The world of cryptocurrency is still very new and has problems like those the internet faced in the late 1990s. Sandeep Nailwal, co-founder of Polygon, says that crypto usage is identical to the internet during the AOL era, when it was slow, hard to use, and had few applications. Even though technology has come a long way, crypto general adoption is still far off. Making crypto more straightforward to use, more accessible, and safer will require more innovation.
Bridging the Gap: UX Improvement
Nailwal says that one of the biggest problems with crypto is that it’s hard to use. Starting in the crypto space can be challenging for a lot of people because of problems like
- There are complicated on- and off-ramps for fiat currencies, making it challenging to convert crypto to fiat currencies.
- There aren’t any seamless custody options that let people safely store and get back their assets.
- Mobile devices don’t have many hardware wallets, which makes security a worry.
Crypto needs to get past its “dial-up era” by fixing these problems in a way everyone can understand, like how the internet changed from AOL’s limited browsing to the smooth digital world we know today.
Expanding Beyond Financial Use Cases
Currently, speculation in the stock market is the primary use case for crypto, with market trading ruling the industry. Nailwal, on the other hand, says that crypto applications will grow into other fields once financial usage is complete.
- Decentralized social media sites give users more control over their info.
- Integrated digital ownership of in-game assets in blockchain-based gaming environments.
- Small-scale blockchain-based apps that make things safer and more open.
Like how the internet went from just email and surfing the web to a digital market, crypto needs to stop being just a speculative idea and start being used in real life.
Conclusion
Being in crypto right now is a lot like being one of the first people to use the internet: it’s stressful and full of opportunities. There are still problems, but improvements in usefulness, security and accessibility will make it easier for most people to use. The internet went from a clunky interface on AOL to a new force.
