Earnity’s Dan Schatt and Domenic Carosa on Crypto Mass Adoption Challenges
The rise of cryptocurrencies and DeFi products is undeniable. However, only a few have access to its benefits and are convinced of its success. Over ten years since its inception, Bitcoin still hasn’t broken through to mainstream financial services. At present, the market capitalization for cryptocurrencies is above $200 billion. Nevertheless, the industry’s primary objective hasn’t been fully realized, point out Dan Schatt and Domenic Carosa, fintech veterans and executives of the world’s first community-based crypto platform and marketplace Earnity.
As with any new product or service, cryptocurrency faces a few hurdles before mass adoption is completed. DeFi and crypto boast of a shorter average waiting time for transactions. However, it still requires eight to 10 minutes before a transaction is confirmed. While it may be better now than before, it still isn’t as quick as promised.
The lack of blockchain ecosystems adoption may be an obvious hurdle, but it is essential in facilitating mass adoption. Although the crypto industry is still struggling in this area, experts believe that blockchain adoption will grow soon. There is also a noticeable crypto skills gap, which threatens crypto mass adoption. Since there remain only relatively few technologists equipped with the proper training and talent in this emerging technology, the skills gap will continue to slow mass adoption for the time being. Those in the field believe that the best way to combat this threat is to use blockchain as a service.
Lack of trust among users is a tough hurdle the technology faces. Some users don’t trust the safety and privacy of the technology and parties on blockchain networks. At present, some platforms display the advantages of users and developers working together, share Earnity executives Dan Schatt and Domenic Carosa.
Blockchain interoperability is a double-edged sword. While the technology’s quality drives developers to try it out, many organizations may create systems with opposing characteristics. The lack of universal standards hinders mass adoption.