Hello #Crypto Twitter!
Waiting for #blockchain #adoption to simply materialize is not good enough.
In this 🧵, I offer some thoughts on how to onboard people to the opportunities of Web3 and why a small chain like #Elrond might be uniquely positioned to do so.
@egld_initiative
Waiting for #blockchain #adoption to simply materialize is not good enough.
In this 🧵, I offer some thoughts on how to onboard people to the opportunities of Web3 and why a small chain like #Elrond might be uniquely positioned to do so.
@egld_initiative
2
While an overwhelming majority (93% of Americans, according to a recent @HarrisPoll) have heard of #Cryptocurrencies such as #Bitcoin and #Ethereum, few are familiar with the foundational blockchain technology that they are built on.
While an overwhelming majority (93% of Americans, according to a recent @HarrisPoll) have heard of #Cryptocurrencies such as #Bitcoin and #Ethereum, few are familiar with the foundational blockchain technology that they are built on.
3
Of all its applications, from supply chain management, voting & governance mechanisms, peer-to-peer marketplaces to secure data handling, crypto finance is just one use case of blockchain technology.
Of all its applications, from supply chain management, voting & governance mechanisms, peer-to-peer marketplaces to secure data handling, crypto finance is just one use case of blockchain technology.
4
To the detriment of the ecosystem, extreme price fluctuations, stories of hacked, stolen, and lost wallet as well as rampant scams absorb the vast majority of media attention.
To the detriment of the ecosystem, extreme price fluctuations, stories of hacked, stolen, and lost wallet as well as rampant scams absorb the vast majority of media attention.
5
As a result, attitudes towards blockchain are largely based on peoples' feelings towards cryptocurrencies rather than the underlying technology.
Here lies the challenge we need to overcome if we truly want to reach mass adoption.
As a result, attitudes towards blockchain are largely based on peoples' feelings towards cryptocurrencies rather than the underlying technology.
Here lies the challenge we need to overcome if we truly want to reach mass adoption.
6
In my recent experience with @OnChainSmokers, a membership program leveraging #NFTs, blockchain tech & Web3, there (unsurprisingly) is a vast gap between the willingness to use new technology and the willingness to invest in volatile assets.
In my recent experience with @OnChainSmokers, a membership program leveraging #NFTs, blockchain tech & Web3, there (unsurprisingly) is a vast gap between the willingness to use new technology and the willingness to invest in volatile assets.
7
Therefore, creating use cases that seamlessly connect customers and businesses with the advantages of blockchain technology (speed & cost effectiveness, data transparency & integrity, process automation via Smart Contracts to name a few) is a great way to onboard new users.
Therefore, creating use cases that seamlessly connect customers and businesses with the advantages of blockchain technology (speed & cost effectiveness, data transparency & integrity, process automation via Smart Contracts to name a few) is a great way to onboard new users.
8
Many possible use cases that will help establish blockchain as a convenient technology rather than the "fastest way to make and lose a bunch of money" can be found at the nexus of consumers, retail business & service providers.
Many possible use cases that will help establish blockchain as a convenient technology rather than the "fastest way to make and lose a bunch of money" can be found at the nexus of consumers, retail business & service providers.
9
Most transactions at this intersection require some form of (identity) verification, data processing or value/money transfer. Here, blockchain solutions are uniquely equipped to handle all of them, often with increased speed, efficiency, and security.
Most transactions at this intersection require some form of (identity) verification, data processing or value/money transfer. Here, blockchain solutions are uniquely equipped to handle all of them, often with increased speed, efficiency, and security.
10
However, to lower the entry barrier and eliminate obstacles on the way to mass adoption, developers would do good keeping in mind that the end users will often have little to no understanding of the technology (nor a particular inclination or time to learn more about it).
However, to lower the entry barrier and eliminate obstacles on the way to mass adoption, developers would do good keeping in mind that the end users will often have little to no understanding of the technology (nor a particular inclination or time to learn more about it).
