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Author Topic: Fullscale Mainstream Crypto Adoption, What to Do To Achieve This? Share Views...  (Read 115 times)
first_user111
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July 28, 2018, 04:08:17 AM
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The blockchain ushered in a new era of creativity, imaginations, expectations, enthusiasm and hope for so many persons who were already giving up on the then current system of government's total influence and their inability to get rewarded for their hard labors with a reasonable compensation that provides adequate financial security for them. Most especially for those in the information technology industry all over the globe, as it only seems that only those who happens to be in a blossoming economy and has the capacity to finish college could be qualified to work in amazing companies and earn a good living, while at the same time the other persons who are ever going to earn a good living aside from being employed has to be the big thinkers of the entrepreneurial dynasty or the highly connected or perhaps the lucky ones whose projects eventually gets funding from Angel investors or family and friends.

At first, the blockchain started through the Bitcoin cryptocurrency which was meant to be a means of transfer of value with adequate technology to prevent against hacks of any sort using the decentralized model and some mining features. It was awesome for early adopters who came in to defend and pursue the vision of banks in the hands of everyone. Even though early adopters benefited so much, it has proven to be yet a good ground for new adopters to still hope to earn a livelihood following market price fluctuations and the huge anticipation of value increase due to its limited supply, and general acceptance of it as the main digital currency for value transfers all over the world which seemingly is going to remain that way for time immemorial for too many reasons outside the context of this article.

Later, the blockchain's usage was fully explored and expanded by so many genius who thought about better applications outside it's primary function of value transfers. Such innovations like Ethereum, the smart contract solution that can be used to deploy and host other blockchain applications, seems to have helped to expose the blockchain's relevance alongside Bitcoin that was already very popular. Aside from Ethereum, some solutions also came and proved its relevance.

The main point of this article is that these values have been created, people come to be a part of it for different personal reasons and interests. But most people are still very skeptical to join the ship and even those on the ship have learnt to adapt and find a survival strategy as the blockchain seems to be an ecosystem and every ecosystem has predators. There are so many predators who come to the blockchain for the purpose of hit and run, they come up with projects that sometimes sounds nice, raise funds for those projects (which in fact is the most beautiful part of the blockchain), but they are mostly dishonest with their promises as they end up not executing the project to it's full scale finish. Only few projects have a working solution and even the working solutions by themselves need continuous development both on and off the blockchain to create the balance the mainstream needs to become fully involved with the blockchain.

That brings me to the subject of this article. The mainstream is very skeptical about the blockchain's solution for so many reasons, such as the numerous scams and human infidelity; the inability for people to take risks they fear they cannot manage; the fact that they are more used to tangible things than the intangible ones because they qualify everything blockchain as software that cannot be touched or felt and never minding it's true value; and lastly they need some authority to vouch for anything before they perceive it as safe (same risk dilemma).

Some of the keys to solving this problem which are basically my opinions are;
1. Through our decentralized government, we create a system to checkmate projects and reduce the predators to a large extent.

2. Some project developers should maybe consider creating a truly non-technical social hub whereby people can come and associate, benefit from the rewarding nature of the blockchain, and more importantly find relevant information on everything blockchain. Am currently working on one though.

3. People should basically see the blockchain in two primary forms as I highlighted in the second and third paragraph above, as a transfer of value and as a place where they can see other hosted projects and choose for themselves where to invest their earnings through adequate research and understanding of those projects, and this is only made possible if my number two solution above existed.

4. It is high time projects start thinking of bringing mainstream's daily activities to the blockchain, by creating more securities on the blockchain than mere tokens. Start-up projects and companies should be educated enough to see the blockchain as a perfect spot for the sales of company shares, that's where the new blockchain revolution should focus on. When one owns a share, he hardly sells those securities except he truly needs cash and has no other option; the level of dump rates will reduce, especially for mainstream companies whose account books are doing very well, are honest and has a truly decentralized autonomy.

