According to a January 1 op-ed by Andy Bromberg on the Wall Street Journal, Cryptocurrencies have been embraced by Blockchain developers. These are experts whose main task is to build new Blockchain networks for real-life use cases in traditional industries such as finance, banking, etc. They use Blockchain technologies such as Stellar, IOST, Ripple, Stellar, Komodo, etc. to build customized platforms for clients.
An in-depth analysis of the article written by the founder of Coinlist serves as a wake-up call to Cryptocurrency adoption influencers to develop “tangible uses” for Cryptocurrencies and their “underlying Blockchain technology” to drive up mass Crypto adoption.
It Is No Longer About Price But What Cryptos Can Do
The Wall Street Journal is quite explicit in stating that Cryptocurrencies are by far “usable only by developers”. This scenario is rationalized on the lack of concrete tangible uses for Blockchain technology platforms on one hand and their native Bitcoin and other Altcoin Tokens on the other. Hence, only creating Distributing Ledger Technology platforms that serve to solve real-life inefficiencies in traditional industries can attract new users and retain old ones.
Bitcoin’s 2017 Hype Is Difficult To Attain In 2019
According to the Wall Street Journal, the 2017 BTC rally that led to a price peak of $19,500 retracted in 2018. As the world ushers in 2019, it is largely difficult to predict the expected market cycle due to the volatile nature of the nascent industry. Further, the absence of a factor that makes Cryptos appeal to new users is complicating the forecast. It is in this regard that Andy Bromberg is drawing attention to the case of Blockchain developers’ uptake of Cryptos.
Getting Started By Building DApps
The WSJ article suggests that one of the best ideas to make Blockchain technology and Cryptos more relevant to prevailing needs is through the creation of Distributed apps (DApps). For instance, one can develop software for Android or iOS using IOST developer kits which are readily available. The apps can be built to solve compelling issues such as security transfer of documents, etc. However, most Blockchain platforms such as Ethereum and Bitcoin do not have these developer toolkits. This makes it challenging to build DApps as developers have to create a new suite of tools so that the app and the platform are compatible.
So, when Cryptocurrency developers and Blockchain engineers consider this shortcoming, prominent DLT platforms will create developer toolkits. Hence, this will enable the creation and deployment of DApps and this would spur the adoption of Cryptos as many users will need them for on-platform transactions.
Until Then, There Are Other Catalysts
It is unknown whether Blockchain developers will take heed and implement need-based Blockchain and Crypto solutions in areas such as Dapp developer kits. Until then, there are other events that will trigger Crypto adoption notably the upcoming Bakkt Bitcoin Daily Futures. It is being launched in Q1 2019 and is being facilitated by the Intercontinental Exchange (ICE) that operates the NYSE. The event will enable more institutions to acquire BTC in addition to developers.