One of the biggest problems facing blockchain developers and customers today is a lack of options. Most blockchain applications built today focus on a single ecosystem – to the exclusion of all others – making it difficult to onboard users who are still tied to the traditional banking system, says Lin Zheming, Co-founder and CEO of DotWallet.
DotWallet aims to address this by acting as a lightweight non-custodial wallet built on the BSV blockchain. It provides quick registration and login using mobile phone numbers, email, and third-party providers. DotWallet offers support for three digital assets: BSV, BTC, and ETH. The platform operates by seamlessly converting incoming digital currency earnings into fiat currency through DotWallet’s international partnerships.
These fiat funds are subsequently transferred to a designated USD or EUR bank account of the developer’s choice. Developers have the flexibility to specify the desired amount of BSV for conversion and can stay informed in real time by tracking their assets’ blockchain records.
Building a bridge between developers and consumers
A core focus of DotWallet is helping consumers manage their private keys and UTXOs, said Zheming. He added that the platform has specifically been designed to be as open as possible so as to help build a bridge between developers and users.
‘We use our platform to help developers focus on developing their own applications but without needing to worry more about the technical details of the blockchain solution. And the users are (also) not required to have a deep knowledge of the blockchain and they can use applications provided by third-party developers with ease’, he said.
Zheming added that while DotWallet may appear simple from the outside looking in, it is leveraging the full power of the BSV blockchain and leverages several techniques managed by the Technical Standards Committee, including headers and Merkle proofs.
Power of the BSV blockchain
Zheming explained that DotWallet has been designed with a global audience in mind, which means that it is important to build on a technology, such as the BSV blockchain. The technology’s inherent scalability and low cost mean that companies can record every single trade on the chain without the data cost concerns of existing legacy technologies.
Scalability refers to a blockchain’s capacity to handle an increasing volume of transactions without compromising performance. The BSV blockchain stands out as the only public blockchain with the ability for limitless scalability. This capability is evident in its consistent expansion of transaction throughput, driven by regular advancements in the maximum block size. Enlarging these blocks directly translates into a higher number of transactions processed per second, resulting in increased transaction fee rewards for miners.
‘The scalability of the blockchain is very important for our future. I think the BSV blockchain is the only scalable platform and the fact that it is set in stone means that our developers can be confident when building their applications’, Zheming said.
He added that the ultimate goal is to have a very good pitch that can help developers to build amazing applications to attract more users and generate revenues.