Please share your views, as each information or opinion on this topic can really redefine our future.
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EbakuLtd
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July 28, 2018, 04:41:57 AM
 #2

Some project developers should maybe consider creating a truly non-technical social hub whereby people can come and associate, benefit from the rewarding nature of the blockchain, and more importantly find relevant information on everything blockchain. We eagerly await the emergence of the one  you are currently working on. What a genius idea! Wishing you good speed!
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July 28, 2018, 01:55:28 PM
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Some project developers should maybe consider creating a truly non-technical social hub whereby people can come and associate, benefit from the rewarding nature of the blockchain, and more importantly find relevant information on everything blockchain. We eagerly await the emergence of the one  you are currently working on. What a genius idea! Wishing you good speed!

Thanks
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July 31, 2018, 10:05:23 AM
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From my point of view some project developers should maybe consider and creating non technical social hub. People whereby can associate, befit from rewarding nature of blockchain. I think it a genius idea.
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July 31, 2018, 11:33:08 AM
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It is a wonderful way to put through this problem by solving it in a real way manner. Blockchain is a open source information platform but it doesn't gives social feedback and support with it,though many project are based on supporting each other with blockchain project. Also there are many helpful blogs but those are not non technical. Non technical social hub thing is a real production of genius.
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July 31, 2018, 03:01:48 PM
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The reason why world is not adopting to cryptos because there are still people concerned with safety issues. Government are also fearing it as they may lose revenue because they can't control it because, it is a decentralized process. But, making people realize its advantages, security and government regulations might make them mainstream in the future.
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July 31, 2018, 08:28:58 PM
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If we want the world to adopt crypto then we need to increase reliability of it. Also there is safety concerns. But in order to increase adoption, some regulations are necessary from the upper level of government. That way, people will have more reliability in crypto and hope that more security is added into it.
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July 31, 2018, 08:33:50 PM
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The best strategy is to wait and let it happen naturally...

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d5000
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July 31, 2018, 08:58:55 PM
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1. Through our decentralized government, we create a system to checkmate projects and reduce the predators to a large extent.
I think you refer to the amount of scammers and other shady services. But I struggle to understand how you plan to "checkmate" them with a "decentralized government"? Bitcoin's blockchain cannot be governed this way, so I think you refer to the Bitcoin community. And yes, there are mechanisms in place to combat scams, for example here in Bitcointalk.

The basic problem is - greed. If they can hope for a decent profit supporting a shady Bitcoin service, ICO or altcoin, many people will do it.

Quote
2. Some project developers should maybe consider creating a truly non-technical social hub whereby people can come and associate, benefit from the rewarding nature of the blockchain, and more importantly find relevant information on everything blockchain. Am currently working on one though.
I agree. In theory, we already have a "non-technical social hub" with Bitcointalk. Most users here have no technical background. But it has some usability flaws - for example, it's almost unusable on mobile without heavy tweaking -  and the software is terribly outdated. Reddit, and to some extent also Steemit have become alternative hubs, but both have their own flaws, as have Facebook/WhatsApp/Telegram groups (no one has achieved to be a "hub").

Quote
3. People should basically see the blockchain in two primary forms as I highlighted in the second and third paragraph above, as a transfer of value and as a place where they can see other hosted projects and choose for themselves where to invest their earnings through adequate research and understanding of those projects, and this is only made possible if my number two solution above existed.

To be able to "choose", people must be well informed. Here we have an additional challenge. Most services that try to "rank" or "review" cryptocurrencies are either terribly biased, very badly structured (like the "Project Development" forum here at Bitcointalk) or only based on very basic indicators like the flawed "market cap".

Quote
4. It is high time projects start thinking of bringing mainstream's daily activities to the blockchain, by creating more securities on the blockchain than mere tokens. Start-up projects and companies should be educated enough to see the blockchain as a perfect spot for the sales of company shares, that's where the new blockchain revolution should focus on.
I think the problem here are legal challenges. And there is a factor which probably makes this currently unviable for most companies: Volatility of Bitcoin and cryptocurrencies in general. In 2017 the $20K high of the Bitcoin price was almost 30 times(!) higher than the $730 low. Most altcoins are much more volatile. How could you really ensure investors can measure a price of a share if the main market is a volatile cryptocurrency?

