Top Analyst Explains Why Crypto Hasn't Gone Mainstream

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Tue, 06/16/2020 - 14:03
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Vladislav Sopov
The cryptocurrency and blockchain industries are definitely lagging in mass adoption. Messari's director of product has offered some reasons why
Top Analyst Explains Why Crypto Hasn't Gone Mainstream
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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'.

Qiao Wang unveils the dissonance between technology and its adoption in crypto segment
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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.

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)