MOV Product Design

 

200318_MOV Product Design Approach_Babit

The MOV project is a very innovative product from the beginning of the project. Currently, there is no product or system similar to MOV. It integrates cross-chain, open gateways, on-chain matching, and so on. Each item has some innovation. The cumulative effect of the combination is even more critical.

What products do users need

The definition of MOV is the next-generation decentralized cross-chain Layer 2 value exchange protocol. Decentralization is a prerequisite. We need to build a set of systems on the chain, rather than the traditional centralized system. Cross-chain is the goal, and we must build a large ecosystem. Connect the entire blockchain world; value exchange is the core. To create such a system or ecology, in the end, it is necessary to realize the free flow of user assets and realize value exchange.

Leaving aside these features, what kind of products do users need?

1. Asset security: The problems caused by blockchain centralized exchanges and centralized wallets are endless. Each black swan incident has a major blow to the trust and confidence of users. Security and transparency are the current blockchain financial field. The most urgent need.

2. User experience: The product is intended for mass users. It must not only have a professional technical core, but also pursue the ease of use and comfort of the user experience. Many existing DeFi products only focus on the inherent technology core, but do not pay too much attention to the user experience. The processes are complicated and cumbersome, and it is not suitable for small white users to start.

Building trust

Product security refers to the ability of a product to make users trust. A product that can make users trust can make it possible to achieve product goals. As mentioned in the above requirements, for products like this value exchange, security requirements are the core requirements of users.

We will build trust into two parts: subjective feelings and objective security:

1. Objective security

MOV does a lot of hidden things to ensure the safety of user assets:

  • Cold, warm and hot three-layer wallet isolation, different wallets use different operation methods and security levels
  • The threshold is more than the number of signatures, which has been introduced in the article issued by the original chain research institute. We are the first to land.
  • Mnemonic anti-screenshot feature, of course this feature is now optional due to user experience
  • Encrypt the user password again in the hardware security zone to ensure higher security
  • Security audit, we found some security service providers to perform security audits on wallets

2. Subjective feelings

In addition to objective efforts we make behind the scenes, the sense of security comes from the user's predictable and controllable experience:

User's assets are under their control

The problem with centralized institutions is that users actually insert assets directly into the institution's account. In order to realize the value exchange of assets, they lose the actual control of the assets. MOV's product form is a wallet, and users are creating wallets. At the time, the private key is kept by mnemonic words, and each transaction requires the user to sign by himself, which eliminates the misappropriation of user assets by operating agencies and the possibility of hackers directly attacking centralized systems to steal assets, as long as the user The private key is not lost, and no one can take away the user's assets, thereby greatly improving the user's sense of security.

Open and transparent

All transactions of MOV products are on-chain, which means that the transactions displayed by the wallet are not only in the wallet, but also can be checked on the chain. Users can take the transaction ID and go to the blockchain browser for verification to prevent black boxes. Operation, the user understands that his transactions are in line with his expectations, thereby improving the sense of security.

Art of balance

MOV, as a transaction protocol, uses the form of a wallet to realize transaction capabilities. There will be some intersections in functionality, but in order to achieve product goals, there will be more choices and innovations.

Balance of safety and experience

For example, the secret-free payment function: After the first version of the test Tycoin went online, users found that they need to enter a password each time an order is placed and canceled. Do n’t worry, you may have missed a better price, so we developed a method to put the user ’s password in In the hardware security zone, you can use the face or fingerprint to carry out fast transactions. In this way, after entering the correct password for the first transaction, the password will enter the safe zone. Later orders or cancellations can be executed quickly with only the fingerprint or face. It guarantees both security and ease of use.

Balance of user habits and innovative features

When we want to make a trade-off between user habits and better design, consider:

  • How much value this design brings is not worth the cost of learning
  • The relationship between the design itself and industry practices / standards

In the first version of Tycoin, we wanted to implement more distinctive functions. We made some differences in pending orders and quotation display, but we were voted by the user ’s feet. We responded quickly, or improved according to user habits. Following the industry's previous practice is more in line with user habits, so that the cost of user education can also be reduced in the later stages.

Of course, we cannot completely compromise due to user habits. We believe that our innovation will bring value, so we open up another section to open up new features so that different users can experience innovative features.

summary

MOV is a very innovative product, and there are not many mature solutions to learn from, so we need to run quickly and iterate quickly. Before we go online, we have updated 4 versions of Tycoin, which is also very large compared with the original version. I believe that MOV will definitely bring a different blockchain product experience to everyone, leading the trend of decentralized finance.