Volatility is a hen-and-egg problem: if there were more companies that used Bitcoin and blockchains to use as a base technology for their shares, there was some "real value" attached to the blockchains and thus the volatility could gradually sink. So it would be desirable more companies took the risk, maybe only basing a small part of their shares on blockchain assets.

Well, and there are two more problems you didn't mention:
- Usability - there are already protocols and tools that make payments much easier (Payment Protocol etc.) but they are not universally used.
- Scalability - the transaction density problem has not been solved. Projects which have no problem with some centralization, like EOS, can achieve similar throughputs than totally centralized solutions. But Bitcoin's innovation was to decentralize money, not to re-centralize it with another paradigm. But perhaps this problem is close to be solved, as LN is evolving and I heard also that this year there was a theoretical breakthrough with sidechains.
- the energy waste problem. The hopes here are 1) a breakthrough in alternative consensus algorithms like PoS or PoC or 2) a cheap mining infrastructure based on renewable energies.

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July 31, 2018, 10:52:48 PM
 #10

Personally, having places to spend my cryptocurrency would be the best thing and might attract potential end-users of the said currency. Right now, there's little to no merchants involved with cryptocurrencies and avoid it as much as they can. The volatility of the coin scares most of the merchants, and no matter how successful the coin is speculation-wise, it's still lacking in fundamentals, and that's what project managers and services need to work on. Word is already out there regarding bitcoin's existence, together with rhe info of what it does and why is it revolutionary. People just need to apply these concepts firsthand and realize there's much more into it than just a new investment fad. We're in a paradoxical state where we want to progress but we keep on focusing our energies in speculation. If we could distribute the attention into some other field that needs more work, that would be great.

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July 31, 2018, 10:55:08 PM
 #11

Your post has just covered every possible solution. I too believe that blockchain revolution is merely possible if industries and the start up projects focus on extending the securities of blockchain and also making it for good spot for sales.
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August 01, 2018, 06:06:03 AM
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Well said. That’s type of post are definitely helpful for newbie’s on crypto world and sometimes it also helps the regular too. So I hope newbie’s will be helped by this post.

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first_user111
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August 04, 2018, 03:03:59 PM
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From my point of view some project developers should maybe consider and creating non technical social hub. People whereby can associate, befit from rewarding nature of blockchain. I think it a genius idea.

Yeah it is. The rewards too have to carefully planned out so that it never turns out to be a scam. I actually have an idea on that too. If I don't find it anytime soon, I can be a part of a team that will make that happen.
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August 04, 2018, 03:13:26 PM
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It is a wonderful way to put through this problem by solving it in a real way manner. Blockchain is a open source information platform but it doesn't gives social feedback and support with it,though many project are based on supporting each other with blockchain project. Also there are many helpful blogs but those are not non technical. Non technical social hub thing is a real production of genius.

Exactly, a non technical social hub is what we need, this discussion we're having is enough for people to think it through. It will be good if something good really comes out of this. Imagine having a platform that is even simpler than Facebook and is rewarding and has better values to offer than Facebook.
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August 04, 2018, 03:23:30 PM
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Your post has just covered every possible solution. I too believe that blockchain revolution is merely possible if industries and the start up projects focus on extending the securities of blockchain and also making it for good spot for sales.

