Cryptocurrencies face challenges as stern as ever into adoption, 10 years after coming to surface. The question is asked everyday, what is to be done to enhance adoption and stability among digital assets? The answer can be found in a multitude of concepts that when realized, will aid long term sustainance of the space and eventually replace traditional forms of currencies.
As the world learns about blockchain technology and its inherent benefits, the space becomes more and more talked about. If aided with regulation and proper policy making, it could grow leaps and bounds over the coming terms. Speaking to Block Publisher, Managing Partner and CEO Vellum Capital LLC Eric Kovalak shared belief that blockchain has the potential to become one of the most significant technologies of the millennium. He said:
The great challenge for crypto adoption is that the entire world community is learning about this new technology in the same generation. Technologists, entrepreneurs, and regulators are all working hard to come to speed on what could be the most significant technology idea of the millennium.
Undoubtedly, regulatory apprehensions have taken their toll on the eco-system. It seems like deadlock among the authorities into determining solutions for the space. While time due into these regulations is slowly deferring more stability to the crypto market, but institutions are to act swiftly to aid industries and institutes into adoption. Kovalak further stated:
Regulators have been working to learn more about blockchain and cryptocurrencies, but they have been relatively slow to create clear concise standards and policy toward crypto. While there may be some wisdom in their choice to not act too quickly, it has left many industries in limbo waiting to invest until they can have a higher degree of regulatory certainty.
Finally, the crypto space could do so much with value addition and ease of access. Blockchain enhances networking and provides added security and transparency to all kinds of transactions and smart contract valuations, and to the end user, this matters more than statistics and numbers. The very thought was also echoed by Eric Kovalak, who reported:
What crypto needs is a more acute added value to consumers. The blockchain is great for making existing networks more efficient,but many consumers are less concerned about saving $0.02 on each credit card transaction.
Once consumers come across a stronger case for personal added – similar to how one feels when they buy a new pair of shoes – then I believe this will
cause a person to quickly adopt the technology.
We certainly hope the SEC is reading, don’t we.