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The Four Major Things Missing in The Blockchain Industry
Traders Magazine Online News, July 26, 2018
In an industry where diversity of thought and infrastructure are foundational to success it is awfully difficult to onboard someone into the blockchain world.
Even at the most basic level, infrastructure components like dApps and exchanges are simply “too complicated”, “too technical”, and “too volatile” to allow for any semblance of mainstream adoption.
For example, if you told your parents or grandparents to set up a bitcoin wallet and send you their address right now what would their answer be?
What Robby and I would like to propose are a series of “things” needed to solve blockchain’s ‘commercial adoption’ problem?—?centered around developing usable infrastructure that solves specific purposes in scaling the token economy.
Proposed Infrastructure Improvements
? Bridge 1: No-knowledge wallets, interfaces, and exchanges
A general discussion on infrastructure improvements should first begin at the on-ramp.
At the best of times, the experience of non-technical users on most blockchain platforms can be described as “highly confusing”, with most interactions described as “bewildering”, “off-putting”, or “overwhelming”.
For some reason, crypto applications always feel like crypto applications, with oftentimes very little consideration for the lack of technical knowledge of most non-traditional users.
I mean, huh?
When logging on to many of today’s common blockchain interfaces those who believe that the technology is “too technical” or “too volatile” are often given the chance to see first hand why they are right. And rightly so, as there is no reason why anyone in their right mind would want to deviate from traditional systems if this is greeting them on the other side.
As a result, the first (and most simple) infrastructure improvement necessary for blockchain systems is….. the creation of a user experience that doesn’t mention blockchain?—?or cryptocurrency for that matter.
It is now more important than ever to disassociate user experience language from ‘cryptocurrency’ and ‘blockchain’ as they both serve as adoption buffers that cause user trepidation of false risk.
Glancing at the above photo from the perspective of someone who has never interacted with the technology before can largely explain why there is a perception of volatility and exclusivity to these platforms, which hampers mainstream adoption for those simply looking for another asset class to use or invest in.
Adding to this motif comes a demand for the creation of tools that allow for easy and secure private key management, more akin to the convenience of managing common day passwords.
The importance of being able to interact with a blockchain without ever seeing a key is massively understated, as the creation of systems that allowusers to gain value without requiring knowledge is essential to the widespread adoptability of these platforms.
Another key “bridge” required alongside user-centric infrastructure is the need for organic, frictionless custodial services, especially for non-commercial consumers. When logging onto services like Coinbase the user experience often coincides with a distinct feeling of “investment-platform” navigation, with inherent design and messaging that conflates purchase of cryptocurrencies with the purchase of securities.
Instead, exchanges should promote unencumbered access to assets like stablecoins, or cryptocurrencies that are more culturally akin to what consumers are used to dealing with in finance?—?a relatively good store of value.
? Bridge 2: A Centralized Solution to Interoperability, Scalability, and Liquidity
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