How we started?
This product idea starts in May 2023, while gathered in Córdoba, Argentina, the Mighty Block team shared web3 stories and experiences. During one of these sessions, a revelation caught us off guard: one of our members had been tricked in her first interaction with decentralized wallets.The frustration and feeling of insecurity in this new environment overwhelmed her, making her hesitant to continue operating within this ecosystem.
We found it hard to believe, especially since we work within the blockchain space — we felt we should have known better. Curious, we asked the rest of our team if they had faced similar issues. Surprisingly, a few more hands went up. It was an unexpected learning moment for all of us.
Is this happening to all of us?
After hearing from our group, we realized this issue might be more widespread than we initially thought. If those of us who are familiar with web3 and how it operates are encountering challenges, what about newcomers? What about those who are contemplating diving into this world but are held back by their concerns?
If our mission is to onboard the next billion users to web3, we need to find a way to instill confidence in them. How can we ensure they feel safe and supported as they navigate this new digital landscape?”
The aha! moment
In that moment, we realized there had to be a solution for all users — both those who are knowledgeable and the newcomers. Is there something out there that can satisfy both types of user personas? After some research, we found that while there are products aiming to boost confidence when operating on decentralized platforms with personal wallets, they are either tailored for tech-savvy individuals or not seamless enough for widespread use.
It was then we identified the opportunity to support our teammate and the countless users who wish to engage in the decentralized space but are hesitant due to the fear of losing their assets.
What did we do?
We began with swift market research, guided by the hypothesis: “People are hesitant to engage in decentralized environments due to the lack of user-friendly interfaces and straightforward language in transactions.”
Our findings somewhat validated our hypothesis:
What we found kind of backed us up: Sure, 2023 saw a big drop in crypto scams—losses fell by 65% from $850M in 2022 down to $295M. But before we throw a party, let’s remember the crypto scene was pretty quiet last year. With the excitement cooling down, maybe fewer bad guys were tempted to stir trouble, and there were fewer transactions to target. But here’s the kicker: scam attempts still shot up to 324,000. It looks like the scammers are casting wider nets than before.
Sophistication also climbed, with advanced malware and targeted scams like “approval romance” bypassing defenses and exploiting trust. This, alongside the $450M ransomware haul and vulnerable CEX users, underscores the need for user education and robust security measures.
Source: Crypto phishing scams took almost $300M from 324K victims in 2023
And yes, even CEXs (Centralized Exchanges) aren’t immune to these issues.
Source: https://www.chainalysis.com/blog/2022-crypto-scam-revenue/
However, recognizing the gap in our understanding, particularly within the Latin American community due to scarce data, we initiated our own research for our product idea. We distributed a survey across various channels and communities to gather insights specific to our hypothesis.
The feedback was really insightful:
- 59% of respondents had been victims of scams,
- The median financial loss was reported at $750,
- 43% expressed a desire for more tools to aid their activities in decentralized spaces
Let’s get to work
By this stage, we had gathered enough evidence to believe our hypothesis stood on solid ground. So, we understood the ‘why.’ But what about our next steps? 🤔
At this moment, we shifted our focus on the ‘what.’ Specifically, what actions could we undertake to address the issues faced by our target users? In essence, how could we translate this product idea into tangible value for them?
To guide our efforts, we employed one of Teresa Torres‘s most renowned methods, The Solution Opportunity Tree.
What is a Solution Opportunity Tree?
The Opportunity Solution Tree is a strategic framework. It helps teams systematically identify and explore opportunities for improving their product or service by breaking down broader goals into specific, actionable items. The tree starts with a desired outcome at the top, branches out into various opportunities that could lead to that outcome, and then further divides into specific solutions for each opportunity. This structured approach ensures a thorough exploration of potential improvements, encourages evidence-based decision-making, and helps teams prioritize their efforts based on impact and feasibility.
Thanks to our research, we quickly populated the opportunity nodes based on the problems faced by our users, starting to outline the ‘what’… and even a bit of the ‘how’.
The primary issues we identified were:
- “I don’t feel safe sharing my personal information when operating in decentralized ecosystems; I need more privacy.”
- “Scam incidents increase during bull markets.”
- “It’s possible to get scammed on centralized exchanges as well.”
- “After being scammed once, I’m hesitant to use my wallet again.”
- “The learning curve is steep.”
- “Many scams are more about social engineering than technical flaws.”
- “There are so many blockchains and wallets to manage.”
Suddenly, we were flooded with ideas on what issues to tackle and potential solutions for them.
Opportunity Solution Tree
With this, we were able to define and refine our Value Proposition together with our Vision and Mission.
Our Value Proposition
Pyxine is the gateway to a safer and more inclusive blockchain experience. We’re on a mission to provide user-friendly tools and mechanisms to enable everyone, regardless of their experience, to operate safely and privately in the Web3 ecosystem.
Vision
Building security channels to guide users through the Web3 ecosystem with confidence, unlocking its potential for everyone.
Mission
We’re on a mission to provide user-friendly tools and mechanisms to enable everyone, regardless of their experience, to operate safely and privately in the Web3 ecosystem
Choosing Our Identity
As our product idea began to develop, we realized it needed a name to reflect our growing connection to the idea. Following a brainstorming session and some research, we chose ‘Pyxine’.
But… What is Pyxine?
In nature, ‘Pyxine’ refers to organisms that foster growth and protection. Some plants serve as nurse plants, shading and safeguarding smaller plants, enabling them to thrive in harsh conditions. Similarly, many animals exhibit extraordinary parental care by nurturing and defending their young. Mycorrhizal fungi, in particular, establish symbiotic relationships with plant roots, aiding in their nutrient and water absorption while receiving essential sustenance in return.
Drawing inspiration from these natural protectors, Pyxine symbolizes a guardian within the decentralized digital world. It stands for a nurturing entity dedicated to helping users safely navigate and flourish in the web3 environment, promoting safety and encouraging community support.
What ‘s next?
Now that you’re familiar with the ‘what’ and ‘why’ of our mission, you might be wondering about the ‘how.’
We’re getting ready for our first Pyxine launch 🚀, a browser extension designed to analyze transaction risks. This extension aims to boost user confidence and security by simplifying communication and actions, ensuring everyone can utilize it according to their needs.
To discover more about how we plan to tackle these challenges, we invite you to visit pyxine.io and delve deeper into our product!
Our idea is to create products and solutions that meet community needs, but we can’t do it without your support. Please follow us on X and join our Discord to stay updated, receive the latest news, and become part of our community of early adopters.
If you’re intrigued and seeking information beyond what’s available on our website, X, or Discord, feel free to reach out to us at [email protected].
From security to community, we are building trust in web3.