11
While other blockchains have succeeded in creating compelling use cases and communities for blockchain natives, @ElrondNetwork has put an emphasis on intuitive design and great user experience. It is one of the greatest assets of #Elrond and a potential game-changer.
While other blockchains have succeeded in creating compelling use cases and communities for blockchain natives, @ElrondNetwork has put an emphasis on intuitive design and great user experience. It is one of the greatest assets of #Elrond and a potential game-changer.
12
Big chains can present a challenge for newcomers due to high transaction fees (ETH) or a confusing user experience (although among the best, #Solana's @phantom can still be a lot to handle). With @getMaiar, #Elrond has successfully developed a "beginner's wallet".
Big chains can present a challenge for newcomers due to high transaction fees (ETH) or a confusing user experience (although among the best, #Solana's @phantom can still be a lot to handle). With @getMaiar, #Elrond has successfully developed a "beginner's wallet".
13
From being able to buy #Elrond's native $EGLD and earn passive income through staking directly in the app, to creating a "Herotag" to use in place of unwieldy letter-number-combinations wallet addresses, @getMaiar invites rather than repels first-time users.
From being able to buy #Elrond's native $EGLD and earn passive income through staking directly in the app, to creating a "Herotag" to use in place of unwieldy letter-number-combinations wallet addresses, @getMaiar invites rather than repels first-time users.
14
@ElrondNetwork is also pioneering several other innovations, among them a "relay" feature which lets one party carry transaction fees, effectively eliminating the need to hold currencies which are typically needed to cover those fees.
@ElrondNetwork is also pioneering several other innovations, among them a "relay" feature which lets one party carry transaction fees, effectively eliminating the need to hold currencies which are typically needed to cover those fees.
15
Recently, #Elrond acquired a financial institution licensed to provide payment services and to issue electronic money, @twispay. With this acquisition, issuing @Visa cards that further integrate blockchain & traditional finance, seems to be within grasp.
Recently, #Elrond acquired a financial institution licensed to provide payment services and to issue electronic money, @twispay. With this acquisition, issuing @Visa cards that further integrate blockchain & traditional finance, seems to be within grasp.
16
Hidden from the eye of mercenary capital ready to exploit retail investors, #Elrond has patiently been putting one foot in front of the other and might be in a unique position to capture a healthy portion of a market forgotten by many: new blockchain users.
Hidden from the eye of mercenary capital ready to exploit retail investors, #Elrond has patiently been putting one foot in front of the other and might be in a unique position to capture a healthy portion of a market forgotten by many: new blockchain users.
17
For builders on @ElrondNetwork, this relative lack of liquidity is both challenge and opportunity. With less quick money to be made, there are fewer incentives to start a project. However, with fewer users comes more valuable and in-depth feedback and a tightly-knit community.
For builders on @ElrondNetwork, this relative lack of liquidity is both challenge and opportunity. With less quick money to be made, there are fewer incentives to start a project. However, with fewer users comes more valuable and in-depth feedback and a tightly-knit community.
18
Whatever the challenges of any particular chain may be:
Creating compelling products that allow new users to benefit from the opportunities of blockchain and Web3 will be the best way to grow acceptance for Elrond & the ecosystem at large in order to achieve mass adoption.
Whatever the challenges of any particular chain may be:
Creating compelling products that allow new users to benefit from the opportunities of blockchain and Web3 will be the best way to grow acceptance for Elrond & the ecosystem at large in order to achieve mass adoption.
Fin
If you learned something in this thread, please consider sharing the first tweet!
Also, please follow @egld_initiative for more educational content on #blockchain and #Elrond!
researchgate.net/publication/35…
theharrispoll.com/briefs/cryptoc…
elrond.com/blog/meta-tran…
coindesk.com/business/2022/…
If you learned something in this thread, please consider sharing the first tweet!
Also, please follow @egld_initiative for more educational content on #blockchain and #Elrond!
researchgate.net/publication/35…
theharrispoll.com/briefs/cryptoc…
elrond.com/blog/meta-tran…
coindesk.com/business/2022/…
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