In traditional finance, banks and other centralized institutions are responsible for managing people’s assets. However, this centralized model leaves room for vulnerabilities such as fraud, hacking, and insolvency. In fact, ransomware attacks targeting financial services have increased from 55% in 2022 to 64% in 2023, according to the International Monetary Fund (IMF). Interestingly, even in the crypto space, where decentralization is a core principle, users still heavily rely on centralized exchanges.
Unfortunately, transferring assets to centralized systems exposes users to security risks, as evidenced by the infamous Mt. Gox incident in which 850,000 Bitcoins were lost. These fraud cases highlight the weaknesses of centralized structures and emphasize the importance of self-custodial protocols. Self-custody allows users to have complete control over their private keys and assets, mitigating the risks associated with third-party management.
However, self-custody models place the entire responsibility on the user, and managing personal storage wallets requires technical knowledge. Understanding complex blockchain concepts like gas fees and native tokens can be challenging for those who directly manage their assets. Additionally, prominent figures in the crypto industry argue that self-custody models need to prioritize safety against coercion. In other words, the crypto industry needs better alternatives for self-custody.
To address these challenges, Plena, a crypto super app, has developed an all-in-one self-custody platform that incorporates advanced technologies like account abstraction and artificial intelligence (AI) to enhance user experience. This platform provides crypto holders and traders with a mobile app that includes an automated purchasing feature.
Account abstraction simplifies how users interact with their accounts on the blockchain. Traditionally, Ethereum blockchain accounts are controlled either by smart contracts or by users through private keys. Account abstraction blurs this distinction, allowing user accounts to function more like smart contracts. This concept streamlines the transaction process, improves security by reducing reliance on a single private key, and offers greater flexibility in managing accounts.
Plena’s crypto super app, available for download on the Google Play Store and App Store, offers a wide range of features. Users can buy, sell, swap, and bridge assets with just a tap, as the app supports over 100,000 cryptocurrencies. Plena Connect allows interaction with over 150 decentralized applications (DApps), and one-click transactions simplify complex tasks, enhancing the user experience.
Plena is also working on an AI-powered tool called PlenaGPT, which aims to revolutionize crypto portfolio management. Once launched, PlenaGPT will analyze market trends and provide personalized investment recommendations and trend predictions using AI.
Plena has recently joined the Cointelegraph Accelerator program to leverage the media reach and marketing opportunities provided by the program. This program, designed to support Web3 startups and projects, leverages Cointelegraph’s extensive network and leadership as a prominent crypto and blockchain media outlet since 2013. Plena was chosen for its emphasis on AI and the success of its mobile app, which has been downloaded over 100,000 times.
Looking ahead, Plena’s roadmap for 2024 includes forming new partnerships for Plena Connect to enhance integration and user experiences within the decentralized ecosystem. The platform also plans to launch its launchpad in the second quarter of 2024 and aims to make non-EVM chains and Plena DAO operational in the second half of the year.
With its account abstraction technology, Plena represents a shift towards empowering users in the crypto landscape. By joining forces with Cointelegraph Accelerator, Plena seeks to redefine how users manage their assets and envisions a future where everyone, regardless of their technical expertise, can access digital assets using blockchain technology.