Recently, a blockchain-based live streaming platform “DLive” got much attention as it grabbed hold of PewDiePie. Felix Arvid Ulf Kjellberg, or commonly known as PewDiePie, signed an exclusive deal with DLive which led to an increased number of monthly active users on the platform.
DLive uses a cryptocurrency known as “Lino Point” at its core to reward the content-creators and viewers engaged with the platform. PewDiePie has over 96 million subscribers on his YouTube channel and with the partnership with DLive, he exposed the crypto-based platform to a large audience across the globe which in turn saw an increase in the usage of the crypto platform.
Blockchain technology is rising on a global scale as the technology of the future. It’s biggest use-case is nowadays seen in the form of bitcoin which took over the global financial scene after the economic recession of 2008. As the debt-based banking framework of the world collapsed, many went bankrupt and businesses got shut down. People started to look for alternatives to dreaded system of banking and grabbing the moment, bitcoin rose to prominence.
Although its early years were quite negatively-driven with it being used to carry out negative and illegal activities, positive developments are now being made around it, and crypto overall, to make this space more “adoptable” and usable in daily life. But besides bitcoin, there are a lot of other cryptos providing different uses in different blockchain networks.
Ethereum is the second biggest cryptocurrency of the world in terms of market capitalization and finds its usage on the Ethereum platform. Ethereum (ETH) is used by developers across the world to build decentralized apps, known as dApps, and ETH is the native representative of value in the network. Similarly, XRP is the representative of value in the Ripple network, a blockchain-based decentralized network aimed at reforming the global banking and payment system using blockchain’s speed and transparency.
There are more than 2,200 cryptos listed on CoinMarketCap used in various blockchain networks. Despite such an abundance of cryptos, the adoption of this space has been relatively slow. Big financial institutions and conglomerates have largely stepped back from this space owing to its uncertain nature and lack of regulation. The general public also holds back from using cryptos to carry out daily life activities as the price fluctuates too often and there aren’t many services on the ground to make it an easy task.
This event unlocks a potential secret for the crypto world to gain more adoption. Although a typical user would not want to join a crypto platform owing to a negative connotation around the world “crypto”, he/she can surely look into using it if it is endorsed by someone he/she trusts and if the platform provides a service that is better and more beneficial than its centralized counterparts.
The major connotation that is attached to cryptocurrencies in the mainstream media is negative due to their negative usage in places like the dark web. Due to this negative aura, the general public tends to stay away. This undermines the potential benefits offered by cryptos in the form of global reach, fast transaction time, distributed-ness, trustlessness etc. With celebrities endorsing this space, it is very likely that a positive environment for crypto usage would get unlocked and people will be more willing to join the bandwagon of cryptos.
Similarly, if a crypto platform is good in its service, it doesn’t matter if it uses a cryptocurrency at its core or not. The blockchain-based platforms of the modern world need to focus more on the use-cases than just decentralizing a centralized framework for the sake of it. If a product is good, people will adopt irrespective of the fact whether it uses a cryptocurrency at its core or not.
The biggest hurdle in the path of crypto adoption right now is lack of regulation and price volatility. While price volatility repels the general public to use crypto as a source of making payments and motivates them to hold it (called hodling), the lack of regulation from official bodies and prevalence of scams make this space highly unattractive for large-scale institutional investors.
Before getting to celebrities endorsing it, there is a need to tackle these issues for the greater good of this space. Just as PewDiePie signed on a crypto platform providing a very specific use-case in a very specific market, cryptos adoption will increase if they provide specific use-cases which compel the general public to use them.