Does Cryptocurrency Need A Bluetooth Or A WiFi Moment?

Digital currencies have to garner mass adoption, and that’s for sure. According to the reports, less than 1% of the world’s general population actively uses blockchain technologies, be it for Bitcoin transactions, Ethereum Smart Contract, supply chain management or anything you have.

But, there are a few pundits who are sure that there will be an event that will catapult digital assets to a mainstream audience, making sure that this is more than just a passing fad in the public eye.

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Cryptocurrency Is Not As Ubiquitous As WiFi

In a recent interview, Charles Hoskinson called this hypothetical happening a “Bluetooth or WiFi moment.” Hoskinson has played key roles in Bitcoin, Ethereum and Cardano. He explained that the cryptocurrency and blockchain space needs such a moment, but, unfortunately, we haven’t gotten there just yet.”

On the matter of the significance of such an event, Hoskinson explains his analogy –

“When you travel across the world, whether it be Japan, Korea, South Africa, or effectively wherever else, consumers are conditioned to pull out their phone in a bid to connect WiFi. The head of Input-Output, a blockchain development firm that primarily works on Cardano and Ethereum Classic, noted that the ubiquity of WiFi, not another information sharing system, was “due to the hard work of an entire industry” rather than sheer luck.”

On the floor of the NYSE waiting for a cheddar interview pic.twitter.com/htZZGlOjOK

— Charles Hoskinson (@IOHK_Charles) March 28, 2019

Thus, Hoskinson explains that with Cardano’s work with Proof of Stake and sidechains, along with similar initiatives from firms like Ripple, blockchain standards will converge over the coming 3 to 5 years, which will create an interoperable web of chains allowing for the permissionless transfer of both data and value.

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While the dream sounds lofty, Hoskinson explains that it could be done via pragmatism and development, the first of which would be a controversial point as there are several maximalists its crypto camps, particularly in regards to Bitcoin.

In simple words, the infrastructure will ultimately be set in place for mass adoption of digital assets through the continual development of nascent technologies, merged with the maintenance of a global mindset, “even for the farmer in Africa.”

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Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.