Radically changing user experience will be blockchain adoption end game
Each day, Coinrule will run through the state of the digital assets market for Blockbeat, your home for news, analysis, opinion and commentary on blockchain and digital assets.
“Online gambling is the only use case for crypto” is an often repeated accusation of crypto sceptics. They are only half-right. It is the only use case that has mainstream adoption. There are many other applications and use cases across decentralised finance, tokenisation, privacy and many more. Many of them have billions in value locked in them, but they are complex and inaccessible for normal users. The need to handle seed phrases, clunky wallets and move between different Blockchains remains a major barrier.
Putting aside that it took technologies like AI decades of research and usage in business applications before an actual widely used consumer application launched, crypto user experience may soon be radically changing.
So-called Smart Wallets and account abstraction, recently made possible through upgrades, significantly widen the scope of what crypto wallets can be. It is now possible to secure your wallets through Passkeys such as Fingerprint. The lines between onchain and offchain are becoming blurry. Decentralised finance platforms like Infinex and Coinbase Wallet take advantage of that to abstract away complexity and the need to move between different Blockchains. The user can focus on the benefits, such as accessing higher-rate savings and investment opportunities.
This may just be the end of the beginning for the progress of the technology. But it is now becoming clear how Blockchain and crypto adoption will go mainstream, beyond just the gambling.
The views and opinions expressed in this article are those of the authors and do not represent those of City PM, its affiliates, or employees.