Invox Finance: Why blockchain doesn’t want to end up like the microwavemarket hype cryptocurrency blockchain adoption
By Adam Mezhvinsky - Co-Founder and COO at Invox Finance
While blockchain is turning 10 later this year, I predict only a handful of people will be celebrating reaching double digits. The market is in a slump, and we’ve rapidly slid down from the high that was 2017. Many critics are now getting mainstream media attention as the community experiences the teething issues that come with heading into maturity, such as scale, regulation, and bad actors.
But why does the world think we’re any different to other ground-breaking new ideas? We’re not the first technology to experience these types of issues, and no I will not be referring to the dot com bubble, we’ve all heard that analogy a few hundred times. Instead I would like to draw attention to Gartner Inc.’s Hype Cycle overlayed with Geoffrey Moore’s Chasm. I think this is a simple yet effective representation of the rollercoaster we are all riding with blockchain technology.
No points for guessing where we are sitting today. The trough of disillusionment isn’t a fun place to be, but it is inevitable, and it doesn’t last forever. The reason is simple human nature.
To begin with, blockchain technology captured the imagination of innovators, and with that came along media attention on the bold, but unproven, ambitions blockchain had. This was followed by a few early adopters paving the way and putting forward the first successful use cases to market. Growth skyrocketed as the technology began to prove its use and worth. This all happened with the invention of televisions, mobiles and the internet, and so far blockchain hasn’t been any different. However, now we’re beginning to ride down the other side of the hype cycle as ventures begin to fail, bad actors arise, and regulation steps deter manipulations. Most importantly, not all of the technology’s foundational ambitions have been immediately reached, and this beings to impact market perception.
Below you can see how the market capitalisation across all cryptos reflects that we are past the Peak of Inflated Expectations and are well into the Through of Disillusionment. How can we make sure we climb out of this funk? We need to look back at other technology to find the answer — mass adoption.
For a new technology to truly change the way we all live our lives, there has to be mass adoption. Many may also know that, as seen below, it took far longer for the microwave to be adopted than the internet. Why is this? This is in part because over the years, the adoption of new technology has increased as incomes, standards of living, and access to information have improved. However, the rate of mass adoption is still linked to use cases. Microwaves have far fewer applications than the internet or a phone. This is where blockchain needs to learn a thing or two.
Too many projects are trying to build better infrastructure — newer and faster blockchains. Why? No one would be interested in building better microwaves, if everyone wanted to eat their food cold. This is why we need more use cases, rather than better tech. The microwave eventually reached mass adoption when using one was finally more convenient than cooking the traditional way. This came with the invention of microwavable TV dinners, easy mac, microwave popcorn, etc. But it took microwaves 30 years to get to the point of mass adoption, do we want blockchain to have a similar fate? To avoid this, the crypto community should instead, in my opinion, focus more on building decentralised applications (“dApps”) now, with the infrastructure we have today.
Show the world that we can do what we’ve set out to achieve, shaking up the way businesses are run, and redistributing wealth away from the middle man. We don’t want to be a technology that takes 30 years to reach mass adoption because we focus on only a few use cases, and spend all our time trying to improve them. Let’s emulate what made computers, phones and the internet great — applications! Your average consumer doesn’t talk about the motherboard, the cellular network, or servers when you ask them about what technology they use every day. They’ll talk about programs like word, apps like messenger, or websites like google. These companies brought people into the new technology without the end user realising what’s powering it behind the scenes.
This is exactly what we should be doing in the blockchain world, and what we here at Invox Finance are trying to achieve. Our mission is to bring small businesses to the crypto-ecosystem by providing them with low interest loans. The small business owners that use our platform will not need to know about blockchain unless they want to. We are here to aid in the mass adoption of blockchain technology by providing a use case with a dApp for the $2.8 trillion global market that is Invoice Financing. So I urge everyone who wants to see blockchain succeed to please remember that to reach mass adoption we need to, as a community, build dApps, support dApps, and most importantly, use dApps each and every day!
Original article was created by: Invox Finance at medium.comDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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