2020 / App Design
02 / CoinChest
I was challenged to create an app concept that could offer options to invest in cryptocurrencies as part of a selection process and 8 hours available to work on the project.
This project is an application concept for investment in cryptocurrencies where the user can choose different currencies available on the market. The idea is to engage users in the Brazilian market to understand more about the subject and with that, learn how to invest.
- Explore the concept of virtual wallet;
- Create the best possible experience in the time available;
Product Design, Research
01. Framing the problem
The design assignment brings the challenge to make a solution for a fictitious cryptocurrency venture. The target is young people (20 and 30 years old), but there’s no additional information to understand who I was designing.
With just some pieces of information, the first step was to gather information about cryptocurrencies with a survey. Around 40 people in Brazil scenario answered the survey providing an overview and their thoughts that would be used to create the features on the app. A next step would be qualitative research to bring more insights.
Defining the target
Before starting, I defined the audience based on basic profile data according to the challenge:
1. People from 18 - 40 years
2. Have a digital account at a bank
3. Having heard about cryptocurrencies
4. Having some kind of investment or having invested before
Based on the questionnaire, the users gave more insights on the topic of cryptocurrencies and that I considered important to enrich the decisions in this phase of the project.
"Most currencies have long turnaround times, so they prove unviable as currencies, the faster ones don’t have market grip so they only lose value, no establishment will want to accept a currency that only loses value, so the concept of crypto as Even money doesn’t prove viable at this point … Because of this only speculation and money laundering remain firm in Crypto, this bubble should burst at some point."
"I do not trust. If investing in the normal currency market is already complicated, imagine this new one? I think the person needs to be very expert on this. And about the companies, it takes a lot of responsibility to move the money of others and the players do not seem to develop this confidence-building very well."
To define start to work on a solution, I selected some findings of research that I realize is common to people.
1. Lack of investment information
2. Cryptocurrencies fluctuate a lot
3. Lack of safety to invest
4. The appreciation and devaluation of the currency
5. The return of investment in short-term
6. Cryptocurrencies are the future
7. The same number that invests and doesn’t invest in cryptocurrencies
02. Deciding what to build
From the survey, I could understand better what people think about cryptocurrencies and I tried to provide a way to minimize the gap of information about this subject. So, I made an opportunity matrix to get a product vision and propose some ideas to test as a deliverable, the interface.
The matrix is divided into 4 blocks that show the threats & opportunities for short term and long term goals.
With the structured matrix, I decided which pains to attack in the first moment of the project.
Opportunity to teach
how to invest
it will provide an overview of cryptocurrencies available and which is the best one to invest
to bring options
Lack of safety
it will provide a way to save money with less risk as possible on short or long term investment
to bring safety
Lack of information
on how to invest;
it will provide a way to learn more about cryptocurrencies available on the app and how to invest in them
to bring information
03. Designing the solution
As part of my process, I think that’s important to create a user flow. From the flow, I can understand how the user could use the app and how many screens the app could have. At this challenge, the initial user flow has 6 main screens, but I know that’s not a rule, cause the app can change sometimes during the design process.
To bring to life the idea, I made on the paper the initial sketches of a wireframe. For me, sometimes, I need just to have a first view of what I want to do. I didn’t validate the wireframes with some user cause I would like to do that on a high fidelity prototype.
As part of the challenge, a logo and name were required for the assignment. So I started looking for what the market has of players and how I could create a clear and common name.
To create an emotional connection and left the interface more friendly, I made an illustration to try to explain the app idea: a wallet, a safe place to put money.
The final result was around 19 screens on the prototype. The white color was chosen to bring a better contrast for the number of pieces of information and the dark blue to keep the main actions and folio in evidence. To main actions (CTA), the blue one was the best choice to create harmony through the UI.
As a step in the process, I made a prototype in Adobe XD to better exemplify the use of the app. The idea of interaction is precisely to understand if the navigation is clear and if the whole perception of the project makes sense.
This project gave me a better insight into the cryptocurrency market and how complex it is. The research has shown me how much the subject needs to be explored more and how there are possibilities to act in this market. I had only 8 hours to act on this project and I believe that I could have had a better delivery if I dedicated more time to it.