Top Analyst Explains Why Crypto Hasn't Gone Mainstream

News
Tue, 06/16/2020 - 14:03
Vladislav Sopov
The cryptocurrency and blockchain industries are definitely lagging in mass adoption. Messari's director of product has offered some reasons why
Cover image via stock.adobe.com
Contents

Qiao Wang, a top-level blockchain analyst involved in cryptocurrencies since 2012, suggested some possible reasons for the insufficient mass adoption of decentralized technologies.

First technology, then users

As explained by Mr. Wang, in general, the blockchain & crypto sector is still in its infancy. Thus, the codebase of decentralized products may be described as 'low-level'.

Image via Twitter

However, the prospectives for blockchain technology look so bright that they attract people 'obsessed with the tech'. In contrast, entrepreneurs and engineers 'obsessed with users' avoid this segment of development.

This issue could be resolved if the levels of abstraction for developers was raised.

Alongside that, Mr. Wang outlined that this paradigm shouldn't be attributed to Bitcoin (BTC) and stablecoins. Their mass adoption follows special patterns.

Different skillsets

Lastly, Mr. Wang admitted that creating low-level code has very little in common with building consumer products for end-users. These processes take different skillsets and very few people in the industry have them both.

Legendary entrepreneur Dan Hedl agreed with Mr. Wang's suggestions. He highlighted the lack of non-CS 'understanding' in the blockchain segment:

There’s a complete lack of product/design/marketing thinking in the space.

Famous Crypto Twitter troll Udi Wertheimer outlined that it is not only about marketing.

The issue he sees is the fact that, mainly, product teams fail to deliver interesting products and, therefore, have nothing to market.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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