The rate of adoption of blockchain networks has been significantly slower than the rate of adoption of social media networks. Since the launch of Bitcoin in 2009, the total cryptocurrency users has reached approximately 560 million as of today. TikTok and Facebook only took 5 and 8 years respectively to reach 1 billion users each.
Decentralized systems are by nature more complex than centralized systems. Multiple decentralized systems embodied by the multi-chain world we live in scales complexity exponentially from the end user’s perspective. Improving blockchain UI/UX and cross-chain interoperability is the next step to onboarding the masses, whether institutional or retail.
Many blockchain projects today are focused on creating decentralized alternatives to existing centralized products and services. The DeFi summer of 2020 gave us the basic building blocks for on-chain financial systems. For decentralized applications (“dApps”) to gain significant market share from their centralized counterparts, they must at least be as convenient, user friendly, and easy to use, if not more so.
This report will look at three categories of future users: (1) Institutions, (2) Retail Users, and (3) Crypto Skeptics. It will analyze the various infrastructure-related obstacles each group faces in adopting decentralized systems, and dive into prominent projects addressing some of these user pain points. These infrastructure pieces are essential building blocks which will pave the road to one billion on-chain users.
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