How many people you know have installed and set up a wallet and are using crypto on a regular basis? Depending on how you count, it seems unlikely that the current crypto users represent more than 1% of the total addressable market.
A current low adoption rate might indicate the enormous growth potential of crypto. Just imagine what 10x more users —which is still only 10% of the addressable market— could mean. On the other hand, there is a possibility we will never get to 10%. Promising technology has failed before, as Varun Mathur correctly states in this tweetstorm.
Crypto challenges
What is holding back a broader adoption of crypto? I see three main issues that haven’t been solved yet:
- Scalability (How many concurrent users or transactions can the system handle?)
- Utility (What can I use it for?)
- User-Experience (How easy is it to use?)
The smartest minds in the industry are currently working on scaling blockchain technology. Once scaling is solved, utility will be the next area of focus. For utility to increase, a good user-experience is imperative.
In terms of where energy and money is spent on, user-experience seems to be underrepresented at the moment. Current tools and apps took us from 0 to 1%, but the next 10% users might not be willing (or able) to figure out the often confusing interfaces.
Start with customer experience?
Steve Jobs once said: “you’ve got to start with the customer experience, and work backwards to the technology”. Unfortunately, crypto doesn’t have that luxury. Crypto wasn’t built with a great user-experience in mind, as Connie Yang shows in her blogpost Why design is the killer app for crypto. While it’s certainly possible (and necessary!) to slap better design on a technically complex system, it will be challenging.
2. Creating a new project is as easy as choosing a templates. You’ll be able to create your own templates in future versions.
3. Name your new project.
4. Editing, debugging, and deploying all from one single easy-to-use application.
What about blockchains that aren’t Ethereum?
The current pre-alpha version of Composite is Ethereum only, but Composite is designed to support more blockchains. I’d love to add support for more blockchains and make it dApp development easy for every blockchain.
If you are a smart contract developer and would love to use Composite on another blockchain than Ethereum, leave a comment.
What is a blockchain worth without adoption or utility?
A blockchain without users or usage isn’t worth much. Composite makes it easy for blockchains to attract high-quality developers and have them developed useful and easy-to-use dApps. If you are developing a blockchain and would like to see support for your blockchain in Composite, email me.
What’s next?
- If you want to keep up-to-date on Composite development, join the Composite Telegram group: https://t.me/joinchat/F84Ewkd5t-RLL26-Wj7tPA
- If you like to test the pre-alpha version of Composite, or are interested in adding support for your blockchain to Composite, email me.
- If you work at a crypto company and are interested in having Composite support your blockchain, email me.
- Composite is self-funded. If you want to support Composite, consider donating Bitcoin: 3BADHnwyuK54ZVa1dRtRj6Jj8H2BJz63Rc or Ethereum 0x7e77Bf36DAE7202927Fbf91A5f9e2E4e1837f077. Thank you in advance.
Bitcoin
Ethereum