Is cryptocurrency up to the task?
ease of use and user control over funds
transaction finality
network reliability (trade-offs)
We need a simple, social way for people to pay, leveraging human-readable usernames and contact lists.
more user-friendly solutions underscore the unfortunate direction toward centralization, as easy-to-use solutions are hard to make decentralized.
The danger that end-users will simply trust bank-like companies
The real risk isn’t that cryptocurrency ease-of-use solutions will struggle or fail to take hold.
The greater risk is that fully custodial solutions will simply win out, returning us to the same old financial system we sought to escape from, only (allegedly) backed by crypto.
If we’re not careful, in the future we could be spending our cryptocurrency through the exact same companies and services we used for our fiat currency, still at the mercy of the same players we sought freedom from in the first place.
We’re at a crossroads: Create ease of use in a decentralized way or let mainstream adoption power the death of decentralization.
The challenge is formidable, but the stakes are too high to simply concede.
Is cryptocurrency up to the task?
Mass adoption may take crypto toward centralization
https://cointelegraph.com/news/mass-adoption-may-take-crypto-toward-centralization
Comments
Post a Comment