Rethinking Blockchain: The Need for Fee-Free, User-friendly, and Familiar Technology
Summary:
This article discusses the urgent need to make blockchain technology more user-friendly, cost-effective, and familiar for mass adoption. It suggests chains should employ indirect monetization models similar to Google, Facebook, and Apple, to make the experience free for users. It also emphasizes the necessity for a seamless onboarding process and aligning the blockchain experience with consumers' pre-existing habits and preferences. Lastly, it claims such changes are not impossible, despite certain proponents of pay-to-use models.
Blockchain technology that demands payment for use are a thing of the past. This isn't an issue for the tech-savy crypto enthusiasts who willingly open wallets, store seed phrases safely, locate operational exchanges, take advantage of assets and apply the best security practices, but it's not a viable solution for the majority. If we want blockchains to serve as the mainstay of online experiences, they must become free, easy to use, and familiar.
Users expect free services, instead of paying for each transaction, platforms should adopt indirect monetization models like digital advertising or data usage. Examples of companies that employ this strategy include Google, Facebook, and Apple. Failing to implement this alternatives means skyrocketing abandonment rates, as users have no loyalty to platforms that charge prohibitive fees.
The onboarding process must also be simple and seamless, to accommodate the more than 70% of users who discontinue use of apps within three days. Blockchain platforms need to eveolve into a background technology, on par with the Internet, smartphones, and televisions, which users can effortlessly use without needing to understand the technical mechanism behind it.
Another issue is that the crypto industry is often asking millions of users to adopt practices that don't align with their interests. Most users are interested in social media and gaming, areas where crypto has made little progress. Nevertheless, cryptocurrency has potential and could redefine power structures and personal autonomy. But it must be simplified, made as easy as using an app or completing a game level.
Despite the insistence of some proponents of the pay-to-use blockchain model, none of these adjustments are impossible. Innovations like Ethereum are excellent building blocks for decentralized finances due to their security and stability, but they will not transform gaming or digitize smart cities. Blockchain technology needs to align with user behavior, not the other way around. Once we incorporate these changes, we can refute skeptics and pave the way for revolutionary change.
John Rice is the founder of the Koinos Federation, fostering an ecosystem centered around the free-to-use Koinos blockchain. He has previously held leadership roles at Cointelegraph, Blockworks, and Crypto Briefing. The opinions expressed in this article reflect solely his own views and do not necessarily coincide with those of Cointelegraph. This article should not be interpreted as legal or investment advice.
Published At
9/24/2023 8:05:55 PM
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