In an era where social distancing is a global preset, and where electronic payments occupy more than 80% of all recorded transactions in leading economies, we don’t have to subject Bitcoin or any other crypto as something out-of-space.
Instead, and if anything, cryptocurrencies are becoming a silent norm across governments, enterprises, and individuals altogether. Hence, it is neither wise nor fair to assume citizens’ comprehension as to how distributed ledger technology works increases over time. Truth be told, the most successful blockchains owe their succession to traditional business logic and not cryptos.
In this piece, I’ll do my best to showcase some interesting examples of crypto adoption as demonstrated by various Ethereum-based startups, and web3 projects that managed to leave a stamp in the international business scene, without mentioning the word Bitcoin or crypto at all.
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Crypto Adoption Is Reliant On Non-Crypto Promotion
This should come as a pretty self-explanatory concept, especially if you’re following cream-level blockchain services providers, whether we’re talking about financial tools, smart-contracts, or even gaming and decentralized applications (dapps).
For example, Chinese hi-tech giant Tencent provides its users and/or customers with a variety of digital tokens and virtual currencies which could be used as in-game economic tools, tokens in payment apps, and messaging credits.
Tencent managed to become a digital behemoth with a revenue of 377 billion CNY (~$53bn USD) in 2019 alone, and it never had to mention terms such as ‘blockchain’ or ‘cryptos’ in order to achieve that status whatsoever.
Blockchain-powered apps will almost certainly use some sort of a native token to store, manage and distribute information, regardless of its nature, whether monetary, personal data, or in-app digital assets.
The difference between a successful blockchain company and a struggling one, is the fact that leading businesses utilizing distributed ledger technology are not desperate to promote their services as crypto services or throwing ‘blockchain’ in every given chance.
As a matter of fact, their succession is reliant on non-crypto promotion, subjecting the business model, the application value, and the core service itself (eg. messaging, gaming etc.).
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Etherpreneurs On The Right Path
Of course, when analogizing public blockchain platforms and cryptocurrencies of the likes of Bitcoin (BTC) it is really difficult, if not impossible, to skip the monetary aspect of a respective application.
Nevertheless, second and third generation blockchains such as the Ethereum managed to create a sophisticated framework that would allow enterpreneurs using the public ledger to promote their services as apps, instead of crypto services.
Take Mintbase for example. One of the leading NFT factories in the scene, which enables tokenization aspects for digital and physical goods of all kinds, providing easy-to-grasp UI, smart-contract templates, and a variety of use-cases, so that even if one has zero prior programming skills, still be able to operate the blockchain registration process with ease.
What’s even more convinient is the fact that Mintbase provides an in-house store for each minter/content creator where customers could cherry-pick their favorite assets and or/services and pay instantly with crypto or fiat.
That way they whole process feels natural to someone with basic internet skills and the word crypto is unecessary in luring customers into the field, considering that the service itself is what one is looking for.
We focus on Ethereum here, exactly because it is the only viable platform that allows for such ventures thanks to industry-tailored protocols such as ERC-20, ERC-721, ERC-1155 and more.
Mintbase, among other analogous platforms allows you to upload a file (png,jpeg,gif,mp3,mp4,ogg,pdg and more), decide what’s the type of the token as well as its scarcity aspects, alongside other metadata like asset title, description, etc and register it directly on the Ethereum blockchain in the form of a smart-contract that appears to be generated by the minter’s 0x, making it a seamless top-shelf non-fungible tokens factory.
In other words, not only content creators can engage in their digital endeavours with nothing more than a web3 compatible Ethereum wallet, but also customers can visit a web3 store and buy collectibles, event tickets, virtual items, and ownership contracts pegged to physical items in a similar fashion to buying stuff off ebay.
If that’s not a healthy way to promote blockchain technology I am not sure what is.
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We’ve quoted EU parliament member Eva Kaili many times in our previous publications, but in a nutshell, her view of crypto adoption suggests that we shouldn’t wait till everyone is at the same page when it comes to comprehending the magic underlying DLTs. Instead people will start to use blockchain services in their everyday life when they become obsolete, whether we mention blockchain and cryptos or not.
In her own words, when we swipe our VISAs and/or Mastercards to pay for our meal, most of us are not aware of how the SWIFT system works, how VISA’s servers are allocated, or what kind of encryption do PoS machines use. What we care about is the service itself, which should be as easy as swiping your card.
Therefore, crypto adoption is certainly unavoidable, but that doesn’t necessarily mean that everyone will understand how it works.
The problem with low-adoption rate crypto startups is the fact they struggle to explain why or how they utilize blockchain in their products and/or services and that is the factor that repels returning customers.
That’s just my two cents on the matter. Hopefully this piece will spark some thought process subjecting crypto adoption, and I’ll be delighted to exchange relevant intelligence in the comments section below, or via Twitter.