UX Case study for a decentralized tax report generation app - Safu

Introduction

Crypto taxation has become a critical aspect of managing digital assets, especially for individuals and businesses. As the crypto market continues to grow, the need for effective and efficient tax management solutions has become more apparent. This case study focuses on the development and implementation of a crypto taxing app that aims to simplify the tax reporting process for individuals and businesses holding digital assets.

Problem

Managing digital assets and preparing tax reports can be a challenging and time-consuming task. Currently, individuals and businesses have to manually create tax reports for each of their crypto wallets, which can lead to errors and inconsistencies. The process of manually calculating tax liabilities and generating tax reports can be both complicated and time-consuming, leading to dissatisfaction among users.

Solution

To address this challenge, the development team designed a crypto taxing app that integrates with popular crypto wallets, such as Metamask, WalletConnect, Ledger, and also provides the option for manual adding of wallets. The app automatically retrieves transaction data from these wallets and calculates the tax liabilities, providing users with an accurate and up-to-date report.

Logo creation

A simple S letter logo for a crypto tax app represents the concept of organization and simplification. The S symbolizes the word "Simplify" or "Streamline", which is the primary objective of the app - to make the process of reporting and paying taxes on cryptocurrency holdings easier for the user. The simple, clean and modern design of the S letter highlights the app's focus on efficiency and user-friendliness. Additionally, the S shape can be easily recognized and remembered, making it a strong and effective representation of the brand. Overall, the simple S letter logo accurately embodies the mission of the crypto tax app and appeals to its target audience.

The Process

Every successful project begins with a solid plan. I adopted a design thinking approach as a problem-solving methodology throughout the entire UX process. This ensured that I approached the project with a user-centered mindset and considered all the pain points and needs of the target audience. By following this method, I was able to come up with effective and efficient solutions to meet user expectations.

Iterative, 5 step design thinking process

Design Thinking is a cyclical process that involves continuously refining our understanding of the user, questioning assumptions, and reevaluating problems to uncover new and innovative solutions that might not be immediately obvious. I will guide you through the five stages of Design Thinking that I utilized in creating Krypton, showing how this approach allowed me to thoroughly consider and address the needs and pain points of the user.

• Empathize — gain a deep understanding of users
• Define — clarify the needs, problems, and insights of users
• Ideate — brainstorm and challenge assumptions for creative solutions
• Prototype — bring ideas to life through tangible forms
• Test — validate solutions by seeing how well they work in real-life scenarios

Empathize - gain a deep understanding of users

In the Empathize stage of the UX process, the focus is on understanding the needs, motivations, and behaviors of the users who will be using the crypto taxing app. To achieve this, researchers and designers can conduct user interviews, surveys, and observe users interacting with similar apps. This stage aims to create a deep understanding of the user and the challenges they face with manual tax reporting and tracking of multiple crypto wallets.

Some competiors and Crypto wallets:
• Koinly
• CoinLedger
• Accointing
• CoinTracker
• ZenLedger
• Meta mask
• Coinbase wallets

Main research insights

• User pain points: Through conversations with potential users, it was identified that the current manual process of tracking and reporting crypto assets for tax purposes was time-consuming and error-prone.
• Need for a centralized solution: Users expressed a desire for a centralized solution that could aggregate data from multiple wallets and exchanges, providing a single view of their assets and transactions.
• Importance of ease of use: Users emphasized the need for a user-friendly solution that was easy to set up and use, even for those with limited technical knowledge.
• High value placed on data privacy: Given the sensitive nature of financial information, users expressed a strong concern for the security and privacy of their data.

These insights informed the UX process of empathizing, defining, ideating, prototyping, and testing. By considering the user pain points and desires, the team was able to design a solution that was both easy to use and addressed the needs of the target audience.

Define - clarify the needs, problems, and insights of users

Based on the insights gathered in the Empathize stage, the next step is to define the problems and challenges that the app must address. The goal of this stage is to formulate a clear and concise problem statement that outlines the challenges faced by the users. This stage also involves defining the user personas and their needs, which can be used as a reference throughout the rest of the UX process.

Defined Goals

• Understanding the target user: This may involve researching the demographics, behaviors, and pain points of users who are managing multiple crypto wallets and want to file their taxes easily.
• Identifying user needs: This may involve conducting user interviews, surveys, and observations to understand what users need from a crypto tax app and how they want it to be organized.
• Defining the problem statement: This may involve synthesizing the insights from user research and creating a clear problem statement that outlines the design challenge that the project is trying to solve.
• Establishing project constraints: This may involve considering factors such as timeline, budget, and technical feasibility to determine what is feasible for the project.

By defining these goals, the "Define" stage of the UX process sets the foundation for the rest of the project and ensures that all stakeholders have a shared understanding of what the project is trying to achieve.

Ideate - brainstorm and challenge assumptions for creative solutions

In this stage, the focus is on generating ideas and potential solutions to the problems defined in the Define stage. The goal is to brainstorm a wide range of potential solutions, ranging from radical to incremental, and then evaluate them based on feasibility, impact, and alignment with the user needs. This stage can involve sketches, wireframes, and interactive prototypes to help bring the ideas to life.

