Blockchain ecosystem should entail attracting more users

Blockchain ecosystem has gained mainstream attention over the last few years. Although several are speculating cryptocurrencies, everyone believes that the underlying technology has the potential to bring the next technological evolution. Notably, the shift to Web3.0 has always been able to pique the interest of investors. Over the last couple of years, the industry has noted a few extraordinary amounts of money flowing freely into the industry.

However, as the industry attracted more investors last year, several enthusiasts expect to see more resources piling in the cryptosphere. Moreover, it is also true that it does not have a resource shortage of usable, appropriate, and attractive products for mainstream audiences.

Crypto as a vehicle of investment and speculation

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In the current scenario, most people are living and working in a world where the ability to exchange and trade crypto for fiat is an essential part of their function. Notably, such a paradigm may well shift in the coming years. However, for now, most of the holder’s willingness to hold any given token boils down to their belief in its ability to outperform other assets in the digital and traditional markets.

Notably, the relatively low financial barrier for getting into the cryptocurrency market combined with the seduction of stories about massive profits and crypto billionaires has spawned an enormous retail investors class in the game. These are the same people bootstrapping the number of users for many blockchain products.

Will Web3.0 replace Web2.0?

We have observed that several blockchain projects have already made massive inroads by being an alternative to Web2.0. Some applications like Odysee seem to be an alternative to YouTube. Notably, Web3.0 based platforms remove the costs and overheads associated with intermediaries and mediators and offer a much larger cut of profits.

Simultaneously, platforms like Brave Browser and session messenger offer more comprehensible services while focusing on users’ privacy. Such an ecosystem is playing an essential part in onboarding mainstream users onto the Web3.0 future. Ultimately, blockchain brings ease of use, obvious advantages and doesn’t require any significant financial investment.

People should now seek utility

Over the past year, the cryptosphere has attracted several investors with its lucrative price boom. However, experts deemed that now is the time to bring more users, as many believe users drive value. Indeed, if nobody is using the tech, there is no point. 

Besides, developing a fully decentralized application is not an easy task, and more users can help solve such issues. Indeed, platforms and products with users get matured quickly. Hence, the next step of our industry should be to reach that critical mass of users as quickly as we can.