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On Connecting Users and Devs And On Tapeworms: Opinion

  • Evgeny Konstantinov
    ⭐ Features

    Each and every in crypto space is selfish. But what about the customers?


On Connecting Users and Devs And On Tapeworms: Opinion
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When I think of the current crypto space  — I call it crypto to include the various Blockchain technology (some of which is not Blockchain by definition), communities and everything that comes with it  —  I am invariably reminded of John Updike’s quote on the New York literary scene and Hemingway. “Hemingway describes literary New York as a bottle full of tapeworms trying to feed on each other,” John Updike wrote.

Everything that is united today under the umbrella term of Blockchain  —  from cryptocurrencies to DAGs and Hyperledger frameworks  —  is a vast territory of the life-shifting technology. This space, with all its turmoil, trials and tribulations, is fantastic because every part of it has a straightforward and thus elegant solution to the idea of how to have a trusted ledger in a trustless environment. And that it’s even possible. This very solution,  first proposed by Satoshi and implemented in Bitcoin ,  has sprouted in a great variety of approaches to real-life applications.


And that we all are still very far from having it all leveled off and fallen into place : The prospects of what we yet have to see excite me.

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In The Spotlight

However, when trying to chart this impressive space, I can’t help observing that we are currently in a very similar position to the one described by Hemingway — the New York literary scene of the past — and recounted by Updike.

Today there are developers, entrepreneurs of all sorts  —  which is not inherently bad as the presence of a high number of venturers of all shades and colors is always a reliable indicator of explosive growth  —  individual investors and speculators, real businesses and enterprises as prospective customers.

I am not going to linger over each of these figures in detail as they all are too familiar for anyone who’s been in crypto for at least a few months, but instead, I’m going to do a little charting.

Developers develop. That’s what they do and in the majority of cases they like doing  it —  getting to the core of the tech, optimizing and coming up with new approaches.

Entrepreneurs are here to make something of themselves:  be the first, make money, help bring ideas to life — many times, it’s the ideas they believe in.

Individual investors are curious both about the tech and making some wealth. They are often autodidacts.

Speculators are  here to make money.

Real businesses: These are here to stay with roadmaps, thorough planning and traditional budgeting approaches (as in not riding the high of the Ethereum price all the way to the ceiling and then dumping in panic when everybody else starts doing so). Real businesses. Businesses that had their prospective customers pretty much signed up before they started an ICO (if they ran one at all).

And finally, enterprises ,  the most lucrative ones on this chart. Big names that give heart palpitations to every crypto asset holder. The enterprises that are going to use the Blockchain solutions developed by indie devs or real businesses will come to the exchanges and buy coins in droves. That’s what every speculator, individual investor and entrepreneur is hoping for and this is what’s driving them.

So it’s enterprise adoption , which is slow though it is justifiable, versus everyone else. There’s no room in this space: Iit’s devs, speculators, entrepreneurs and enterprise adoption expectations are all trying to feed on each other.

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But What About The User?

For the first time in a very long period, the user,  assisted with Blockchain, can no longer be treated as the consumer sheep. The user can become a full member of any platform they choose to join; they can be a real customer of any dApp with real value  —  not a perceived market differentiator value   but the real one.

The user is not your ICO fuel. The user is the one who makes all that Blockchain tech adoption possible. The user needs an easy and frictionless onboarding  —  not the marketing slang type “onboarding”, which often means hooking up an unsuspecting consumer to hidden regular payments, but real onboarding to the world of Blockchain and dApps where the user has equal rights with everyone else; where the user is always a full member, an equal citizen, instead of a tied up sheep for marketeers.

The user is what’s important today. All the dApp devs would love to let the user try out their product. The majority (if not all) of the Blockchain protocols would love the user to become a part of them, use the protocols in their daily lives like they do with all the other centralized tech.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money


Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.


You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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