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Despite the efforts of people to bring crypto into their comfort zone, the user still has his doubts. During a conference, many of these problems were raised and addressed. Here are some of the main problems that stop artists from giving in to this new technology.
scalability
From time to time, the performance of Ethereum when it comes to managing transaction data seems to defer to everyone's use. The increase in numbers causes traffic congestion. And what happened when he first launched CryptoKitties. He has people who think about what would happen if he were made responsible for the art of the world and the collectible market.
Decentralization
The fundamental principle of blockchain technology is that no single person owns the platform. However, it has been shown that 1000 people own about 40% of the bitcoin. If this small number of people start selling what they own, the market will fluctuate like a beast. They can devalue the currency in a matter of seconds or they could do it intentionally to engage in price manipulation. So only a small number of people have the ability to manage the market. Does this make us doubt how decent the blockchain is?
Scam ICO
We can not really escape the fraudulent side of any business. 2017 was the year in which cr * p peaked. We have seen many companies collect huge sums of money on ideas that had no real value. Many companies easily trick people by adding blockchain to their name to increase their stocks.
Blockchain literacy
Once again, this is the most consistent barrier so far. See now why we are so important? Unfiltered space aims to make things easier for people like me – who have virtually no knowledge.
Understanding the twisted jargon is not the task of the average man. The ability not to understand technology puts them in fear of losing their things.
Evolving regulations
Governments are still intimidated by it and in their efforts to find out how they want to deal with blockchain tokens and currencies, they make some irrational decisions. Until they understand if they want to consider tokens as a security or commodity, the regulations will remain.
GDPR
According to this new regulation, which stands for "General Data Protection Regulation", includes "Right to cancellation". This basically means that institutions should be able to permanently delete personal information for EU customers at their request. Failure to comply will result in a fine of up to $ 2 million. And since the blockchain is an immutable record, it can not really practice this regulation since it would mean deleting data from every database that is a HASSLE.
Given all these problems, why are we so optimistic about opportunities for blockchain in the art world? Because despite the problems listed above, it's still a huge opportunity for artists, creative technologists and scrappy startups.
