The Secret to Blockchain Will Be Not Knowing You’re Using One
Joe Robert
Investing For 20+ Years | Managed $150M+ in Real Estate & Crypto | Strategies from millionaires so you can Invest Like the Top 1%
As I elaborated on in a previous article, we are at the “watch a YouTube video” level of blockchain development. This means that the user interface for available blockchains today is not intuitive enough for the average person to know what they are doing. Let’s look at something comparable for sending money, like Venmo or PayPal. Someone unfamiliar with the app can download it from the App Store, and select “Yes” to allow the app to access your contacts, find your friends, fund your account by linking your bank account, and send money at the click of a button.
There is no denying that this is a very user-friendly way to send money. We would be remiss by not pointing out the flaws in this scenario in that you don’t have custody of your Venmo or PayPal funds, which would be problematic if they lost your funds or went out of business. Additionally, it takes days for wire transfers to get from your bank account to Venmo/ Paypal and vice versa. Blockchains solve both of these issues by allowing for self-custody and instant payments, but their adoption is limited by the seamless user experience of their Web 2.0 competitors.
The Web3 Scenario
Interacting with the Bitcoin network, for example, requires remembering a seed phrase. Most chose to write it down or hold it in a hardware wallet. There is no address book for Bitcoin, so someone will have to send you their wallet address which is an impossible-to-remember mix of letters and numbers. If you’re sending from your hardware wallet (most secure), you need to have the device on you to plug it into your computer and follow the prompts.
Of course, no system is perfect, so it makes sense that there are extra measures to be taken for the added security that Bitcoin provides. That being said, blockchain technology is often difficult to understand and use, which can be a barrier to adoption. Luckily, there is a growing trend toward abstraction in the blockchain world. This means that the underlying complexity of the technology is hidden from users, making it easier to use and understand. Someday we will be able to send value over the internet with the same ease as PayPal or Venmo and with the security of Bitcoin.
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The Abstraction of Blockchain Technology
The abstraction of blockchain technology is still in its early stages, but it is already having a significant impact on the way that blockchain is used. This is making it more likely that blockchain will be adopted by a wider range of users and businesses. Companies are developing blockchain-based platforms that allow users to interact with each other without the need for a central authority. These platforms are being used for a variety of purposes, such as managing supply chains, providing identity verification, and voting.
Overall, the abstraction of blockchain technology is a positive trend that is making the technology more accessible and easier to use. This is likely to lead to increased adoption of blockchain technology by businesses and consumers. The world is predicted to have 1 billion users of blockchains by the year 2027. The only way this happens is by decreasing the complexity on the user interface side.
Joe Robert is currently the Chief Executive Officer of Robert Ventures, with over 20 years of asset management experience. Since he started Joe has created predictable double-digit returns for investors & Partners. Joe has invested in seed rounds with equity and tokens, along with a portfolio of Bitcoin, Ethereum, and other top cryptocurrencies.
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