The Bright Side of The Slow Adoption of Blockchain Technology-Interoperability
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Author: Tyler (ChillPanda0312)
Note: This article solely represents the author's personal views. The content here should not be taken as investment advice. We welcome any comments, suggestions, or corrections of errors.
Everybody wants their biggest "hodl" to "moon.” But what if the whole world decided to buy into these various cryptocurrencies at once? There are so many blockchains nobody would be able to keep them straight. Funds would be inevitably sent to the wrong address, never to be seen again. People would be confused and mad, a dangerous combination. Also, would the developing and blossoming blockchains be able to handle the massive uptick in transactions?
Right now, most blockchains have a hard time communicating with each other, let alone scaling just for their own benefit. You have to change the mainnet then add the wallet to both chains if you are swapping coins; you may even have to bridge some Ethereum so you can trade on Harmony One's lightning-fast network. Bitcoin takes so long nobody would stick around, besides the fact that it will always be PoW, which turns people off to it. Would they know what they're "buying"? Perhaps.
A perfect example is Cardano $Ada. If they were to see a massive influx of users, I don’t believe people would stick around for all the upgrades. People would lose confidence after one scheduled release being a little late, and the "FUD" would take over. (ETH 2.0 is another great example of delays that would scare away a newbie even though the blockchain itself is doing alright.) With Alonzo white hopefully soon to be released, Cardano still does not have smart contracts. Not a dealbreaker and smart contracts are not that 'smart' anyway, but people want results immediately nowadays.
It seems that any hint of a setback makes people question and run for the hills. Cardano has a very scientific approach, which means they move slowly and with patience. When people sell because of a delay in the scheduled release on a blockchain or something similar to that tells me people are not in the crypto-verse for the right reasons. They may be looking to make a quick buck or are staying away because they believe blockchain is a fad. They are missing the fact that behind all the glitter of the markets and the Twitter posts and Youtube videos, blockchain is a technology, and it has the fundamentals to change the way the world works positively. Who doesn't want to cut out the middleman? Besides the fact that the current banking system is archaic and the supply chain is disintegrating before our very eyes.
I believe that if there were global adoption today, it would set back cryptocurrency instead of propelling it forward because too many people would not do their research, not just in the coins they're buying and the wallets they create, but in the technology behind it. People would lose mnemonic keys and loathe the fluctuating gas prices and the thirty seconds (as opposed to seconds for a credit card) it takes for a transaction to confirm on the Ethereum Blockchain. That's why Nervos CKB is a game-changer. Interoperability is a must for cryptocurrencies. Without it, there will be no global adoption.
Nervos CKB seems faster, smarter, and stronger than any other blockchain I have experimented with yet. Not to mention interoperability is a priority for the team. They also teamed up with Cardano to create a cross-chain bridge with (U)TxO that solves a lot of the problems with blockchain interoperability as it is now. I only see bright things on the horizon for Nervos CKB and the whole cryptoverse in general. I don’t care about fluctuating prices, I care about the ideas, teams, and the work put in by those teams and what they have to show for it. See you on the Moon.