The Equal blockchain wallet was launched with aspirations to speed up the mass adoption of digital cryptocurrencies. It wanted to bridge the gap between investment and utility by combining both in one simple tool. Then it wanted to be the number one portal on the decentralised web. The idea is to optimise blockchain while offering a network token that can be used as an official payment mechanism across all products and services on the Equal portal.
Founded by current CEO Liam Mulvaney less than a year ago, Equal is already the one to watch. Its wallet uses Ethereum blockchain technology.
Completely self-funded, it hit the ground running with an initial airdrop of its deliberately self-deflationary token EQL.
CryptoCurrency Australia spoke to David Di Stefano, Equal’s chief operations officer. He says the initial aim was to create a web wallet that removed blockchain complexities.
He said: “We believed that DAPPs and DEXs were the future for the cryptocurrency industry that had yet to breach any adoption point.
“So, we decided we wanted to create a web3 wallet that seamlessly integrates with DAPPs and DEXs but also has a unique DAPP store built into the wallet to provide DAPP and DEX developers the necessary platform to promote their brands and make their projects way more accessible.”
David admits that years after the invention of blockchain technology “we still sit as a volatile, investment driven industry”. In order to continue in the goal of mainstream adoption, Equal believed the industry needed the ability to transfer investors to users.
He explains: “Through our DAPP store, we believe we provide the ability for that transition to occur.
“Everyone compares the cryptocurrency industry to the dot.com boom – in fact even calling it the Web 3.0 revolution. So I thought it was relevant to research the dot.com process.
Web browser comparison
So, where does the Equal blockchain wallet sit in the crypto ecosystem? “We compare ourselves to a web browser,” says David. “In the 90s, the two browsers were Netscape and Mosaic. They essentially were created to act as a portal into the world wide web. We aim to act as a financial portfolio readily used to store, send and receive any token, but be the portal into the Decentralised Web that has never been seen before. We compare Metamask to Netscape or Mosaic, and we compare ourselves to Google Chrome or Mozilla Firefox, if that makes sense.”
David admits there have been challenges to overcome in the development of the Equal blockchain wallet. He points out the talent in Equal’s small, young team has seen it overcome obstacles. “It has been really difficult, with only two to three developers in comparison to most projects – with huge teams and huge funds raised. We believe our development quality speaks for itself, see our website. You will see that same theme in our wallet. Great UI and UX is extremely important for us as that’s something we believe the wallet market lacks.
“Our competitors include the Bread Wallet and Eidoo. Both have teams in excess over ten and have raised millions. Yet, we believe we have a greater product and a greater vision.”
The Equal blockchain wallet journey is rising above the constraints of being self-funded by putting in the hours. Every team member is driven by a passion to further the progression towards adoption.
A system within Equal’s blockchain wallet for EQL holders uses a staking pool to facilitate its Incentive for Stake (IFS) platform. The goal is to entice low-medium risk crypto investors by providing them with risk minimisation options.
Complexity still an obstacle
And the future? What will that hold for the Equal blockchain wallet? David says: “We believe efficiency and bottleneck issues need to be eradicated to provide real constant competition to traditional financial systems. The other facet to adoption is complexity. Interacting with blockchain protocols is incredibly difficult for new investors and users.
“EQUAL aims to break down those complexities, by providing a wallet that is simple and easy to use whilst removing the limitations that existing wallets have. We believe we have a full financially ready portfolio option for investors. With the added DAPP store, we believe we will be the beacon of decentralisation into the future by being the number 1 portal into the decentralised web.”