Pillar Project Wallet Survey 
By Ellen Low, Pillar project volunteer


The results of our latest survey show that security concerns, lack of functionality, and bad user interface designs were the primary issues for low client satisfaction. This information is helping Pillar community better understand the end-user needs and guide our development to create the best blockchain wallet in the world. 

 
The survey was sent to the Pillar community, and 153 respondents participated. The survey focused on the current status of blockchain wallets, user experiences, and desired functionality. A few key findings: 
  • Security is utmost important to our community. Recent news about hacking, phishing, fraud, scam and loss of assets are reasons for concerns to many.
  • There is no clear leader in the wallet space. Around 70% of respondents held three or more wallets in order to meet their needs , i.e., currently, no single wallet does the job sufficiently well!
  • Wallets are complicated and need simplification. Many are not suitable for beginners and nontechnical users. It is likely that some respondents were feeling frustrated and incompetent about using their wallets.
  • Interestingly, some respondents wanted additional features that went beyond the basic storage of crypto currencies. From the survey, we learned that our community wants the Pillar Wallet to have the followings:
  • Strong security and privacy
  • Usability and simplicity • Rich functionality with high performance
  • Seamless integrated currency exchange
  • Multi-platform support
  • Hardware wallet support
Poor User Interfaces 
The results showed many wallets are either too complicated or confusing to use which was one cause for customer dissatisfaction. Some wallets required too many steps to login and complete transactions, data presented was difficult to understand, mistakes were easily made, functions were not intuitive, etc. One respondent stated that wallets should be designed for mass acceptance and not just for those who are technically inclined. 
 
Limited Ability To Hold Tokens 
The survey showed 70% of the respondents held three or more wallets. The primary reason for this is that an all-in-one package wallet does not exist. In our survey, the top choices of wallets used were Jaxx, Copay, Coinomi, Lykke, and Electrum. Other preferred wallets included Exodus and TREZOR. 
 
Limited Functionality 
The survey showed lack of functionality as a main issue for customer dissatisfaction. Some respondents wanted better security and management of private keys and cryptocurrency, while others wanted real-time conversions between crypto and fiat currency. 
 
Tech Support/Issues 
Some respondents reported frustration and low satisfaction when dealing with customer service about problems such as server issues, pending transactions, wallet upgrades, missing tokens, etc. Many have waited hours or even a day or more for a response to their problems. Others stated that they did not receive clear and concise instructions for their issues. 
 
What they Want
Respondents want to see a wallet that addresses the following issues: 
  • Seamless conversion between crypto currencies
  • Conversion of cryptocurrency to fiat and vice versa at attractive exchange rates.
  • Peer-to-peer exchange to let users trade currencies between themselves.
  • Show portfolio performance with option to view in fiat currency.
  • Easily export account activity to make tax reporting a snap.
  • Multi-cryptocurrency and ERC20 tokens support.
  • Support smart contract interaction/watching.
  • Automatically or manually specify amount of gas required.
  • Show notification of receiving payments, not simply a balance update.
  • View transaction history in summary and detailed form.
  • Additional financial services such as linking to credit and debit cards, bank accounts, PayPal, etc.
  • Use plain English and fewest steps to perform a task.
  • Dashboard to provide real-time information
  • Display notifications and alerts when a mistake occurs. Provide clear guidance to correct the mistake.
  • Customizable preferences and options set by the user to meet their specific needs.
  • Different levels of security measures for specific functions, e.g. send alerts via email to ensure no tampering of account is taking place.
  • Help with lost password and backup phrase.
  • Better public and private keys management.
  • Integration with hardware wallets such as Trezor.
That’s a long list! We’re working on it. Come join our community and be part of it.
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