HMW (How Might We) questions are used to generate ideas and encourage creative thinking. Here are a few examples for the crypto taxing app:

Some HMWs

• HMW make it easier for users to add all their crypto wallets to the app in a single process?
• HMW simplify the process of generating tax reports?
• HMW design a user-friendly interface that accurately presents all relevant tax information?
• HMW minimize the effort required by users to keep track of their crypto transactions for tax purposes?
• HMW enhance the overall user experience of the crypto taxing app?

Some of the ideas generated during the ideation stage are:

• Simplifying the process of connecting multiple wallets and streamlining the data transfer process.
• Developing a user-friendly interface for the app that provides easy navigation, clear information, and helpful feedback to the users.
• Implementing automatic calculations for tax liabilities and providing detailed tax reports that are customizable and easy to understand.
• Incorporating features for backup and recovery of data, to ensure user data is secure and retrievable in case of any mishaps.
• Offering multi-lingual support, so users from different regions can use the app comfortably.
• Implementing a security-focused architecture that prioritizes user data protection and privacy.
• Allowing users to easily export their tax reports in multiple formats, such as PDF, Excel, etc.
• Integrating with popular tax software to make the tax filing process seamless and efficient.
• Providing a real-time tracking system to help users stay informed and up-to-date with the latest tax information.

For each step in the design process, I focused on five key principles to create a top-notch user experience for blockchain technology with a focus on tax-related considerations.

Prototype - bring ideas to life through tangible forms

Based on the ideas generated in the Ideate stage, the next step is to create a high-fidelity prototype of the app. This stage involves creating a working model of the app that can be tested with users. The prototype should closely reflect the final product, including all interactions, animations, and design elements. The goal is to create a realistic representation of the app to facilitate user testing and provide a basis for feedback and improvement.

Colors & Typography

The typography choice for the app, Poppins for headings and Inter for body text, was made to provide a clear and readable user experience. Poppins offers a bold and distinctive feel for headings while Inter provides a simple and clean look for body text. The use of dark mode as the default setting was chosen to provide a more modern and sleek look while also being more eye-friendly in low light environments. The use of white text on a dark background allows for easy readability and the blue accent color adds a touch of color while also being easily recognizable and complementary to the brand's logo. By incorporating these design choices, the app provides a consistent and visually appealing user experience.

Colors & Typography

Onboarding

The design includes a visually appealing splash screen and a user-friendly onboarding process that highlights key features of the wallet and taxing. As designers, my responsibility is to help users understand and navigate the transition to blockchain and its benefits for them.

Splash screen and Onboarding - Safu Dark Theme

Key Features

The crypto taxing solution is a comprehensive tool for managing and calculating taxes on cryptocurrency assets. The solution offers several key features to help users effectively and efficiently manage their crypto taxes:

• All-in-One Taxing Solution for Multiple Crypto Wallets and Assets:
  
  The solution provides a single platform for calculating taxes on multiple crypto wallets and assets, eliminating the need for users to use multiple tools or manually calculate taxes. This saves time and ensures accuracy.
• Visualization of Data:
  
  The solution provides users with an intuitive and visually appealing way to understand their crypto portfolio and performance. This makes it easier for users to identify trends, assess gains and losses, and monitor the overall performance of their crypto assets.
• Add/Remove Sources:
  
  The solution allows users to easily add or remove sources of data as needed. This means that users can track their crypto assets and performance from a variety of sources and always have the most up-to-date information at their fingertips.
• Generate Customized Reports:
  
  The solution enables users to generate customized reports that can be tailored to their specific needs. Reports can be generated in a variety of formats, including PDF, Excel, and others, and can be shared with others as needed.
• Talk to Tax Advisors:
  
  The solution also includes a support function that allows users to talk to tax advisors directly from the app. This means that users can get the answers they need in real-time, without having to wait for an appointment or take time out of their busy schedules.

Test

In the Test stage, the prototype is evaluated by conducting user testing with real users. This stage provides an opportunity to validate the assumptions made during the previous stages and gather feedback from users. The testing can involve usability testing, A/B testing, and other methods to gather data and insights about the app's performance. The feedback gathered during this stage can be used to refine the app and improve its overall usability. The goal of this stage is to ensure that the app meets the needs of the users and provides a seamless and intuitive experience.

Results

The implementation of the crypto taxing app has resulted in increased efficiency and accuracy in the tax reporting process. Users no longer have to spend countless hours manually calculating tax liabilities and generating tax reports. Instead, they can now manage their digital assets and prepare tax reports in a matter of minutes.

Conclusion

In conclusion, the development and implementation of the crypto taxing app has proven to be a successful solution to the challenges faced by individuals and businesses when it comes to tax reporting for digital assets. The app's integration with popular crypto wallets, automatic calculation of tax liabilities, and user-friendly interface make it an ideal solution for those looking for an efficient and effective way to manage their digital assets and prepare tax reports.

View Prototype on Figma