The last several years have seen incredible growth in the cryptocurrency market as adoption spreads from crypto enthusiasts to a wider audience. However, awareness and understanding of cryptocurrency technology and its functionality is still low.
For example, it may be that you want to design an app and incorporate blockchain technology. However, you may have limited experience with designing apps and only a basic understanding of blockchain. Since its uses are still so new, partnering with a digital creative agency that specializes in blockchain development can streamline this process and ensure the technology is successfully utilized.
An improving user experience is helping more people learn about cryptocurrencies and enter the market, giving blockchain technology a wide appeal.
While Bitcoin saw incredible growth in the second half of 2017, some of its limitations were on display for new adopters. Transactions were subject to high fees and delays of up to a few days, and people noticed. Bitcoin Depot cited “skyrocketing demand and increased media attention” as reasons for the inconvenience.
Several Bitcoin alternatives are attempting to combat current struggles with scalability through various methods. Ethereum, for example, is planning to implement Proof of Stake, which is “far less energy-intensive” and lowers risk of attack. Dispatch Labs has responded by creating parallel off-chain and on-chain networks, which should further increase efficiency.
While businesses are trying to find new ways to make cryptocurrencies more scalable, the sector also faces criticism for its association with illegal activity. Illicit pursuits are associated with 44% of all Bitcoin transactions. Phishing, a common occurrence with altcoins and ICOs, is another major concern for blockchain moving forward.
This can lead to an intimidating environment for new users, who are less familiar with the risks and other issues associated with blockchain. In an attempt to help this segment of the user base confidently participate, businesses like Indisputable Labs’ Coral assign each user a trust rating, representing their history on the blockchain as well as their association with scams or phishing.
Silicon Valley startups often lack the resources and capacities to build large-scale blockchain applications that serve different sectors of the cryptocurrency market. This has led to larger businesses contributing to the sector.
One major example of this is Amazon Web Services, which launched a blockchain template intended to facilitate the quick, easy launch of blockchain networks. IBM is also creating a blockchain testing environment designed to help startups enter the market.
On the other hand, there are many startups making important contributions to the future of blockchain. DAOstack is at the front of the pack, with a tool suite enabling all developers to build Decentralized Autonomous Organizations, also known as DAOs. Its simple, navigable user-interface lowers the barrier to entry and opens a bright future for blockchain technologies.
While there are many exciting developments taking place in the world of cryptocurrencies, it’s important to remember that the market is still in its early stages. Businesses are just beginning to explore the possibilities afforded by making this technology accessible for everyone and not just tech experts. User-friendly blockchain applications are key to the future of blockchain and its growing appeal to mass audiences.