Behind the loud hype and monetary investments in the blockchain and cryptocurrency markets, it can be difficult to realize how young this industry really is. Widespread consumer acceptance has not yet been achieved, nor have many promising projects been launched.
Undoubtedly, speculation in the cryptocurrency market has led to inflated expectations and valuations. At the moment, decentralized applications (dApps) have few real-world applications. While they have their advantages, they cannot yet compete with centralized applications in user-centricity.
For dApps to be widely adopted, they must provide a familiar and easy-to-use user experience. Here are five steps that decentralized application developers need to take:
1. Simple wallet user interface
A simple user interface should have usernames instead of long, meaningless strings of characters that are used as keys. The user must have a choice between a slow transaction (with a low fee) or a fast transaction (with a high fee). Wallets must be compatible with all mobile phone models so that users can use them anywhere in the world.
2. No fees or hidden fees
Transaction fees are a condition that many users refuse to accept. Requiring customers to pay large fees for money transfers is not a recipe for success. Users might be able to live with the fees if they were lower than credit cards. Unfortunately, this is not the case at this time, and no perfect method has yet been found to solve this problem.
While transaction fees are unlikely to ever be eliminated, reducing their cost could help attract new users. This can be made possible through scalable solutions.
3. Scalability
Probably the most discussed topic on blockchain forums is scalability. Scalability is a major and fundamental step towards general adoption. Transactions need to be instant and very cheap, and scaling can help us with this.
Scaling provides more throughput, which in turn allows for greater transaction speeds. The Ethereum network can process up to 15 transactions per second, but it is still often overloaded.. Users don't want to wait several minutes or even hours for a transfer to complete, so transactions on dApps should be completed in seconds.
4. Stablecoin
Currently, the cryptocurrency market is extremely volatile. Bitcoin transactions often result in the buyer overpaying or the seller losing money. A stablecoin is a cryptocurrency whose rate is directly tied to the price of a specific asset, often the US dollar or gold. There are three types of stable coins:
1. Fiat-backed tokens such as StableUSD.
2. Cryptocurrency-backed tokens such as Dai, which are backed by Ethereum.
3. Non-backed tokens that work like central banks, controlling the supply of currency. An example of this type of token is Basis.
5. Developing end-user-centric applications
The goal is for users to experience all the benefits of blockchain technology without even noticing it. Integrating wallets into mobile apps is key as it will allow users to pay directly from their phone. Adoption is mainly about user experience. Until centralized versions of decentralized applications can provide a better user experience, dApps will continue to lose out.
These five points above will help drive blockchain adoption. Projects in this area are well funded, so nothing prevents them from becoming part of our daily lives.
According to www.geekwire.com
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