As Bitcoin'south (BTC) price continues to climb ever higher, more than and more people are beginning to educate themselves on how they can enter the cryptocurrency marketplace. However, the realities of cryptocurrency ownership (long complicated addresses, passphrases and security risks) all remain barriers to adoption for new users. Programmers and technologists more often than not assume a level of agreement and ability with tech innovations that the average person on the street simply is non equipped with.

A survey carried out past our squad saw 75% of respondents say they found cryptocurrency transactions stressful and unnecessarily complicated. A majority (55%) said they had had problem in the past sending cryptocurrency transactions, 18% had lost funds, and 6% had suffered a human being-in-the-middle attack. These complexities have real and damaging consequences fifty-fifty amid technologically savvy elites; one developer I know lost tens of thousands of dollars because a QR-code had been corrupted and his savings were lost forever. Highly qualified engineers and developers have lost millions due to misplacing files, losing passphrases or simply miscopying a 34-character accost.

For whatsoever financial system to fully office, users need to have organized religion in its foundations. It is no coincidence that the discussion "credit" derives from the Latin "credere" which means "to believe." The architects of any financial ecosystem, whether they be central bankers in Frankfurt or software developers in Silicon Valley, need to ensure that people trust where they are placing their money. Merely by creating a secure surround and collective confidence of a broader user base of operations volition blockchain engineering exist able to deliver on its founding promises.

For example, crypto addresses could become cocky-sovereign nonfungible tokens that piece of work with every token and every blockchain. Requests, which are decentralized payment requests, are privately encrypted between the ii parties involved and include contextual metadata about the transaction, such as a memo or a link to an lodge or invoice.

The path for crypto

People oftentimes forget that university professors have been using the internet to send emails to each other since the 1970s, but the systems and protocols were also complicated back then for the boilerplate person to use. The World Wide Web as nosotros know it today wasn't accessible until the cosmos of HTTP. Blockchain technology is today at the same exciting place as the internet was earlier HTTP made information technology usable for the average person to build on. The blockchain ecosystem today needs to design easy-to-employ protocols that tin deliver what HTTP delivered for the cyberspace in the 1990s: a user feel through browsers and the World Wide Web leading to mass adoption.

Developers should aim to brand the experience of sending cryptocurrencies equally elementary equally sending fiat with PayPal. It's not hard to come across why the average person on the street struggles with cryptocurrency, as the current systems are very confusing, only information technology'south only by bringing in more users that blockchain technology will gain more credibility.

The potential for blockchain to transform the way people and businesses interact is clear, but the infrastructure and systems in identify take a long way to go. The last 25 years accept shown how information and value can be shared and transferred in ways that were inconceivable only a few decades ago; however, the dynamic period of data and data tin can merely fulfil its potential when any person can utilize it.

Current naming systems congenital on blockchains are only too complex for the average person to use. Few people know or care how Amazon and Netflix are integrated onto the internet, just they do know that it works — that's the direction this industry needs to head toward.

The views, thoughts and opinions expressed here are the author'due south alone and do not necessarily reflect or stand for the views and opinions of Cointelegraph.

Luke Stokes is the managing director at the Foundation for Interwallet Operability. He'south passionate about voluntary systems of governance and has been involved in Bitcoin since early on 2013. He's been a consensus witness for the Hive (previously Steem) blockchain since early 2018 and a custodian for eosDAC, a community-owned EOSIO Block Producer and DAC Enabler, since its inception. He holds a information science caste from the University of Pennsylvania.