BTCV AMA with Guarda CEO Paul Sokolov
These are the most interesting questions which have been selected from the Bitcoin Vault (BTCV) community and I shared my opinion on.
Why should I use Guarda …asking as a novice?
That’s a good one. I’d say there are a lot of important things you should take into consideration when choosing a wallet to manage your crypto. First of all, safety. With Guarda Wallet users are the only ones having access to the private keys, and, for sure, to the funds. The private keys are encrypted with the safest encryption method in the backup file which is stored on the device itself. Secondly, the wallet has to be easy–to–use, right? Especially when it comes to novices. We have been working hard to provide users with a simple and intuitive interface for asset management, and, I believe, we have done a good job. However, we are working on improving the user experience day by day. One more important thing is the functionality of the platform. In Guarda Wallet we aim for creating an ecosystem that will let users safely manage their funds in a single place– so they don’t have to leave the wallet, to, for example, buy or exchange, stake crypto, and so on. You can even borrow crypto with Guarda Wallet. Apart from that, we care about currency-specific features and stuff, so there are a lot of useful things supported on Guarda that you may not find in other wallets, like the support of Multisignature functionality, Human-Readable addresses, FIO requests for funds, importing several XRP addresses, Watch Only addresses, and much more.
What is interesting about the cooperation of the two projects for users?
You will be able to enjoy the BTCV functionality in secure non–custodial storage. Currently, only the very basic functionality of BTCV is supported, however, we are going to expand the list of supported features, including but not limited to support for reversible transactions, and much more.
Are you planning to add 2FA security?
Actually, the 2FA is already supported, though it may not be obvious. Basically, your private keys which are generated when you create the wallet are encrypted within your backup file, which we can call to be the first step. Then the encrypted file is protected with the password which you set up and this is the second layer of authentication. As you can see the access to your wallets and keys is under 2 layers of protection.
Would love to get some clarification on gETH. Is it true you will offer 1:1 redemptions of gETH to ETH upon full go-live of ETH2.0?
Absolutely, that was the whole point of launching our own staking pool for Ethereum staking. The idea was to help those who weren’t able to stake 32 ETH but still wanted to participate and passively earn ETH. When phase 2 is launched everyone who has GETH on their address will be able to exchange it back to ETH in a 1:1 ratio.
Which do you think is more, important:
- Token Price
If all of the above is important to you, which should come first? (https://twitter.com/cryptooqueenn/status/1412055702093266950)
In my opinion, all of the above are important for some projects, but to different extents. Personally, I believe that the community and investors can be united into one category. Investors are also a part of the community because they are interested in the project’s life.
At Guarda, we always listen to community needs. The community members are very important stakeholders and when we see that a specific project/ feature is popular among the community, we onboard this feature, because we want to make the user experience as seamless as possible. Community is something that helps our project progress and this is an extremely important thing. As for the investors, do you mean people using your assets by ‘investors’? If yes, then, well, they are also important, because they support your project, your vision, they invest their time and money in the project which makes them a part of your ecosystem, also.
When it comes to the tokens’ price, I believe that the usability and the applicability of an asset are more important. You should focus on creating something worthwhile instead of thinking about the price. If you manage to do that, the price will highly likely be reasonable.
There are 3 major issues dominant in crypto and blockchain: Security, Interoperability, and Scalability. So How Does Your Project plan to overcome and solve these issues?
Thank you for your question! These 3 topics are indeed really hot right now.
Let’s start with the security. The blockchain is secure because of the consensus algorithms which make it hard to forge blocks. With blockchain, you can be sure the information is accurate, as it has to be validated by the consensus mechanism. Moreover, there are a lot of features that make a particular blockchain even more secure, like multi-signature addresses.
When it comes to crypto storage, like wallets, I believe that non–custodial solutions are more secure, for sure. That’s why Guarda Wallet is non–custodial, which means that only users have access to their private keys, and only they can manage the funds, nobody else.
As for Interoperability – it is indeed a very important topic when it comes to blockchain. We do want the experience when transacting to be as seamless as possible, right? And, currently, you can not seamlessly operate on 2 different blockchains at the same time. It would be really cool if someday people could make payments across various blockchains. This will definitely create new opportunities.
However, this is already being addressed by some networks. For example, Cosmos, Polkadot, Ripple are working on that at the moment we are talking.
When it comes to scalability, well, there are a lot of ideas on how to improve the scalability of the blockchain. And for sure we are waiting for the ETH 2.0 second phase introduction. As you probably already know, we support ETH 2.0 staking and we have our own ETH staking pool. In my opinion, ETH scaling is a very big step towards improving the scalability of blockchain, I mean, it will help to deal with a lot of problems, like high network fees and long confirmation time. In this sense, we for sure will work hard to support ETH scaling and support blockchain scalability.
Adoption & Awareness about the Platform is very important for any Creator as well as Users! So, What are your plans to attract more users as well as Creators with Non–crypto users too?
Indeed, this is very important. I believe that providing a great service to users and constantly developing the product is a good way to keep your current users happy and attract new ones. We just have to make sure we inform everyone about the great features we onboard and about the plans for future development. Talking about the adoption of Guarda Wallet itself, we should also take into consideration the adoption of crypto and blockchain in general. If we’re talking about the adoption of crypto, I think it has not achieved the level it should have achieved by now. This is really bad because with the lack of adoption we will not see the prosperity of blockchain technology. A lot of users know nothing about the blockchain and it’s a very big obstacle for the massive blockchain adoption. In order to fully use the advantages of cryptocurrencies, and blockchain in general, we have to understand how it all works, at least at the very basic level.
If Guarda wallet shuts down or something, can we use the recovery file to get the seeds of our wallets?
Yes, of course, you can always import your wallet to other services, however, it is highly unlikely that could happen.
What is your plan for globalization? Do you have local Communities for that user who don’t understand English well? What can we expect to see from your platform in the short–term (at some point in 2021) & 2022? And beyond (long–term goals)?
As you already know there are no geo-restrictions on who can use Guarda and who cannot, we are operating globally. However, we do understand that there are a lot of people who are not native English speakers, that’s why we are working on providing more options when it comes to languages. We for sure are going to add support for more languages to the platform itself, and please note that the description of the app is already translated to the most popular languages.
It would be great if changenow.io lists BTCV so that Guarda swap can work.
Thank you! We will definitely discuss this possibility with the Changenow team.