The Internet began its life over 30 years ago, and since then, almost every aspect of our lives has been penetrated. Today, it helps nearly everything we do. Yes, without it, it's hard to picture our lives. The technology march continues and we have reached an intersection. A new technological innovation which I believe will probably affect all of our lives in the same way, so you won't closely look at it if you haven't seen its potential.
Skeptics are constantly asking the same questions about blockchain: why isn't anybody using it? How are digital assets going to do? How are people going to buy Bitcoin ( BTC) products? These are so commonplace questions now that they easily become a solution for insomnia.
We look in the wrong place. We look. If we think that we'll soon be able to buy Amazon products with Bitcoin directly, we won't – although Amazon allows you to buy gift cards with a crypto-asset.
If we think we're going to use Bitcoin to pay for gas, we don't. Each process of innovation takes time and most of them move through the same layer until they become a product or service in the mass market. To understand the advancement of blockchain and its potentials, we must take a step back to see how the Internet has been turned from a cool, niche concept into one of the world's most ubicuous forces.
Our first internet experience was when companies like AOL began putting CDs into our mailbox. Many of us old enough to recall had these cheap modems of 9,600 or 28,8K. We were going to sit and listen to the sweet tones of these modems while trying to connect to the internet. Those internet providers have been branded ISPs — internet service providers — and we would not have had the World Wide Web without them. It was fun to play with our newly found toys. The use case for the web at this point in the history was, well, nothing. But we nevertheless connected. It picked us up and we were all fascinated.
So we didn't need a "use case" for the internet or even ask why it existed. We never asked once: Can the size of the internet? We did not complain that we couldn't send a video or that the information we wanted was too late. Yet, nobody suggested we turn it off and go home. Rather, we had countless hours of failures because we could and had no social life — some of us.
Fast forward this evolution of the internet and we're finally getting to e-commerce. Contrary to what it now seems, e-commerce slowly but surely has arrived. We didn't have to "go online," but we ended up online. We started shopping. We began buying and selling. We had a case for mass market use before we knew it.
What was the one thing everybody needed to be able to shop at Amazon or to set up social networks accounts, like ICQ? Email addresses. Email addresses. Without the humble email address, almost no service on the internet could be accessed.
Blockchain’s evolution path
So, the question here is: how does blockchain and crypto contribute to this evolutionary path? In crypto, we need the code first. We required the link with the internet. We need the exchanges to sell it to us, which is like ISPs in the Internet example , in order to access or purchase this encryption. Such exchanges will continue to expand and will ultimately become commercialized as ISPs. Like internet access, blockchain's first stage is now complete. The second wave is coming, close to broadband.
The ISP received the first round of email addresses, and then we had independent email providers. All these desktop-based customers were needed, and we downloaded our e-mail – a big back pain. Then came Hotmail, a game changer. It changed the user interface and made it so easy for everyone to get an email address from anywhere. Suddenly, we could use this information to build web relations with any company. They could talk to us. They could talk.
This raises the question: What is the e-mail address blockchain equivalent? Simply put, wallets. What do we all have to do before we can start using crypto? Wallets. Wallets. We can not use crypto without somewhere from which we can send and receive cryptography, and receive it from others.
The first wave of wallets was issued by exchanges, just like the first wave of emails was. The second wave is different. There'll be more than one winner just like in the email address race.
It depends on usability. Currently, the crypto wallet user interface is not easy. Wallets are much more complicated than email, too. Each blockchain currently has its own wallet. We need some interoperability — a master wallet or even subwallets. We need through wallets per blockchain. How are we doing that? Maybe a master wallet or container, where you have subwallets like multiple email addresses that send email to one account.
The wallet is the key to the next step of cryptography and blockchain growth. Anyone who defeats this challenge will be a major architect of our future. I 'd bet on that, but I don't know, sadly, who's going to be for me. Together, let's witness it.
Bitcurate - Crypto Daily Insights 15th Jun 2020
Bitcurate - Crypto Daily Insights 14th Jun 2020
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