The Future of Crypto: Making Blockchain Invisible

The current complexity of cryptocurrency and blockchain technology creates significant barriers for new users. To attract the next billion users, the focus must shift from ideology to creating intuitive, user-friendly applications that make blockchain technology invisible. By simplifying the user experience, the crypto industry can drive greater adoption and make digital assets as accessible as traditional apps.

Key Takeaways

Crypto is overly complicated for average users, preventing widespread adoption.
Simplicity and user-friendliness in applications should take precedence over technical jargon and ideological discussions.
Making blockchain technology "disappear" can help achieve mainstream acceptance.
The industry needs to streamline wallet creation and transactions to enhance user experience.
A seamless approach, similar to popular social media apps, is necessary for greater engagement with cryptocurrency.

Abstraction must become crypto’s Holy Grail. We need to remove all of the complexity and struggles so people can actually see what web3 has to offer

The Challenge of Complexity in Crypto

Currently, the primary issue facing the cryptocurrency world is its excessive complexity. Most web3 applications require a technical skill set that the majority of potential users simply don’t possess. Until this changes, many people will hesitate to engage with the crypto industry.

For newcomers, diving into crypto can be daunting—it involves creating a wallet, securely storing a seed phrase, and figuring out how to purchase cryptocurrencies. Additionally, navigating various networks adds to the confusion. The complex nature of crypto acts as a significant barrier to entry, akin to needing to visit multiple restaurants to compile separate components of a meal, each requiring a different currency for payment.

Most people won’t engage with blockchain simply because they’re convinced of decentralization’s merits. Instead, if they encounter a well-designed app built on blockchain that is easy to use, they are more likely to become interested.

Moving Away from Blockchain Jargon

Regrettably, few folks in the crypto space are actively developing such user-friendly apps. Many are focused instead on ideological debates surrounding pure decentralization and scaling options. Instead of genuinely educating users about decentralization and its benefits, which often fall on deaf ears, the focus should shift to simplicity.

The reality is that for most people, particularly those outside the tech savvy crowd, concepts like decentralization hold little importance. The notion of "greater financial inclusion" isn't likely to motivate an older audience to dive into how to set up a crypto wallet.

To successfully onboard the next billion users into blockchain, the industry needs to prioritize making the technology easy to understand and accessible—essentially making blockchain "disappear." Just like TCP/IP, which operates behind the scenes of the internet and is unnoticed by the majority of users, blockchain should become invisible. By eliminating the need for technical jargon, we can make web3 applications as straightforward to use as common smartphone apps.

Implementing Abstraction in Blockchain

While the exact implementation of abstraction in blockchain remains uncertain, some clear steps can be taken. For starters, creating a wallet should be as simple as entering an email address and password, with a reliable recovery option for forgotten information. Mandating users to memorize or hide a seed phrase isn’t practical or appealing.

Additionally, the industry should consolidate the multiple wallets required for different networks into a single, unified wallet. This would allow users to manage all their funds from one secure location without having to worry about the technical details involved, like cross-chain transfers and transaction fees—those should be reduced to a single click.

Smart contracts should also operate seamlessly without users needing to understand their inner workings. While liquidity must be enhanced for swift token swaps, the specifics shouldn’t burden users. Furthermore, simplifying gas fees could help by allowing them to be paid in any available token, so users aren’t forced to hold a specific cryptocurrency just for transactions.

Making Crypto User-Friendly

There's a reason apps like Facebook and Instagram are wildly popular: they require little to no learning curve. Users simply open the app, and it’s intuitive, leading to quick engagement. This effortless experience should be the model for blockchain applications.

Abstraction should be the ultimate goal in the crypto world. We must eliminate all complexities and obstacles, allowing users to genuinely appreciate what web3 technology has to offer. The internet started to gain traction in the 1980s, and by the year 2001, over half of Americans were online—a remarkable feat achieved in a short time.

In stark contrast, the crypto sector is now in its second decade but hasn't reached similar levels of popularity. While significant steps have been made in developing different cryptocurrencies, blockchains, and NFTs, users still face challenges with managing wallets, seed phrases, and cross-chain transfers. The crypto environment remains overwhelming, unlike the internet, which soon operated on autopilot.

To truly engage users, blockchain must become invisible, allowing individuals to interact with applications that enrich their lives without overwhelming complexity. The focus has to shift away from ideological debates and technical details of layered networks. Ultimately, users simply want practical applications that function well, without needing to delve into how they operate.