by Jimmy Zhong, Co-Founder & CEO of IOST
Ever since the introduction of Bitcoin, the very first Decentralized Application (DApp), we have seen multiple use cases arise in the last ten years, from crypto exchanges, data storage, to gaming and entertainment. While much has been said about the potential for blockchain technology to positively impact almost every aspect of our lives, the prospect of mainstream adoption still seems like a lofty target for the relatively nascent industry to achieve. Though we have seen encouraging signs of adoption in recent years, there is still a long way to go before we start to see the tangible benefits that blockchain technology can bring to our daily lives.
At its current state, significant barriers hinder the rate of adoption for everyday users by limiting their ability to interact with blockchain technology seamlessly. To engage with DApps, users would require a sufficient level of technical knowledge, and an understanding of how cryptocurrencies work, along with how to acquire, store, and use them. Coupled with slow transaction speeds and inefficient systems, it is not surprising that adoption rates have not lived up to the hype, thanks to the inaccessibility and difficulty of using DApps on blockchain platforms.
For blockchain technology to make its mainstream breakthrough, the industry will have to pivot its focus to the usability of DApps, and lower the barriers to entry for everyday users. Users should not have to undergo multiple steps of procuring and securing tokens, or feel overwhelmed by the sheer amount of technical knowledge required to even begin using the DApps. Instead, development of DApps should focus on allowing users to earn and receive tokens through the platform natively. A current example of this is Bermi, a social network that allows users to earn cryptocurrencies by creating and interacting with viral videos.