[ad_1]
It has been more than a decade since Satoshi Nakamoto published the Bitcoin white paper, thus presenting the world with a revolutionary concept of cryptocurrencies. His invention foresaw a new version of money – electronic money – which would have been devoid of any third party or centralized authority.
These days, cryptographic space is very different than when Bitcoin was just launched. However, one thing has barely changed, and BTC has not yet been used. This is true of all cryptocurrencies, since the adoption of mass eludes the efforts of every single coin out there. This same lack of use and regulation is the reason why digital currencies remain so volatile to this day.
On the other hand, those who could implement them as part of their business, or invest large sums in it to bring stability, will not. For them, digital currencies are still too risky. The result is new coins that try to solve problems like this and make them more attractive. Now they are much faster, much cheaper to use, able to handle hundreds of thousands of transactions per second, and some of them also focus on privacy and stability, thus becoming coins and stablecoins on privacy.
Despite all these efforts, companies still refuse to start dealing in the crypt. It is not difficult to understand why, since the cryptos still have a number of problems. Cryptographic addresses may be inconsistent, the learning of the progress of payments does not have a clear route, transactions can not be reversed and even error payments are occasional from time to time.
Decentralization means that trying to use any third-party service to improve the cryptos is immediately judged and refused, despite the fact that they can actually help. All this because Satoshi's vision sees digital currencies as a pure P2P version of e-money, and there is no room for centralized authority. However, for this vision to actually take place, some changes need to be made, especially when it comes to the user's experience.
The problem
Attempts to improve things like the user experience have had little success, as it is difficult to get any results without a third-party intermediary who can lend a hand. Decentralization has also made it much more difficult to deal with the usability of the blockchain, especially because the focus is always on solving a crucial problem by making the names of the wallets readable to humans. This would solve problems with inconsistent public addresses, which is considered one of the big steps to improve the experience.
These attempts, though laudable, have not yet changed the usability in any meaningful way. There are several reasons for this, such as solutions that are as complex as the problem, or that are specific to the blockchain, which would limit users to a single token per wallet. Other solutions revolved around the use of specific browser plug-ins or portfolios in order to achieve decent usability, while nothing was really solved. In the end, all efforts either bypassed the problem or found equally problematic solutions, which only became new problems.
The solution
Many believe it is time to change things and that portfolios and exchanges unite around a single protocol, one similar to PayPal, but still decentralized. This would be the best of both worlds and would also represent a bridge between new technology and users.
The protocol should, of course, be open source and publicly available. Everyone would be able to participate, including exchanges and portfolios. It should work with existing blockchain rather than against them. Also, it should work with these blockchains without the need to change them in any way. A protocol like this requires everyone to come together and forget about the rivalries in order to make the cryptocurrency, in general, a traditional payment method.
Data can travel from one chain to another and function identically for each token. In this way, the value would remain the same regardless of which token is used. All this would only be the beginning and numerous other use cases, advantages and functionalities will be discovered along the way.
Conclusion
Since this is still a theoretical problem, it is difficult to predict all the potential consequences. However, some are to be expected, and the first and most obvious would be a much lower volatility. However, this will not happen as long as digital currencies and blockchain technology will be nothing more than a class of alternative investment activity.
To achieve the true vision of Satoshi, cryptocurrencies must have a level of comfort and security added to them. Making them easier to use will attract more people and make them interested in using this new payment method in everyday life. This is something they are hesitating to do simply because they do not understand them because of the complexity. This is why improving user experience should be the number one priority right now and the first step towards mass adoption.
[ad_2]Source link
