The market of the cryptocurrencies is growing day by day. More and more people are flocking into this nascent world. But is this world ready for large-scale mass adoption as of yet? According to the Ksenia Semenova, who is the Chief Business Development Officer at Cindicator, a tokenized fintech project aimed at providing efficient asset management, this might not be the case.
Talking to BlockPublisher regarding the scalability issue associated with the nascent world of cryptos, Ksenia stated:
Another area of interest is the development of scaling solutions for existing currencies and platforms with their potential positive price impact as scaling issues can prove to be an obstacle to further crypto adoption. The high spike in interest at the end of last year and the beginning of this year and the resulting increase in transaction fees and processing times has shown that current solutions are not yet ready for mass adoption.
Ksenia is of the view that with the increased transaction fees and processing times seen as a result of more and more adoption of cryptos by the general public, it doesn’t seem the case that the crypto space is ready for large-scale acceptance as of now.
In the current crypto financial framework, there is a limit to the number of transactions that can take place on a blockchain. This limitation also restricts the number of operations that are to be performed on a blockchain. As more and more people start using a blockchain for carrying out their specific operations, the issue of clogging can arise, which has been seen happening in the past. So, there is a limit to which the number of transactions can take place on a specific blockchain. In order to drive cryptos to mass adoption, this issue needs to be resolved as soon as possible. It is also necessary if cryptos are to survive the trials of time.
Having a better understanding of the scaling solutions already in place or in development can help with the assessment of which platforms might enjoy higher further adoption in the future.
As implied by Ksenia, future adoption of various projects depends upon how the deal with the issue of scalability.
As of now, various solutions to the issue of scalability, such as off-chain transactions, are being provided by the major spearheads of the crypto game and if cryptos are to gain mainstream adoption and acceptance, this issue needs to eliminated as soon as possible.