Usable cryptocurrency systems

Fröhlich, Michael (2022): Usable cryptocurrency systems. Dissertation, LMU München: Fakultät für Mathematik, Informatik und Statistik

Abstract

Since the introduction of Bitcoin in 2008 cryptocurrency and blockchain technology have drawn increasing attention from research and industry alike. The probably most visible evidence of the growing adoption of cryptocurrencies is the combined market capitalization which had reached over USD 2.9 trillion in November 2021. While the market capitalization remains subject to high volatility and has fallen since, the field has been growing steadily behind the scenes. Developer activity has been growing over the last decade and multiple projects which had been started to improve over the original design have reached maturity in recent years. However, the introduction of new technologies is often accompanied by the emergence of equally new design challenges. Despite the technological progress over the past years, cryptocurrencies have earned a reputation of being hard to get started with and overall difficult to use. But what exactly are the aspects that make them difficult to use? How do users manage their cryptocurrency in practice? Which challenges do they need to overcome? And how can Human-Computer Interaction help overcome these challenges? In several studies, this dissertation addresses these questions and explores them through three different approaches: (1) Cryptocurrency in Human-Computer Interaction: By systematically reviewing published Human-Computer Interaction research since the inception of Bitcoin, we organize the existing research effort and juxtapose it with the changing landscape of emerging technologies from practice to identify avenues for future research. Our results show that existing research has overwhelmingly focused on Bitcoin and Ethereum, while not addressing novel cryptocurrencies. (2) Understanding User Behavior: By exploring user behavior through multiple lenses we shed light on real-world practices of users and the challenges they face. We explore security and privacy practices through a qualitative interview study and triangulate the results in a delphi-study with 25 experts. We conducted an interview study to understand a particularly relevant point for the adoption of cryptocurrency – we investigate challenges first-time users face. Our results show that many usability issues are not rooted in the technical aspects of blockchain technology and can be addressed through Human-Computer Interaction research. (3) Improving Application Usability: By evaluating different approaches on how to aid the development of cryptocurrency applications we translate the findings of our empirical work into artifacts and put them to the test. Our results show that onboarding in mobile apps can improve perceived usability for first-time users under the right conditions, that Bitcoin Lightning can serve as a usable settlement layer for everyday transactions, that education can support the next generation of developers in building more useful applications, and that systems for rapid interface prototyping may speed up development efforts. Collectively, the contribution of this dissertation centers around the ongoing discussion on how to build usable cryptocurrency systems. More precisely, this dissertation contributes (a) empirical studies that show how users manage their cryptocurrency in practice and which challenges they face in doing so and (b) constructive approaches attempting to support the development of cryptocurrency systems in the future. The work concludes by reflecting on the future role of Human-Computer Interaction research in the cryptocurrency and blockchain space.

• Dokumententyp: Dissertationen (Dissertation, LMU München)
• Keywords: cryptocurrency, blockchain, usability, human-computer interaction
• Themengebiete: 000 Allgemeines, Informatik, Informationswissenschaft ; 000 Allgemeines, Informatik, Informationswissenschaft > 004 Informatik
• Fakultäten: Fakultät für Mathematik, Informatik und Statistik
• Sprache der Hochschulschrift: Englisch
• Datum der mündlichen Prüfung: 19. Dezember 2022
• 1. Bericht­erstatter:in: Schmidt, Albrecht