Unlocking Crypto’s True Potential: The Need for Abstraction
Cryptocurrency’s biggest hurdle is its complexity, which creates a significant barrier to entry for mainstream users. The average Web3 app requires a level of technical expertise that most people lack, making it difficult for the industry to gain widespread acceptance. According to Jonathan Frankenstein, director of TheSportsExchange, “The biggest barrier to crypto adoption is complexity – wallets, seed phrases, networks, and gas mechanisms make the average Web3 app unusable for mainstream users.”
The current state of cryptocurrency is akin to trying to order food from multiple restaurants, each with its own unique payment system and requirements. This complexity is a major turn-off for potential users, who are unlikely to invest time and effort into learning about decentralization and blockchain technology. As Frankenstein notes, “People won’t do that, and they won’t start using blockchain because they’ll suddenly be convinced that decentralization is a dream.”
The Importance of Abstraction
Abstraction is the key to making blockchain technology accessible to the masses. By removing the technical complexities and jargon associated with blockchain, developers can create user-friendly applications that are intuitive and easy to use. This can be achieved by making the blockchain “disappear,” much like the TCP/IP protocol that underlies the internet is invisible to most users. As Frankenstein explains, “The goal must be to make the blockchain ‘disappear,’ just as the TCP/IP protocol that underlies the Internet is invisible to 99% of its users.”
Abstraction in practice involves simplifying the user experience, making it easier to create wallets, send and receive funds, and interact with smart contracts. For example, creating a wallet should be as simple as entering an email address and password, with a foolproof way to recover the password if forgotten. Additionally, users should be able to send and receive funds from any wallet, without the need for multiple wallets and complex cross-chain bridges.
Real-World Applications
Social media apps like Facebook and Instagram are incredibly popular because they have a minimal learning curve and are intuitive to use. Similarly, blockchain-based applications need to be designed with the user in mind, providing a seamless and engaging experience. As Frankenstein notes, “Abstraction must become the holy grail of blockchain. We need to remove all complexity and difficulty so that people can actually see what web3 has to offer.”
By focusing on abstraction and user experience, developers can create blockchain-based applications that are useful, entertaining, and addictive, adding value to users’ lives. This will help to drive mainstream adoption and bring cryptocurrency into the mainstream. As Frankenstein concludes, “Blockchain must disappear so that the user only sees useful, entertaining, and addictive applications that add value to their life.”
For more information on the future of cryptocurrency and blockchain technology, visit https://crypto.news/next-billion-crypto-users-wont-care-about-blockchain/
Jonathan Frankenstein is the director of TheSportsExchange. Jonathan is an innovative business leader with over 15 years of experience starting and scaling companies in fintech, e-commerce, and highly regulated cannabis markets.
