Today, most of the world has heard of Bitcoin, and, those who have heard of bitcoin are also acquainted with the terms such as ‘decentralized currency’ and ‘smart contracts’. Bitcoin has come a long way from the days when many bitcoins were used to purchase a Pizza, and yet has failed to be adopted by the masses in the real-world use. While the advantages of cryptocurrency are huge, there have been major underlying issues with the whole technology. Performance inefficiency, poor scalability and high technical threshold have converted most of the crypto currencies into assets that are used for trading on the exchanges rather than making them a real-world use model.
Although over a period other market player have tried to give the blockchain technology more credibility, blockchain still waits to be adopted by the mass markets. As mentioned above the root cause of this failure has been performance, scalability and technical threshold.
Blockchain is evolving for sure. Bitcoin was the birth of the technology and we can call it blockchain 1.0. however, the problem with bitcoin today is that with limited supply and growing prices, it has become an asset rather than having any actual world use. Although the forerunner in the crypto industry today bitcoin is a giant that everyone wants to tame and keep it tied in the backyard rather then letting it roam free in the wilderness.
In 2014, Vitalik butterin realized the problems with bitcoin and came up with blockchain 2.0 in the form of his currency called Ethereum. This was one of the major developments in the blockchain world as the exchange of different currencies based on the Ethereum protocol became easier. It became an effective crowd funding platform and brought the block chain tech on the world map. However apart from these uses Ethereum has also failed in making the blockchain tech adopted in the real-world scenario.
It can be aptly said that further development of the tech is required so it can be mass adopted. Which means that founders and developers of the block chain tech will have to deal with the three crucial problems that ail the blockchain technology, thus keeping it away from mass adoption.
The first problem that ails the current stalwarts of the blockchain technology namely bitcoin and Ethereum is low performance. Despite being popular both can only support 7 and 25 transactions per second. Comparing them to the real-world model of Visa, these are way slower than the latter making it difficult to be adopted on a mass scale as medium of transaction.
The second major problem is Anonymous environment. This has also been the reason why most of the governments have shied away from adopting the blockchain technology in a big way. Since the on-chain address can not be linked to an off-chain account, it has fallen victim to illegitimate activities, making the governments of various nations taking a firm stand on the whole cryptocurrency scenarios. Not long-ago government of India and China took a major stand disallowing use of crypto currency in their respective countries.
The third and perhaps the most crucial problem is technical difficulty. There are a huge technical bottlenecks and inability to solve them have led to poor mass adoption with blockchain being only popular with the technocrats for now.
While the situation in the world of blockchain looks bleak, good news is that there are foundations that have realized these problems and are pushing towards blockchain 3.0, mostly to tackle the problems that are being faced by version 1.0 and 2.0 .
Use Chain foundation is working towards this goal only and has realized that if blockchain tech must become mainstream, the three key problems would need to be addressed. This means that version 3.0 would tackle the issue of performance and scalability, would be identity based (making it easier to be mass adopted) and would have a low technical barrier.
With underlying features like real identity, high performance, secure and reliable infrastructure transmitting massive value to the whole environment, Use chain is on a mission to make the block chain tech as popular as internet is today. The task that has been taken up by Use Chain foundation is huge but then it is based on solid tech foundation and intends to create a high performance and secure infrastructure that can be used in a wide variety of scenarios. Backed by commercial stalwarts and renowned business schools, Use chain intends to continue inputting quality resources thus developing what the blockchain 3.0 requires .
More about the project can be read at
http://www.usechain.net/usechain_en.pdfOr visiting their website at :
http://www.usechain.net/Author :sid_jain
Profile link :
https://bitcointalk.org/index.php?action=profile;u=1341944;
