We are standing at the precipice of a significant shift in virtual economics as a new decade dawns, ready to emerge into the dawn of massive crypto application use, as foreseen by the exec at Coinbase. This prediction comes from none other than Jesse Pollak, the head of protocols at Coinbase, who has a firm belief in blockchain technology and its transformative potential.
Base, the new blockchain launched by Coinbase in late July, has already solidified its position as one of the majors in this realm, alongside key players such as Ethereum. With its burgeoning transaction and addresses count, it’s evident just how quickly Base is carving out a name for itself in the crypto ecosystem. In one instance, Base recorded some 677,000 transactions within a single day.
The heart of this success lies in the broad contingent of decentralized applications (DApps) that Base has invited and welcomed. Everything from decentralized inflation oracles to restaurant reward projects and insurance aggregators have found a suitable environment to evolve and grow within the confines of this blockchain.
However, the road to broader acceptance and increased popularity is still fraught with challenges that need to be surmounted. According to Pollak, we need to make accessing these DApps cheaper for the end users. Although the cost has significantly reduced from a few dollars to just cents, Coinbase aspires to make it so minimal that it barely registers with users. In addition to cost, improving wallet experiences and providing better on-chain identity infrastructure are crucial for mainstream adoption.
While it’s true that a large part of the crypto world has been shrouded in the dense fog of market speculation, the exec insists that this natural progression of a technological life cycle. Innovation tends to be fueled by speculation as potential is spotted in the technology. This speculation then draws in capital which in turn fuels unstoppable innovation.
In Coinbase’s vision, we are just at the significant turning point where we move out of the speculative phase and into the scenario where utility can be brought to everyday people. The infrastructure needs to be ready to scale and expand with this demand, a challenging process that will likely take years but is not impossible.
However, one should bear in mind that finding a “killer app” for blockchain isn’t about finding a single dominant application but rather realizing the range and diversity of applications that the technology can support. Stablecoins have demonstrated incredible real-world adoption and could be seen as one of the first “killer apps”. Yet they’re just the beginning. The on-chain applications that will change our lives for the better are just over the horizon.
Surfacing from beneath these waves of changes, it’s clear that the crypto industry is dynamically evolving, preparing itself for an estimated billion users by 2030. So, the next time you dip your toes into the ocean of blockchain, remember, you are not simply interacting with a technology – you’re shaping a virtual economic revolution.
Source: Cointelegraph
