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The advancements brought about by blockchain technology in the digital era are undeniable. However, its true practical value is yet to be fully realized. The early adopters of web3 technology are both a boon and a bane, as developers often prioritize technical users over non-technical consumers, leading to a lack of usability.
From 2016 to 2022, the number of active crypto wallets surged from 5.7 million to 80 million, marking a remarkable 14-fold growth. Despite this, daily transaction counts only saw a modest increase of 40% from 2017 to 2021. Research indicates that while 81% of respondents are interested in blockchain, they find the effort required to use it to be overly burdensome. Another study from Pohang University of Science and Technology reveals that users are consistently less satisfied with blockchain applications compared to non-blockchain alternatives.
The key to widespread adoption of crypto lies in prioritizing consumers. Developers must focus on delivering better user experiences, seamless interfaces comparable to web2 applications, and easier learning curves.
In the early days of blockchain, the emphasis was primarily on proving the technology’s viability and ensuring the security, decentralization, and efficiency of distributed ledgers. However, as blockchain attracted a more diverse audience, the need for user-friendly interfaces and consumer-focused applications became apparent.
Consumer-centric projects aim to understand and cater to the needs of users by providing products, services, and experiences that align with those needs. The core principles of consumer-centricity include user-friendliness, intuitive design, streamlined processes, and minimal effort for efficient outcomes.
Despite advancements in blockchain technology, many solutions still lack user-friendliness and transparent onboarding processes for newcomers. Complex interfaces and hidden costs like gas fees hinder widespread adoption, while slow transaction speeds deter even experienced users. To achieve mass adoption, blockchain technology must be scaled without compromising user experience.
While technology continues to evolve, blockchain should serve as a means to an end, rather than an end in itself. Layer-2 solutions have reduced some of the friction associated with L1 blockchains, but a consumer-centric approach is essential for further progress. By focusing on improving user interfaces, providing intuitive design features, and enhancing onboarding processes, developers can build trust and lower entry barriers.
Consumer-centric L2 solutions will require robust technological support. Adapting to changing user needs calls for a modular approach that allows for individual component modifications without affecting system stability. By striking a balance between security, fairness, and speed of execution, blockchain can reach new heights. The first step is recognizing customer needs and shifting the vision towards a consumer-centric approach.
Blockchain has proven its concept; now is the time to make it user-friendly and convenient for all.