The possibilities of the blockchain are endless, whatever popularity and success the blockchain has at the moment calls for celebration, it's a huge success already. At this point forward, what we need to focus on is how to make it better and how to make more than 60% of the world population to depend on the buoyancy of the blockchain for their daily activities. Just like the internet and even more, the blockchain has the capacity to house every activities known by mankind and not just housing, but security, not just security, but also seamless transactions and for the time being REWARDING
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August 04, 2018, 03:41:20 PM
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Personally, having places to spend my cryptocurrency would be the best thing and might attract potential end-users of the said currency. Right now, there's little to no merchants involved with cryptocurrencies and avoid it as much as they can. The volatility of the coin scares most of the merchants, and no matter how successful the coin is speculation-wise, it's still lacking in fundamentals, and that's what project managers and services need to work on. Word is already out there regarding bitcoin's existence, together with rhe info of what it does and why is it revolutionary. People just need to apply these concepts firsthand and realize there's much more into it than just a new investment fad. We're in a paradoxical state where we want to progress but we keep on focusing our energies in speculation. If we could distribute the attention into some other field that needs more work, that would be great.
Beautiful, wise words from you. The amount of speculations on crypto tradings makes the mainstream see cryptocurrency as very volatile and worse than other traded commodities. Having merchants adopting it is a superb solution, but only payment-wise, people may end up just seeing the blockchain as a currency service. While balancing merchant adoption, we need to devise more means of making people participate on the blockchain.

Also, it will be very difficult like you said for merchants to adopt when there is so little liquidity for most of the crypto tokens. So to even bring them on board as much as is required for a major breakthrough, we have to either create solutions that will serve as a competition to the already existing ones in mainstream, but not just a competitor, but introducing a value system that is much better than the known system. It means we need lots of innovation in the community and not lots of greed like most projects out there for the money. Solve a problem and you're in wealth, but people choose to go the soft way and end up as looser in the end.

There are some solutions on the blockchain into retail, but the problem with them is that it is either technical, unfinished project, and lack the pre-requisite to attract the mainstream. No proper project plan, it ends up like that because they were previously more interested in the millions of dollars they could raise through ICO.

In fact, what baffles me the most is that most of the tokens having a fair token price from the ICO is primarily so because there is a model in their business plan to buy back tokens from the exchanges and as such inflate the prices. Instead of focusing on having a physical company that solves a real problem, have a real value and a good interfacing with the mainstream to have the sort of adoption they need.

I won't be surprised that in the next 10 years over 50% of the current projects have fizzled out and investor funds gone, no real solution, no tangible product.
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August 04, 2018, 03:45:58 PM
 #17

A useful article indeed. It is truly essential for the crypto users having a good understanding of the pros and cons of their projects they are willing to invest their earnings in.

Yes, that will make them participate in the way that will bring endless traffic to that project.
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August 04, 2018, 03:48:07 PM
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Your post has just covered every possible solution. I too believe that blockchain revolution is merely possible if industries and the start up projects focus on extending the securities of blockchain and also making it for good spot for sales.

Yeah, how about companies working with the SEC or any other authorized body to tokenize their company shares on the blockchain and such stocks are traded real-time, that could also be fantastic.
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August 04, 2018, 03:55:14 PM
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The reason why world is not adopting to cryptos because there are still people concerned with safety issues. Government are also fearing it as they may lose revenue because they can't control it because, it is a decentralized process. But, making people realize its advantages, security and government regulations might make them mainstream in the future.
Actually governments have been working tirelessly to find a way they can track profits from the blockchain and tax their citizens properly. For me I think with the adoption of KYC for cryptocurrencies, profits can be tracked and the issue of Government's fears would be long gone. However, it is almost impossible to tax tokens, but securities can be taxed.

Yeah making people realize its advantages is cool, but that alone by itself is not a good enough tool to convince the government, the best thing to do at the moment is not just to teach but to do, to take the solutions to them while showing them how it will benefit them. So far, the blockchain solutions on ground does not take the solutions to the people because it is almost too technical and not too many persons are prepared for all those technicality, we should start a new era of the blockchain now, to make previous working projects better by making it easy to use and by innovating and providing top-notch solutions better than the ones the mainstream uses in terms of usability.
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August 04, 2018, 03:57:31 PM
 #20

The best strategy is to wait and let it happen naturally...
There are two sides to this, wait, do nothing and blockchain either succeeds or fails. But constantly innovate, that takes away boredom at least and builds trust. That way we are more prone to have the blockchain steer the future around.
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