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Fundamentally changing the user experience will be the end game of blockchain adoption
Monday 10 June 2024 8.06am
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There are many other applications and use cases in the fields of decentralized finance, tokenization, privacy and much more.
Everyday, Coinregulate will cover the state of the digital asset market for Blockbeat, your home for news, analysis, opinion and commentary on blockchain and digital assets.
“Online gambling is the only use case for cryptocurrencies” is an oft-repeated accusation from cryptocurrency skeptics. They are only half right. It’s the only use case that has mainstream adoption. There are many other applications and use cases in the fields of decentralized finance, tokenization, privacy and much more. Many of them hold billions in value, but are complex and inaccessible for normal users. The need to manage seed phrases, cumbersome wallets, and move between different Blockchains remains a major barrier.
Putting aside the fact that technologies like artificial intelligence took decades of research and use in enterprise applications before an actual widely used consumer application was launched, the crypto user experience could soon change dramatically.
So-called smart wallets and account abstraction, recently made possible through updates, significantly expand the scope of what crypto wallets can be. It is now possible to protect your wallets via passkeys like Fingerprint. The lines between onchain and offchain are becoming blurred. Decentralized financial platforms like Infinex and Coinbase Wallet take advantage of this to eliminate the complexity and need to move between different Blockchains. The user can focus on the benefits, such as access to higher rate savings and investment opportunities.
This may just be the end of the beginning for the advancement of technology. But now it is becoming clear how Blockchain and cryptocurrency adoption will become mainstream beyond just gambling.
The views and opinions expressed in this article are those of the authors and do not represent those of City AM, its affiliates or employees.
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Coinbase launches smart wallet to integrate next billion onchain users
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