peaks increasing day by day, nor are the valleys barely visible in the full context.

When we assembled the first version of MyEtherWallet, we did not try to change the world. We were just building a portfolio generator that did not require the command line. Two and a half years later, we have become the interface of fact to interact with the ethereal chain, especially when it comes to Ethereum-based chips.

This is not your typical trip.

But the fact that we were able to build a product in this way reveals more about the market than about our own skills. It is only in such a new and emerging space that we can prosper by building a product for ourselves. We knew what people wanted because we knew what we wanted. The first followers of the blockchain, ourselves included, tend to have more libertarian or anarchist views, have an intolerance for inefficiency, have a tolerance for risk, are tech-savvy, respectful of privacy, curious, motivated and appreciate the possibility of a better future.

However, the crypto-sphere is not a microcosm of the wider world; it is limited to those who see the future potential regardless of the experience of today. Most do not like reading research articles, let alone debating forums created before the existence of the iPhone.

Most of the value ease, automation and functionality on the control of their data. This, combined with the online experiences we are used to (insurance, mobile banking, cancellation buttons, password resets, live customer support) means that throwing my mother into the blockchain today would a recipe for a disaster.

This is not because my mother is incapable or disinterested. This is because she lives in a world that works differently than the blockchain world. Unlike those of us who are already in this space, she has not found the resources that made her change her mind and triggered her "rabbit hole".

One can hope that the state of affairs today will not be considered as the "simple time" of tomorrow.

Ideally, looking back, we will have a nostalgic vision of the "first days". Unpolished days. The days reserved for geeks and unsuitable and maniacs who believed in "why", but who had not yet nailed everything to "how".

Cracking Guard

Mike Belshe, the BitGo bitcoin storage service's CEO, was the first person to help me see the uniqueness of the cryptocurrency custody situation. He pointed out that if your home burns completely while you are at work, you would lose less than if you lost your private key. The insurance will pay, your wallet and your phone were with you at that time, your important documents are in the cloud, and you can, as dreadful as it may be, line up to a government bureaucracy to get a new birth certificate.

More recently, Ryan McGeehan helped us develop our security policy and included:

"I am aware that cryptocurrency companies are a global anomaly for the security industry, I know that these companies are being hacked at a much faster pace than any other industry. this list and appreciate the magnitude of this problem. "

When it comes to cryptocurrency, a single string of characters can cause irretrievable loss. This space operates mainly in a gray area with respect to taxation, regulation, security and jurisdiction. The loss of your private key results in the loss of your funds.

Theft of a private key gives rise to tax-free and identity-free funds that can be mixed, siphoned, used to pay for products or services or converted into fiat ( essentially) clean.

I joked that MyEtherWallet needs to budget the years of therapy that our support and education team will need after spending their days, nights, and weekends with people who have lost their funds. Whether it's phishing sites, malware, unsecured key storage, or other exceptionally creative means ("user error"), the worst is there. ;incapacity.

We can educate them about what has gone wrong, we can try to prevent it in the future, but we can not make the keys reappear or return the funds. They left. Poof.

"Poof" should be a concept reserved for magicians and quacks. The very real consequences of the loss become obvious as you spend time in this space and begin to understand blockchain, cryptography and key pairs. However, without this basic knowledge, people only have their experiences with the traditional world (Gmail, Facebook, Online Banking) which leads to a seemingly senseless loss.

When they lose, they do not care why or how, they care about a solution. With each passing bubble, those who enter the space care less about the underlying technology and more about the potential benefits. Investments have become more irresponsible, losses greater, and reactions more accusatory, angry and sometimes suicidal or homicidal.

The new blockchain user

Cryptocurrency is a global anomaly. Accept that. It's expensive, unique and elusive. People are not stupid, they are not educated on the idiosyncrasies of the blockchain.

The construction of a product for a limited population only works when this population dominates the market. As the market grows, what are you optimizing for? Your original goals? Integration with the traditional world? Decentralization? Security? Advanced users? Control? New users?

Growing up, is understanding what you stand for and what you want to defend. For a product, it means making decisions in accordance with your philosophies, and then aligning the expectations of your users with your offers. This means that you focus your efforts on the best solution for the people you are building, not an amalgam of all possible solutions. It is becoming clear that the policies, systems, fees, and regulations against which we vehemently revolt exist for a reason. They can subsidize refunds for fraudulent transactions. They can close accounts. They can protect the innocent ignorant against the scam.

A single product can not effectively meet all the needs and expectations of a user in terms of custody. A company can not simultaneously give you your private key while providing two-factor authentication. A team can not keep your funds while allowing you to send where you want, when you want it. An interface can not fully automate and hide offset variables (eg, ethereum gas costs) as you generate this transaction via an air gap device in the middle of a field covered with a film.

A more diverse population of users requires a more diverse population of custodial solutions. This requires a more diverse talent pool to build these products, help people understand the blockchain and help the blockchain understand people.

We need products that maximize ease of use compared to advanced features. We need third-party funds with insurance that hold and expand your investments. We need multi-factor solutions that target traditional businesses and can work within their established accounting practices. We need transparency systems for country offices and charities. We need teams that focus on ultra-private solutions for those who are in high-risk situations, or simply the value of control above all else.

We also need resources that target the growing ecosystem.

This means resources for institutions, my mother and children who have been Snapchatting since they were 10 years old. We need tools for unbanked people, banks and banks. We need documentation and research so that those with the expertise can use their advanced skills to advance the systems. We need teachers who know the technology inside and out, and those who have the analogy perfectly accessible for everything.

The opportunity

To have a better future, we must start building it today.

The people who build it must be as diverse as the people who will be part of it. It's easier if those who are part of it are the ones who build it. It can not be done simply by technical experts or large companies. Not all projects require millions of dollars or advanced university degrees. It requires both university researchers and teenagers with YouTube channels. It is the random publishers, writers and commentators who take the time to hold someone 's hand and bring it aboard. He speaks, shares, connects and iterates.

But most of all, it is to realize that those who change the world are not always ready to do it. All it takes is making the decision to do something today, to do better tomorrow and not to stop doing it … never. One day, you lean back, zoom out and realize that the peaks and valleys that have submerged you were only the runway and that the actual takeoff has not taken place yet.

Fortunately, you are already on board, you are building the ship, and there is no way to do it now. The future is coming. HODL tight.

Do not think it's the first days? CoinDesk now accepts original submissions for its 2017 annual review. Email news@coindesk.com to present your idea.

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